Market Snapshot | Soyoil fades technically; grains muted ahead of USDA

Corn futures are mostly a penny lower at midmorning.

• Corn futures are weaker in narrow trade ahead of USDA’s annual Acreage and quarterly Grain Stocks reports.
• USDA will release its annual Acreage and quarterly Grain Stocks reports at 11 a.m. CT. On average, analysts expect corn acres at 94.99 million acres and June 1 stocks at 5.408 billion bu., which would be up 16.5% from year-ago and mark the largest June 1 stocks since 1988. Click here for more details.
• U.S. President Donald Trump has authorized the temporary suspension of certain duties on phosphate fertilizer imported from Morocco, the White House said on Monday.
• USDA rated the corn crop as 67% good to excellent as of Sunday, that was down one percentage point from the previous week. On the Pro Farmer Crop Condition Index (0-500-point scale with 500 being perfect) the crop still showed a 0.7 point net increase from last week to 372.77.
• Corn production in France could plummet 30% to a 26-year low this year after a record heatwave damaged some crops and farmers planted less of the crop, according to growers’ group AGPM earlier today.
• September corn futures are trading within Monday’s lower range, with support serving at this week’s low of $4.07, while resistance stands at the 10- and 20-day moving averages, trading at $4.19 1/2 and $4.24 1/2.

Soybeans are 6 to 9 cents lower, while meal is around $3.00 lower. Soyoil is around 200 points lower.

• Soybeans are weaker amid extended selling in soyoil, which are testing support at the key 100-day moving average for the first time since January.
• On average, analysts expect USDA to report soybean acreage at 85.37 million acres and June 1 stocks of 1.046 billion bu, and if realized, would be the largest June 1 stocks figure since 2020.
• USDA rated the soybean crop as 65% good to excellent as of Sunday, down one percentage point from the previous week. On our soybean CCI, the crop declined 0.92 point to 366.8, led by declines in Illinois and Indiana.
• The rollout of a pioneering palm-diesel blend in Indonesia is set to stretch Indonesian biofuel makers to their limits and tighten global supplies of the tropical oil by diverting it away from export markets, according to a Bloomberg report. Indonesian biofuel producers have expressed concern about their ability to sustain higher output through the next year, with the latest mandate requiring that biofuels make up 50% of the diesel blend.
• August soybeans are facing resistance at the 10-, 20- and 200-day moving averages, layered from $11.26 3/4 to $11.34, while support is at $11.12 1/2 and the June 15 low of $11.07 3/4.

SRW wheat wheat is unchanged to a penny higher while HRW wheat is 4 to 6 cents higher. HRS futures are 7 to 8 cents higher.

• SRW wheat futures are chopping around unchanged after forging a fresh for-the-move low in overnight trade. HRS futures are being propped up by export demand evidence with a sale reported to Nigeria.
• USDA reported daily sales of 100,000 MT hard red spring wheat to Nigeria during 2026-27.
• On average, analysts expect USDA to print all wheat acreage at 43.858 million acres and June 1 stocks at 934 million bu. If realized, it would be the largest June 1 stocks figure since 2020.
• USDA estimated the winter wheat crop was 48% harvested as of Sunday, up eight percentage points from the previous week. Winter wheat conditions held steady, with 26% rated good to excellent. On our CCI, the HRW declined 3.18 points to 235.37 while the SRW crop increased 1.67 points to 369.02.
• USDA rated the spring wheat crop as 59% good to excellent, up five percentage points from the previous week.
• September SRW futures are being pressured by resistance at the 200-day moving average, trading at $5.90 3/4, which is backed by the 10- and 20-day moving averages. Support lies at $5.74, with additional support at the Feb 17 low of $5.60 3/4.

Live cattle and feeders are lower at midsession.

• Live cattle futures are modestly weaker, while feeders extend losses for the fourth straight session - both are trading well off of earlier lows.
• The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is still reporting 27 total New World screwworm detected cases in the U.S. and all still in Texas and New Mexico. There are now 20 active cases, all in Texas. in the cross-border screwworm fight.
• Cash cattle trade averaged $259.34 last week, down 29 cents from the previous week.
• Boxed beef values improved on Monday rose 41 cents to $291.44, while Select rose $2.60 to $374.18. Movement totaled 74 loads.
• August live cattle continue to face support at the 20-day moving average of $243.53, while resistance stands at the 10-day moving average of $246.49.

Hog futures are higher at midday.

• Nearby lean hog futures are scoring solid gains amid improving wholesale fundamentals and fading carcass weights.
• The CME lean hog index is down 14 cents to $91.41 as of June 26.
• The pork cutout value rose $2.29 on Monday to $97.66, led by gains in primal bellies. Movement totaled 247.3 loads.
• August lean hogs gapped higher at the open, and are now facing resistance at the 40-day moving average, trading at $99.65. Initial support lies at the 20- and 10-day moving averages, layered at $96.87 and $96.80.