Market Snapshot | Soyoil extends to two-year high

Corn is mostly a penny to 2 cents lower.

• Corn futures are modestly weaker, with spillover pressure stemming from wheat futures.
• Most of the Corn Belt will get rain during the next week. High pressure ridge building over the Mid-South region next week will induce some excessive heat and humidity with rapid drying conditions over a few days, according to World Weather Inc.
• USDA reported weekly sales of 97,600 MT for 2024-25 during the week ended July 10, a marketing-year low and down 92% from the previous week and 89% from the four-week average. Net sales for 2025-26 totaled 565,900 MT. Analysts expected sales to range from 500,000 MT to 1.2 MMT for 2024-25 and 400,00 to 900,000 MT for 2025-26.
• Mexican President Claudia Sheinbaum spoke with Canadian Prime Minister Mark Carney and the two agreed to strengthen trade collaboration amid the U.S. tariffs set to go into effect next month. Sheinbaum said she and Carney discussed strategies both countries were taking to negotiate with the Trump administration ahead of the Aug. 1 tariff deadline.
• The Rosario Grains Exchange maintained its corn crop estimate at 48.5 MMT but lowered its projected 2025-26 production forecast by 700,000 MT to 20 MMT amid a 200,000-hectare cut to planted area.
• The International Grains Council (IGC) made no changes to its global corn production forecast for 2025-26 and projects global production will rise 48 MMT (3.9%) to 1.276 billion MT.
• September corn futures are trading within Wednesday’s upper range, with support at the 10-day moving average of $4.02 1/2, while resistance stands at the 20-day moving average of $4.08 1/4.

Soybeans are mostly a nickel higher, while meal futures are around $1.60 cents lower. Soyoil is 125 points higher.

• Soybeans are being led higher by soyoil strength, though returned meal selling is curbing buyer interest. .
• USDA reported weekly sales of 271,900 MT for 2024-25 for the week ended July 10, down 46% from the previous week and 39% from the four-week average. Net sales for 2025-26 totaled 529,600 MT. Analysts expected sales to between 200,000 and 600,000 MT for 2024-25 and 150,000 to 400,000 MT for 2025-26.
• The Rosario Grain Exchange raised its 2024-25 soybean production estimate 1 MMT to 49.5 MMT.
• The IGC made no changes to its soybean production forecast for 2025-26 and projects global production to rise 5 MMT (1.2%) to 428 MMT.
• August soybean futures have edged above the 10-day moving average of $10.16 1/2, though additional resistance stems from the 20-, 100-, 200- and 40-day moving averages. Initial support lies at $10.08.

Wheat futures are mostly 3 to 8 cents lower.

• SRW wheat futures are facing pressure from returned U.S. dollar strength.
• USDA reported weekly sales of 494,400 MT for 2025-26 for the week ended July 10, down 13% from the previous week but up 8% from the four-week average. Net sales for 2025-26 totaled 529,000 MT. Sales were within the range of pre-report expectations from 300,000 to 700,000 MT.
• Wheat conditions in Canada are a concern with parts of the prairies losing yield potential due to dryness. World Weather Inc. notes rain is projected for the region late this weekend and next week that might bring a little relief.
• IGC made no changes to its wheat production forecast for 2025-26 and projects global production will rise 8 MMT (10%) to 808 MMT.
• December SRW futures are trading within the previous session’s range, limited by resistance at the 10-, 20- and 40-day moving averages, layered from $5.66 1/4 to $5.74 1/2.

Live cattle and feeders are notably lower at midsession.

• Nearby live cattle are correctively lower in a corrective pullback from Wednesday’s all-time high.
• Not surprisingly, cash cattle negotiations have been slow this week. Packers want to buy cattle at lower prices as they manage supplies and margins. Feedlots are in no hurry to sell at lower prices after last week’s strong gains, instead remaining content to hold back cattle and add some extra pounds if needed.
• USDA reported net beef sales of 8,800 MT for 2025, down 24% from the previous week and 28% from the four-week average.
• August live cattle are being limited by this week’s high of $224.40, while initial support lies at Wednesday’s low of $222.025.

Hog futures are posting solid gains at midmorning.

• Nearby lean hogs are solidly higher amid solid wholesale gains.
• The CME lean hog index is up a penny to $107.20 as of July 15, continuing the recent up-and-down pattern following the pullback from the seasonal peak.
• Pork cutout firmed 72 cents to $114.74 on Wednesday, as wholesale prices gradually recover from the July 3 low after peaking in late June.
• USDA reported net pork sales of 17,100 MT for 2025, down 30% from the previous week and 48% from the four-week average.
• August lean hogs gapped higher at the open and is up against resistance at the 10-day moving average of $105.50, while initial support lies at $104.73.