Corn futures are mostly unchanged to a penny lower at midmorning.
- Corn futures are modestly weaker in consolidative trade as technical resistance continues to limit buying despite persisting demand evidence.
- USDA reported daily export inspections totaled 1.740 MMT during the week ended Aug. 6, down 147,865 MT from the previous week, which topped analysts’ pre-report range of 1.4 to 1.7 MMT.
- USDA reported daily sales of 105,000 MT to unknown destinations during 2025-26.
- A close watch will continue on east-central and southeastern South Dakota and nearby Nebraska and northwestern Iowa as well as eastern North Dakota into northwestern Minnesota where soil moisture is marginal to short and stress to crops will increase until significant rain falls, according to World Weather Inc.
- A typhoon that struck the Chinese coast on Sunday is steadily weakening after making landfall but is set to bring widespread heavy rain through this week that could threaten crops, said a Bloomberg report. Typhoon Dolphin has weakened to a tropical storm after making two landfalls in eastern China on Sunday evening, according to the China Meteorological Administration.
- September corn futures are holding a range between resistance at the 10- and 20-day moving averages, layered from $4.66 3/4 to $4.70 ½, and support at the 40-day moving average, trading at $4.58.
Soybeans are 4 to 5 cents higher while meal is around $2.00 lower. Soyoil is around 130 points higher.
- Soybeans are being led higher by soyoil, though technical resistance is curbing strength.
- USDA reported daily export inspections totaled 399,201 MT during the week ended Aug. 6, down 51,955 MT from the previous week and within analysts’ pre-report range of 300,000 to 500,000 MT.
- Malaysian palm oil futures were notably higher Monday, trading near MYR 4,720 per MT and snapping recent losses, as firmer edible oil prices in Dalian and Chicago supported sentiment. Strong export demand added momentum, with a monthly report from the Malaysian Palm Oil Board showing July shipments up 14.5% from June to 1.39 million MT.
- September soybeans are up against resistance at the 100-, 40 and 10-day moving averages, layered from $11.62 3/4 to $11.69 1/2.
Winter wheat futures are 3 to 4 cents higher, while HRS futures are around 2 to 5 cents lower.
- SRW wheat futures are extending Friday’s gains, though a firmer U.S. dollar and technical headwinds are limiting followthrough in midmorning trade.
- USDA reported daily export inspections totaled 421,277 during the week ended Aug. 6, down 82,523 MT from the previous week and within analysts’ expected pre-report range of 300,000 to 500,000 MT.
- Turkey temporarily halted Black Sea transits for its vessels over the weekend amid heightened security risks related to the Ukraine-Russia military actions in the region. However, Turkey resumed shipping in the region on Sunday, said Bloomberg. The country’s foreign minister, Hakan Fidan, called for a “moratorium” on attacks in the region.
- APK-Inform cuts its 2026-27 Ukraine grain export forecast to 39.4 MMT, down from its previous projections of 43.1 MMT, citing the halt in grain exports through its Black Sea ports.
- Ukraine’s agricultural minister reports Ukraine reports for 2026-27 by up to 12%, as Russian attacks continue to affect the country’s southern Odesa port hub. “We are currently targeting 38-40 MMT, Taras Vysotskyi said in the first official export forecast since escalating Russian attacks in late July effectively halted shipments from the ports.
- September SRW futures continue to hold a range mostly between resistance at the 10- and 20-day moving averages, layered at $6.47 1/4 and $6.62, and support at the 40- and 100-day moving averages, trading at $6.34 1/2 to $6.32 1/2.
Live cattle are higher while feeders are mixed at midsession.
- Nearby live cattle are firmer in corrective trade, with support from firming cash and wholesale fundamentals.
- Boxed beef rose on Friday, with Choice up 50 cents to $364.36 and Select up $2.59 to $352.27. Movement was light, however, at only 60 loads for the day.
- October live cattle are being limited by the 200-day moving average, trading at $227.92, while support is at the 20-day moving average of $224.42, which is backed by the July 27 low of $216.95.
Hog futures are higher at midday.
- Nearby lean hogs are firmer in corrective trade, with support from a bounce in cutout.
- The CME lean hog index is down 36 cents to $96.30 as of Aug. 6.
- The pork cutout value rose $2.24 on Friday to $101.50. Movement totaled 314.5 loads.
- October lean hogs are facing resistance at the 40- and 10-day moving averages, layered at $83.96 and $84.08, while support is at today’s low of $82.275, which is backed by support at $81.95.