Corn futures are 6 to 7 cents lower at midmorning.
- Corn futures have notched a seven-week low amid long liquidation as crude oil futures edge lower as President Trump reports he will be making a final determination on the peace extension with Iran.
- USDA reported weekly sales of 1.015 MMT during the week ended May 21, down 52% from the previous week and 30% from the four-week average. Net sales of 618,600 MT were reported for 2026-27. Net sales for 2025-26 were within the expected pre-report range of 900,000 MT to 2.0 MMT, while new-crop sales topped pre-report expectations, which ranged from 300,000 to 500,000 MT.
July corn futures are testing support at $4.52, with additional support serving at $4.48 1/2. Resistance stands at the 100-day moving average, currently trading at $4.58 ¾, and is backed by the 10-, 40- and 20-day moving averages.
Soybeans are 3 to 8 cents lower, while meal futures are around $4.00 lower. Soyoil futures are around 120 points higher.
- Soybeans are being pressured by a corrective pullback in meal, though soyoil strength is limiting sellers.
- USDA reported daily sales of 192,000 MT to unknown destinations. Of the total, 60,000 MT is for delivery during 2025-26 and 132,000 MT is for delivery during 2026-27.
- USDA reported weekly sales of 299,900 MT for the week ended May 21, down 15% from the previous week but up 41% from the four-week average. Net sales of 137,700 MT were reported for 2026-27. Net sales for 2025-26 were within the pre-report range of 150,000 to 400,000 MT, while new crop sales were also within the range of expectations of 0 to 300,000 MT.
- India forecasts an El-Nino weakened monsoon in 2026 that will bring the lowest rainfall in 11 years, fueling concerns over crops, food prices and growth in the world’s fifth-largest economy, according to Reuters. The monsoon delivers about 70% of annual rains to replenish crucial water sources in a nearly $4-trillion economy where nearly half of its farmland lacks irrigation.
- July soybeans are being limited by resistance at the psychological $12.00 level, which is backed by the 20-day moving average, trading at $12.01 3/4.
Wheat futures are mostly 9 to 13 cents lower.
- SRW wheat futures are facing extended technical pressure despite a weaker U.S. dollar.
- USDA reported net sales reductions of 807,300 MT for 2026-27, a marketing-year low, were down noticeably from the previous week and from the four-week average. Net sales of 1.058 MMT were reported for 2026-27. Net old-crop sales were well below the pre-report range of 0 to 200,000 MT, while new-crop sales were well above expectations running from 100,000 to 300,000 MT.
- Argentine farmers have made rapid progress as they started planting wheat for the 2026-27 cycle, with 14.2% of the projected area already sown amid favorable soil moisture, according to the Buenos Aires Grain Exchange.
- July SRW futures continue to face resistance at the 40-day moving average, trading at $6.26 1/4, while support lies at $6.18 1/2 then at $6.13 1/4.
Live cattle and feeders are lower at midsession.
- Nearby live cattle are facing technical selling, though pressure is also stemming from wholesale weakness.
- Cash cattle trade has averaged $256.00 as of Thursday, though trade remains light in late-week trade.
- Boxed beef values fell on Thursday, with Choice down $2.40 to $392.32, while Select fell $3.71 to $385.58. Movement totaled 125 loads.
- USDA reported net beef sales of 13,200 MT for 2026, up 63% from the previous week and 34% from the four-week average.
- June cattle futures are testing support at the 40-day moving average of $249.61, which is backed by support at $246.99. Resistance stands at the 10- and 20-day moving averages, each trading around $251.15.
Hog futures are lower at midmorning.
- June lean hogs are weaker as technical resistance looms overhead.
- The CME lean hog index is up 34 cents to $90.92 as of May 27.
- Pork cutout rose 76 cents on Thursday to $99.11. Movement totaled 335.5 loads.
- USDA reported net pork sales of 32,900 MT for 2026, down 5% from the previous week and 1% from the four-week average.
- June lean hogs continue to be limited by the 10- and 20-day moving averages, trading at $97.03 and $98.48, while initial support lies at $95.86, which is backed by last week’s low of $94.775.