Corn futures are a penny to 2 cents lower.
- Corn futures are modestly firmer but continue to be limited by technical resistance and outside market pressure.
- The National Weather Service today said an active summertime weather pattern will maintain daily threats of scattered severe weather and flash flooding across parts of the central and south-central U.S. through mid to late week. The strongest severe storms will have the potential to produce damaging winds, large hail, and a few tornadoes from the High Plains into the Ozarks. In addition to the severe weather, intense rainfall rates in these storms could yield scattered instances of flash flooding over much of the same area.
- Southern safrinha crop areas of Brazil will receive additional waves of rain, which will slow crop maturation and harvest progress, according to World Weather Inc. Cooler weather is also expected with some patches of frost possible Wednesday and Thursday mornings.
- July corn futures continue to be limited by the 10-day moving average, trading at $4.14, while support lies at the June 15 low of $4.06 1/4.
Soybeans are 3 to 4 cents lower, while meal is around $3.00 higher. Soyoil is around 60 points lower.
- Soybeans are modestly weaker as technical challenges and weaker soyoil weigh on price action, though meal strength is curbing seller interest.
- Malaysian palm oil futures hovered above MYR 4,650 per MT Wednesday, recovering from earlier weakness amid a softer ringgit and firmer soyoil prices on the Dalian and Chicago markets. Strong exports also supported prices, with cargo surveyors noting June 1–20 shipments rose between 19.1% and 25% from the same period in May.
- July soybeans are pivoting around the 10-day moving average, with resistance at the 200-day moving average, trading at $11.38, while support lies at $11.12 3/4, then at the June 15 low of $11.02 1/2.
Winter wheat futures are 3 to 7 cents higher. HRS futures are chopping around unchanged.
- SRW wheat futures are correctively firmer after three consecutive days of selling, though technical resistance and a firmer dollar are limiting gains.
- “France is at the epicenter of this month’s heat wave, as a high-pressure heat dome is reinforced by atmospheric shifts linked to a developing El Niño. The country has issued red heat alerts for a record 58 departments, while similar warnings are in place in the U.K., Germany, Spain and Switzerland,” Bloomberg reported. Drought and wildfire conditions are worsening across France, Spain and Greece, officials said.
- Weather conditions in mid-June were favorable for all agricultural crops across most of Ukraine thanks to the absence of very high air and soil temps and periodic light rain, according to APK-Inform, which quotes state weather forecasters.
- A cargo of French wheat is bound for China for the first time in two years, according to port data compiled by LSEG.
- July SRW futures are up against resistance at the 20-day moving average of $5.98 ½, which is backed by the psychological resistance at $6.00 and the 100-day moving average. Support lies at the 200-day moving average, trading at $5.77 1/2, which is backed by the June 15 low of $5.71.
Live cattle and feeders are higher at midsession.
- Cattle futures are firmer with support from wholesale fundamentals.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 19 total New World screwworm detected cases, 16 of which are classified as active. All 16 active cases are in Texas.
- Cash cattle trade has averaged $260.00 so far this week, though volume remains light.
- Boxed beef values rose on Tuesday, with Choice up $4.25 to $400.31 and Select up $5.47 to $381.06. Movement totaled 93 loads.
- August live cattle are facing support at the 10-, 40- and 20-day moving averages, layered from $245.36 to $244.14. Initial resistance is at $247.20, with greater resistance stemming from the May 1 high.
Hog futures are mixed at midday.
- Lean hog futures are weaker in the wake of Tuesday’s short-covering gains.
- The CME lean hog index is down 17 cents to $91.47 as of June 22.
- The pork cutout value fell 83 cents to $95.25 on Tuesday amid declines in all cuts aside from primal hams. Movement totaled 271.3 loads.
- August lean hogs are trading within Tuesday’s range, limited by resistance at the 20-day moving average, trading at $97.31m while support lies at the 10-day moving average of $96.25.