Corn is mostly a penny to 2 cents higher.
- Corn futures are posting modest short-covering gains in the wake of notable selling last week.
- USDA reported corn export inspections of 1.29 MMT (50.7 million bu.) for the week ended July 10, down 276,787 MT from the previous week and near the low end of the pre-report range of expectations from 1.2 MMT to 1.5 MMT.
- Regular rains will continue across the Midwest this week, with cooler temps likely. However, some of the rainfall expected in the Southern Plains, central Delta, southern Tennessee River Basin and interior southeastern states will become lighter and may not counter evaporation rates very well leading to a gradual drying trend, despite some periodic showers, according to World Weather Inc.
- President Donald Trump sent letters to Mexico and the European Union threatening 30% tariffs on imports, effective Aug. 1, with higher levels threatened if negotiations on comprehensive trade deals remain stalled. The tariffs on Mexico are linked to concerns over fentanyl and border security, while the EU tariffs are justified by the administration as a response to the persistent U.S. trade deficit with the bloc.
- Turkey has set a zero tariff for 500,000 MT of corn imports until the end of July, the country’s Official Gazette said.
- September corn futures posted a contract low at $3.91 1/4 overnight, which is near-term support. Resistance is at 10- and 20-day moving averages, trading at $4.06 1/2 and $4.12 3/4.
Soybeans are a penny to 5 cents lower, while meal futures are $2.00 lower. Soyoil is around 25 points higher.
- Soybeans are off their overnight low, though meal weakness continues to curb buyer interest.
- USDA reported soybean export inspections of 147,045 MT (5.4 million bu.) for the week ended July 10, down 252,555 MT from the previous week and short of the pre-report expectations ranging from 200,000 to 500,000 MT.
- China imported 12.26 MMT of soybeans in June. While that was down 1.66 MMT (11.9%) from the all-time high in May, it was a record for the month and up 1.15 MMT (10.4%) from last year. Through the first half of 2025, China imported 49.37 MMT of soybeans, up 1.8% from the same period last year.
- India’s palm oil imports in June jumped more than 60% from May to 955,683 MT, the highest since July 2024, the Solvent Extractors’ Association of India (SEA) said. Refiners ramped up purchases due to a price discount compared to rival soyoil and sunflower oil and replenished depleted inventories. Soyoil imports decreased 9.8% to 359,504 MT, while sunflower oil imports rose 17.8% to 216,141 MT, SEA said.
- August soybean futures have edged to a more than three-month low, with support layered at $9.97 1/4 and $9.90 1/4. Initial resistance is at $10.06 3/4 then $10.13 3/4.
Wheat futures are mostly 3 to 5 cents lower.
- Wheat futures have retreated from earlier highs amid technical headwinds and pressure from a firmer U.S. dollar.
- USDA reported wheat export inspections of 439,533 MT (16.2 million bu.) for the week ended July 10, down 82,701 MT from the previous week but within the pre-report expectations from 300,000 to 500,000 MT.
- Overnight, Taiwan tendered to buy 89,650 MT of U.S. milling wheat.
- Rain is expected in southwestern Canada’s Prairies early this week and other areas may get some rain over the weekend and next week, notes World Weather Inc.
- December SRW futures continue to find support at $5.60 1/2, while resistance stands at the 10-, 40- and 100-day moving averages, layered from $5.70 1/4 to $5.76.
Live cattle and feeders are sharply lower at midsession.
- Nearby live cattle are weaker amid profit-taking following last week’s strong gains.
- The combination of higher cash cattle prices on Friday and sharply lower wholesale prices last week pushed beef packer margins back in the red after a short stint in positive territory. While negative margins may give packers pause on aggressively bidding for cash cattle this week, supplies remain tight relative to near-term needs.
- Wholesale beef values plunged on Friday, with Choice down $6.02 to $378.64, while Select fell $4.37 to $366.49. Movement improved to 138 loads.
- August live cattle futures are trading within Friday’s upper range, limited by resistance at last week’s high of $223.275, while support lies at $219.54.
Deferred lean hog futures are posting strong losses at midmorning.
- July lean hogs are trading near unchanged, while deferred futures continue to weaken as cash and wholesale values deteriorate.
- The uptick in the CME lean hog index proved to be temporary, with it down 4 cents to $107.10 as of July 10.
- Pork cutout fell 68 cents to $113.47 on Friday, with primal bellies plunging $12.56.
- China imported 533,000 MT of meat in June, up 3.9% from May 3.5% from year-ago. Through the first half of this year, China imported 3.2 MMT of meat, down 2.7% from the same period last year.
- August lean hogs have extended to the lowest intraday level since May 29, with support now at $103.68 and $102.69. Initial resistance stands at $105.54.