Corn futures are mostly 8 cents lower at midmorning.
- Corn futures are posting losses for the sixth straight session, with July futures notching a contract low.
- USDA reported daily sales of 115,000 MT of corn to Colombia during 2026-27.
- USDA reported weekly corn sales of 883,300 MT for 2025-26 during the week ended May 28, down 13% from the previous week and 32% from the four-week average. Net new-crop sales totaled 243,700 MT.
July corn futures have marked a contract low, though support lies at $4.22 3/4. Resistance stands at $4.34 1/2.
Soybeans are mostly 28 cents lower, while meal futures are around $7.50 lower. Soyoil futures are around 220 points lower.
- Soybeans are facing notable technical selling, led by fund liquidation in soyoil futures.
- USDA reported net soybean sales totaled 276,900 MT for the week ended May 28, down 8% from the previous week, but up 24% from the four-week average. Net sales totaled 243,000 MT for 2026-27.
- Portions of northern Illinois, southeastern Wisconsin, northwestern Indiana, southeastern Iowa and southwestern Michigan need a moisture boost and should get it this weekend and especially next week, notes World Weather Inc. Recent rains in southeastern South Dakota, Nebraska and neighboring states have brought some relief from dryness, though more is needed.
- July soybeans are facing support at $11.26 ½, while resistance is at $11.59 ¾, which is backed by the 10-day moving average.
Wheat futures are 5 to 6 cents lower.
- SRW wheat futures continue to face technical selling despite a weaker U.S. dollar.
- USDA reported net sales reductions of 642,200 MT for 2025-26, while net sales of 838,500 MT were reported for 2026-27.
- Chinese state buyers could raise wheat imports for millers later in the year as rain during the harvest has damaged some crops at the world’s top grower, with up to 7% of output seeing quality downgrades, according to Reuters.
- Russian spring wheat planting continues to face delays as ongoing rains hinder growers, risking lower production. “Farmers had sowed wheat on about 7.1 million hectares as of May 26, 12% below last year, according to Agriculture Ministry estimates obtained from two local traders.
- July SRW futures are now facing support at the 200-day moving average, trading at $5.75 ¾, while resistance stands at the 100-day moving average, trading at $5.96 3/4, then at the psychological $6.00 level.
Live cattle and feeders are posting strong gains at midsession.
- Live cattle and feeder futures are posting strong gains amid confirmation of a New World screwworm case in South Texas.
- So far cash cattle trade has averaged $254.67, but remains slow to develop.
- Choice boxed beef rose $1.79 on Wednesday to $395.86, while Select fell 38 cents to $384.43. Movement totaled 91 loads.
- Late Wednesday, USDA Secretary Rollins posted on X that USDA’s APHIS confirmed the detection of a New World screwworm fly in a three-week old bovine in Zavala County, Texas. ”USDA and Texas Animal Health officials are taking immediate action to contain and eradicate NWS from the area,” said the post. Click here to read more.
- USDA reported net beef sales of 4,900 MT for 2026 during the week ended May 28, down 62% from the previous week and 48% from the four-week average.
- August cattle futures have moved above resistance at the 100- and 10-day moving averages, with additional resistance at the 20- and 40-day moving averages, trading at $242.71 and $239.93.
Hog futures are lower at midmorning.
- Lean hog futures are weaker amid continued technical pressure and a decline in the pork cutout value.
- The CME lean hog index is up 60 cents to $92.25 as of June 2.
- The pork cutout value fell $2.08 to $98.51 on Wednesday amid declines in all cuts. Movement totaled 327.8 loads.
- USDA reported net pork sales of 38,900 MT for 2026 during the week ended May 28, up 18% from the previous week and 31% from the four-week average.
- August lean hogs continue to face resistance at the 10-day moving average, trading at $99.42, while support lies at $97.63, which is backed by this week’s low of $96.175.