Market Snapshot | Soyoil sinks to two-month low, pressuring soybeans

Note: Markets and government offices will be closed Friday for the Juneteenth federal holiday. As a result, there will be no Pro Farmer updates.

Corn futures are 3 to 4 cents lower at midmorning.

• Corn futures are weaker in consolidative trade amid general selling across grains.
• USDA reported daily sales of 285,775 MT of corn to Mexico during 2026-27.
• USDA reported weekly corn sales totaled 1.157 MMT during the week ended June 11, up 16% from the previous week but down 8% from the four-week average. Net sales totaled 519,000 MT for 2026-27. Analysts expected old-crop sales to range from 700,000 MT to 1.4 MMT and new-crop sales between 400,000 MT and 1.2 MMT.
• President Trump and Iran’s Masoud Pezeshkian signed an initial deal to end the Middle East war. As part of the 14-point memo, further talks to reach a final agreement will take place over the next 60 days, during which the Strait of Hormuz reopens.
• July corn futures are being supported by the 10-day moving average of $4.16 1/2, which is backed by the June 15 low of $4.06 1/4. Resistance stands at $4.24 1/2, which is backed by the 20-day moving average.

Soybeans are 7 to 9 cents lower, while soymeal is around $4.50 lower, and soyoil is around 220 points lower.

• Soybean futures are being pulled lower by soyoil and meal, though confirmed new-crop export business to China is limiting seller interest.
• USDA reported daily sales of 132,000 MT of soybeans to China and 120,000 MT of to unknown destinations during 2026-27.
• USDA reported weekly soybean sales totaled 424,900 MT during the week ended June 11, up noticeably from the previous week and four-week average. Net sales for 2026-27 totaled 304,100 MT. Old-crop sales topped analysts’ pre-report estimates which ranged from 100,000 to 300,000 MT, while new-crop sales were within the range of expectations of 250,000 to 500,000 MT.
• July soybeans are trading mostly between the 10- and 200-day moving average, trading at $11.20 1/2 and $11.38. Additional support/resistance serves at the June 15 low of $11.02 1/2 and the 20-day moving average, trading at $11.48 3/4.

Winter wheat futures are 8 to 9 cents lower, while HRW is around a penny higher.

• SRW wheat futures are weaker in corrective trade, with resistance at the 40-day moving average.
• USDA reported weekly wheat sales totaled 400,800 MT for the 2026-27 marketing year during the week ended June 11. Net sales were within analysts’ range of estimates which ranged from 300,000 to 700,000 MT.
• A rise in Russian attacks on Ukrainian seaports and vessels could cut monthly grain shipments by as much as a third and have left terminal operators facing mounting losses they say they cannot cover alone, according to Reuters to cited officials and industry executives.
• Algeria’s state grains agency OAIC has bought over 800,000 MT of milling wheat in an international tender that closed Wednesday. Traders noted they expected the wheat to be sourced from the Black Sea region.
• July SRW futures are being supported by the 20- and 100-day moving averages, each trading around $6.03, while resistance stems from the 40-day moving average, trading at $6.23.

Live cattle are weaker while feeders are mixed at midsession.

• Cattle futures are modestly weaker as traders continue to pause to assess the impacts of New World screwworm in the U.S.
• The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is still reporting 12 total New World screwworm detected cases, in Texas and New Mexico. The International Atomic Energy Agency, a key global nuclear lab institution, is helping to eradicate NWS, saying more sterile flies and better coordination with southern neighbors is needed to prevent the deadly parasite from spreading across North America.
• Choice boxed beef fell $5.08 on Wednesday to $394.50, while Select rose 41 cents to $377.26. Movement totaled 149 loads.
• USDA reported net beef sales totaled 10,400 MT for 2026 during the week ended June 11. Net sales were down 45% from the previous week and 8% from the four-week average.
• August live cattle are facing resistance at $248.87, which is backed by greater resistance at the May 1 high of $251.65. Initial support lies at $247.88 and $245.93.

Hog futures are mixed at midday.

• Lean hog futures are firmer but continue to trade in a sideways consolidative range, though a close above the 10-day moving average could drive additional short-covering.
• The CME lean hog index is up 50 cents to $92.43 as of June 16.
• Pork cutout fell 80 cents on Wednesday to $94.77 amid declines in all cuts except primal bellies. Movement totaled 321.0 loads.
• USDA reported net pork sales totaled 16,100 MT for 2026 during the week ended June 11. That was a marketing year low. Net sales were down 31% from the previous week and 50% from the four-week average.
• August lean hogs are trading above the 10-day moving average and are now facing resistance at the 20-day moving average, trading at $97.74. Support lies at the 10-day, trading at $95.99, then at $95.33 and the June 10 low of $93.975.