Market Snapshot | The struggle continues

Corn is chopping around unchanged in directionless trade.

• Corn futures are struggling to find buyer interest amid a lack of supportive news, despite oversold conditions and a sharply lower U.S. dollar index.
• USDA reported weekly corn sales of 741,200 MT, down 18% from the previous week and 17% from the four-week average. New-crop sales totaled 305,500 MT during the week. Net old- and new-crop sales were within analysts’ range of expectations.
• Less oppressive heat and timely showers and thunderstorms will support normal crop development across much of the U.S. Midwest, Great Plains, Delta and southeastern states over the next two weeks, notes World Weather Inc.
• July corn futures are finding support at the previous session’s contract low of $4.08, which is backed by support at $4.06 1/4. Initial resistance is at $4.15 3/4.

Soybeans are 2 to 3 cents lower, while soymeal is around $4.00 cents lower. Soyoil is about 30 points higher.

• Soybeans continue to face pressure from meal weakness, with meal futures posting contract lows.
• USDA reported weekly soybean sales of 402,900 MT for the week ended June 19, down 16% from the previous week but up 82% from the four-week average. New-crop sales totaled 156,200 MT, which exceeded analysts’ expectations by modest margin.
• Chinese firms have booked a deal for 30,000 MT of Argentine soymeal for July shipment, marking the country’s first such purchase since China granted import approval for the product in 2019, four trade sources told Reuters.
• U.S. biodiesel producers are warning of a potential industry-wide collapse unless Congress acts quickly to extend the expired $1.00 per gallon biodiesel blenders’ tax credit (BTC), which lapsed at the end of 2024.
• July soybean futures have extended to the lowest intraday level since April 9. Initial support lies at $10.14 1/4, then $10.03 1/4, while initial resistance is at $10.34 1/2, then at the 200-, 100-, 20- and 10-day moving averages.

Winter wheat futures are 2 to 4 cents lower, while HRS futures are 6 to 8 cents lower.

• SRW wheat futures continue to erode amid technical and hedge pressure, though U.S. dollar weakness is lending some support.
• USDA reported wheat export sales of 255,200 MT for the week ended June 19, which were short of the expected range of 300,000 to 600,000 MT.
• IKAR agriculture consultancy raised its Russian wheat production forecast by 700,000 MT to 84.5 MMT, citing better crop conditions in the southern region of Stavropol as the main reason
• July SRW futures continue to find support at $5.24 1/4, while resistance is at $5.34 1/2, which is backed by the 40-, 20- and 10-day moving averages, layered from $5.36 3/4 to $5.41 1/2.

Live cattle and feeders are firmer at midsession.

• Live cattle futures have rebounded from earlier weakness given huge discounts to the cash market.
• Cash cattle trade has been relatively inactive so far, with the limited sales recorded not heavy enough to represent a true market test. Lower cash prices are eventually expected.
• Choice boxed beef prices rose 69 cents on Wednesday to $394.94, while Select sunk $6.12 to $376.29. Movement totaled 105 loads.
• USDA reported net beef sales of 14,100 MT for 2025, up 20% from the previous week and 11% from the four-week average.
• August live cattle tested support at $208.07, with additional support at $207.16. Initial resistance remains at the 40-, 10- and 20-day moving averages, layered from $210.75 to $213.00.

Hog futures are under light pressure at midmorning.

• Nearby lean hogs are modestly weaker in corrective trade, though traders may be anticipating a seasonal top in the cash index, which could spur a heftier correction.
• The CME lean hog index is up another 97 cents to $111.41 as of June 24.
• Analysts expect USDA’s Hogs & Pigs Report this afternoon to show the U.S. hog herd contracted 0.4% from year-ago as of June 1, based on a Reuters survey. The reduction is expected to be in the market hog inventory, while the breeding herd is anticipated to be near year-ago levels. The spring pig crop is anticipated to have expanded nearly 1% from last year due to a greater number of pigs saved per litter.
• The pork cutout value rose 25 cents to $121.81, with gains in bellies and hams offsetting losses in all other cuts. Movement totaled 240.0 loads for the day.
• USDA reported net pork sales of 51,400 MT for 2025, up 82% from the previous week and 96% from the four-week average.
• July lean hogs are consolidating beneath Monday’s contact high at $113.70, while the 10-day moving average of $111.66 continues to serve as initial support.