Market Snapshot | Soybeans, meal hold gains despite pressure in grains

Corn futures are unchanged to a penny higher at midmorning.

• Corn futures are lower after reaching fresh near-term highs overnight amid pressure from wheat futures.
• The U.S. said it will collect duties of between 10% and 12.5% on imports from most major trading partners, following an investigation into the alleged failure of around 60 economies to prevent forced labor in their supply chains. Goods from some trading partners deemed to have adopted forced-labor restrictions will be subject to 10% tariffs, including Mexico, the U.K., Canada and India, while duties on items from the European Union and Taiwan won’t exceed 10%.
• Brazil’s Federal Prosecution Service (MPF) has launched a lawsuit against the federal government to suspend an increase to the mix of ethanol blended gasoline to 32% from 30%, widely known as E32. MPF stated this week that the change was approved without the necessary impact analysis and without scientifically demonstrating the measure’s viability for the national fleet.
• September corn futures continue to face resistance at $4.67 1/4, while support lies at the 100-day moving average of $4.56 3/4.

Soybeans are 4 to 6 cents higher, while meal is around $2.40 higher. Soyoil is 100 points lower.

• Soybeans are trading well off the overnight high, but continue to post gains in tandem with meal futures.
• China’s central bank on Friday made its biggest addition of liquidity to the economy in five months via its medium-term lending facility to support growth. The People’s Bank of China will inject 500 billion yuan into the banking system this month, resulting in a net injection of 100 billion yuan.
• August soybeans are facing resistance at $12.50 1/4, which is backed by the overnight and for-the-the-move high of $12.55. Initial support lies at $12.36 1/4, then at $12.28 3/4 and $12.22 1/4.

Winter wheat futures are 22 to 23 cents higher, while HRS futures are 18 to 19 cents higher.

• SRW wheat futures are notably lower after marking fresh near-term highs overnight as reports of Ukraine discussing mechanisms to avoid shipping disruptions in the Black Sea.
• Euronext wheat futures have fallen notably on reports that Ukraine was discussing mechanisms to keep vessels moving through its Big Odessa ports, raising hopes Black Sea exports may avoid major disruption, according to Reuters.
• The Wheat Quality Council’s spring wheat and durum tour ended Thursday with the final three-day total weighted average yield of 48.0 bu./acre. The average spring wheat yield estimate was at 48.0 bu./acre, while the average durum yield was 48.2 bu./ac. In the 2025 tour, the final average yield estimate was 48.3 bu./ac., with an average spring wheat yield of 49.0 bu./ac. and an average durum yield of 37.0 bu./ac.
• Russia’s IKAR consultancy said earlier today that it sees Russia’s 2026 grain crop at 139 MMT, down from its previous estimate of 142.5 MMT in June. The decrease came amid lowered forecasts for grain in wheat production in Siberia and the Urals.
• FranceAgriMer rated the French corn crop as 38% good to excellent as of July 20, down from 40% from the previous week and 69% a year earlier.
• September SRW futures are testing support at the 10-day moving average of $6.90 ½, with additional support at the 20-day moving average of $6.55 3/4. Resistance stands at $7.23 ½, which is backed by the overnight and for-the-move high of $7.28 1/4.

Live cattle and feeders solidly higher at midsession.

• Cattle futures are posting strong, corrective gains ahead of this afternoon’s drove of data from USDA.
• Cash cattle trade is down sharply so far this week, with the current average at $230.26.
• Boxed beef edged lower on Thursday, with Choice down 63 cents to $362.87 and Select down $1.82 to $348.75. Movement totaled 124 loads.
• USDA will release its monthly Cattle of Feed Report this afternoon, as well as Cold Storage and biannual cattle inventory data. Click here for more pre-report details.
• August live cattle gapped higher at the open and are testing resistance at the 10-day moving average, trading at $227.76, while support lies at $224.26 and at this week’s low of $221.70.

Hog futures are higher at midday.

• Lean hogs are posting solid gains, with continued cash and wholesale support.
• The CME lean hog index is up 40 cents to $97.48 as of July 22.
• The pork cutout value rose 98 cents on Thursday to $104.48, led by gains in primal bellies. Movement totaled 338.8 loads.
• August lean hogs are testing resistance at the 200-day moving average and are up against resistance at the 100-day moving average, trading at $102.98. Initial support lies at $101.69, which is backed by the 10-day moving average.