Market Snapshot | Technical challenges remain

Corn futures are mostly 3 to 4 cents higher at midmorning.

• Corn futures are extending higher after USDA’s weaker June 1 stocks data on Tuesday, though technical resistance could challenge additional momentum.
• Significant rain and notable improvements in soil moisture will occur this weekend in the direst areas from eastern Nebraska and southeastern South Dakota into north-central Iowa and south-central Minnesota, while areas to the north see lighter and beneficial rain, according to World Weather Inc. Eastern Kansas to the eastern Corn Belt will be warm to hot with limited rain.
• As Europe’s record-breaking heatwave recedes, the elements for the next hot spell are coalescing over the Atlantic Ocean, writes Bloomberg. Over the next few days, a region of high pressure is forecast to approach the continent and spread, pushing out cooler weather and resurrecting unusually hot conditions across Spain, France and the U.K.
• India’s corn exports are set to climb to a three-year high this year as record production lowered prices, while cheaper freight to key Asian importers made supplies from the country more competitive, according to Reuters.
• September corn is up against resistance at the 10- and 20-day moving averages, trading at $4.20 and $4.23 1/2, while initial support lies at $4.15, then at Tuesday’s low of $4.06 1/4.

Soybeans are 4 to 5 cents higher, while meal is around $1.40 higher. Soyoil is around 70 points lower.

• Soybeans are firmer but continue to edge sideways amid stiff technical resistance.
• Analysts expect U.S. soybean crush in May declined to 214.9 million bu., on average, as the daily processing pace slowed for the third straight month to the lowest point since September. If realized, crush would be down 1.6% from April but up 5.5% from May 2025. U.S. soyoil stocks are expected to be at a five-month low of 2.214 billion pounds, on average. USDA will release its monthly Fats and Oils report at 2 p.m. CT.
• The latest data on El Nino/Southern Oscillation and Madden Julian Oscillation (MJO) has suggested that drying will accelerate in Indonesia and Malaysia during July, according to World Weather Inc. Concerns around growing crops will begin to increase as these areas encounter more drying, due to an aggressively strengthening El Nino, notes the forecaster.
• August soybeans continue to face resistance at the 200-day moving average of $11.34 1/4, while support lies at Tuesday’s low of $11.06 3/4.

Wheat futures are 9 to 13 cents higher.

• SRW wheat futures are posting solid gains despite a firmer U.S. dollar amid continued short-covering following lower-than-expected acreage and quarterly stocks data on Tuesday.
• Recent drier and warmer weather has been good for U.S. filling and maturing wheat and supportive of better harvesting, notes World Weather. The Midwest will trend wetter this weekend into next week and that may slow crop maturation and harvest progress.
• September SRW are testing resistance at the 20- and 10-day moving averages and key psychological $6.00 level, with additional resistance serving at the $6.06 3/4 and the 100-day moving average.

Live cattle and feeders are lower at midsession.

• Live cattle are weaker for the fourth straight session amid continued technical selling.
• The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 29 total New World screwworm detected cases in the U.S. and all still in Texas and New Mexico. Both new cases came from Texas. There are now 20 active cases, all in Texas.
• In a move to shore up a thinning middle market for American cattle, USDA Secretary Brooke Rollins on Tuesday announced the Strengthening Processing for U.S. Ranchers (SPUR) program. The initiative will deploy up to $500 million in payments to eligible beef processing plants, aiming to protect the independent infrastructure ranchers rely on as the national cattle herd continues to hover at historic lows.
• Choice boxed beef rose $1.72 on Tuesday to $393.16, while Select fell $2.50 to $371.68. Movement totaled 102 loads.
• August live cattle are facing resistance at the 20-, 40- and 10-day moving averages, layered from $243.56 to $245.60. Support lies at $240.74 and is backed by the 100-day moving average.

Hog futures are higher at midday.

• Nearby lean hogs are firmer for the third straight session amid short-covering.
• The CME lean hog index is down 17 cents to $91.24 as of June 29.
• The pork cutout value fell $2.17 to $95.49, led by a $5 decline in primal bellies, though all cuts aside from primal picnics posted a decline. Movement totaled 248.7 loads.
• August lean hogs are trading within Tuesday’s upper range, with resistance at the 40-day moving average, trading at $99.55. Support lies at the 10- and 20-day moving averages of $97.14 and $96.84.