Corn is mostly 4 to 5 cents higher.
- Corn futures are extending from technically oversold conditions, with support from strong export demand.
- USDA reported daily sales of 106,680 MT to Mexico and 105,000 MT to Guatemala during 2025-26.
- USDA reported weekly old-crop corn sales of 170,400 MT for 2024-25 for the week ended July 31, down 50% from the previous week and 71% from the four-week average, while new-crop sales totaled 3.163 MMT. Old-crop sales were below the pre-report range of expectations ranging from 200,000 to 400,000 MT, while new-crop sales were well above the range of 1.3 MMT to 2.5 MMT.
- September corn futures are facing resistance at $3.84 3/4, while initial support lies at $3.78 1/2.
Soybeans are 6 to 8 cents higher, while soymeal is around $3.50 higher. Soyoil is 30 points lower.
- Soybean and meal futures are recapturing a portion of Wednesday’s decline.
- President Trump’s new tariffs have now taken hold, with higher rates for almost all U.S. trading partners. The tariffs will push the average U.S. tariff rate to 15.2%, according to Bloomberg Economics estimates, with some countries facing duties as high as 50%.
- USDA reported old crop soybean sales of 467,800 MT during the week ended July 31, up 71% from the previous week and 63% from the four-week average. Net new-crop sales totaled 545,000 MT. Old- and new-crop sales were each above the pre-report ranges of 100,000 to 300,000 MT and 200,000 to 500,000 MT.
- Malaysian palm oil futures fell below MYR 4,250 per MT Thursday, retreating for the second session in a row on a stronger ringgit and weakness in Dalian palm olein. Rising supply concerns also mounted after the Malaysian Palm Oil Association reported a 9.0% month-on month rise in crude palm oil output for July.
- Brazil’s soybean area is set to expand in 2025-26 at the slowest pace in two decades, according to consultancy firm Patria AgroNegocios, which estimates the planted area to be 48.13 million hectares (118.9 million acres).
- November soybean futures are holding an inside range, with support at this week’s low of $9.81 1/4, while resistance stands at $9.92 3/4, which is backed by the 10-day moving average of $9.97 3/4.
Wheat futures are a nickel to 10 cents higher.
- SRW wheat futures are posting solid followthrough gains amid evidence of solid export demand.
- USDA reported weekly wheat sales of 737,800 MT for the week ended July 31, up 25% from the previous week and four-week average. Sales exceeded the pre-report range of 350,000 to 600,000 MT.
- Canada’s Prairies will receive a new wave of rain over the next four days, according to World Weather Inc. Late-season crop improvements are already
- December SRW futures are facing resistance at the 10-day moving average of $5.42 1/2. Initial support lies at the previous session close of $5.29 1/4.
Live cattle and feeders are solidly higher at midsession.
- Nearby live cattle have edged to a fresh all-time-high, with a boost from solid weekly export data.
- Wholesale beef values surged on Wednesday, with Choice up $4.92 to $374.86, while Select jumped $5.42 to $351.36. Movement was light, however, at only 83 loads.
- USDA reported net beef exports of 15,900 MT for 2025, up 88% from the previous week and 40% from the four-week average.
- August live cattle have edged to a new all-time-high of $237.55, though resistance stands at $237.475, while support lies at $235.325.
Hog futures are mostly lower at midmorning.
- Nearby lean hogs are firmer but fading with pressure from wholesale weakness.
- The pork cutout value dipped $2.90 to $115.22, led by drops in all cuts aside from primal ribs and butts. Movement totaled 371.5 loads for the day.
- USDA reported net pork export sales of 31,000 MT for 2025, down 22% from the previous week but up 27% from the four-week average.
- August lean hogs are trading within Wednesday’s range, with resistance at $109.50, while support lies at the 40-day moving average of $108.30.