Corn futures are mostly unchanged to a penny higher at midmorning.
- Corn futures are posting modest short-covering gains with resistance at the 40-, 200- and 100-day moving averages limiting momentum.
- USDA rated the corn crop as 67% good to excellent, as of Sunday, unchanged from the previous week. On the Pro Farmer Crop Condition Index (CCI; 0 to 500 scale, with 500 being perfect), the corn crop declined 1.15 points to 371.62. Click here for more details.
- The west-central and southwestern Corn Belt remain the driest areas of the U.S. and lingering dry areas from eastern Nebraska into northwestern and north-central Iowa may soon see increasing crop stress as moisture from recent rain is lost to evaporation, according to World Weather Inc.
- Heat and moisture stress in France has been threatening many crops and this trend will continue for at least ten days and possibly longer, notes World Weather. Other areas in Europe have also dried down, with a close watch on areas from western Poland and Germany into Serbia and Slovakia where limited rain is likely while temps are seasonable.
- September corn futures are facing resistance at the 40-, 200- and 100-day moving averages, layered from $4.62 1/4 to $4.73 1/4. Initial support lies at $4.52 and is backed by the 20- and 10-day moving averages.
Soybeans are unchanged to a penny lower, while meal is around 50 cents higher. Soyoil is 30 points higher.
- Soybeans are slightly weaker after posting a fresh for-the-move high in overnight trade.
- USDA reported daily sales of 105,000 MT of soybean meal for delivery to Colombia during 2025-26.
- USDA rated the soybean crop as 64% good to excellent as of Sunday, down one percentage point from the previous week. On our CCI, the soybean rating rose 0.36 points from last week to 367.16.
- China has purchased more soybeans from the U.S., Bloomberg reported, citing people familiar with the matter. “State-owned firm Cofco has booked at least six cargoes of U.S. soybeans for loading between September and October, and the U.S. Department of Agriculture said Chinese buyers had already committed to buying 200,000 tons of American beans,” said the Bloomberg report.
- August soybeans are facing resistance at Monday’s high of $11.87 1/2, while support lies at the 100- and 40-day moving averages, layered at $11.69 3/4 and $11.60 1/4.
SRW wheat is chopping around unchanged, while HRW futures are mostly 3 cents lower. HRS is a penny to 2 cents higher.
- SRW wheat futures are favoring the upside, though technical resistance and a firmer U.S. dollar limiting strength.
- USDA rated the winter wheat crop as 26% good to excellent and 47% poor to very poor as of Sunday, unchanged from the previous week. On our CCI, the HRW crop improved 2.39 points to 237.76 while SRW decreased 0.56 points to 368.46.
- USDA rated the spring wheat crop as 57% good to excellent as of Sunday, down 2 percentage points from the previous week. On our CCI, the rating fell 4.1 points to 358.06.
- World Weather reports too much rain has been falling in parts of Canada and in central portions of Russia’s New Lands, possibly raising the potential for wet weather disease. This week’s weather will improve for Canada and remain wet in the Former Soviet Union.
- September SRW futures are facing resistance at the 100- and 40-day moving averages, layered at $6.18 3/4 and $6.23, while support lies at $6.10 1/2, which is backed by the 20- and 10-day moving averages, which coincide with psychological support at $6.00.
Live cattle and feeders are lower at midsession.
- Live cattle futures are posting hefty losses amid technical selling and fading cash and wholesale fundamentals.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is reporting 32 total New World screwworm detected cases in the U.S. the past 30 days and all still in Texas and New Mexico. There are now 18 active cases, all still in Texas.
- Boxed beef edged lower on Monday, with Choice down 59 cents to $386.48 and Select down $1.56 to $365.87. Movement totaled 102 loads.
- August live cattle are facing support at $237.07, which is backed by support at $235.83 and the June 4 low of $23.975. The 100-day moving average of $29.57 is serving as initial resistance.
Hog futures are lower at midday.
- Nearby lean hogs are notably lower amid profit-taking following a series of gains.
- The CME lean hog index is down 12 cents to $91.55
- The pork cutout value rose 19 cents on Monday to $96.25, led by gains in primal hams. Movement totaled 292.3 loads.
- August lean hogs are testing support at the 10- and 20-day moving averages, with additional support at last week’s low of $95.425. Resistance stems from the 40-day moving average of $99.05.