Market Snapshot | Traders await USDA

Corn is fractionally to 2 cents higher.

• Nearby corn futures are modestly firmer in consolidative trade ahead of USDA’s reports at 11:00 a.m. CT.
• USDA’s Supply & Demand (WASDE) Report is expected to show a reduction in ending stocks for 2024-25 and 2025-26. Click here to view pre-report expectations.
• USDA reported weekly corn export sales of 791,300 MT for the week ended June 5, down 16% from the previous week and 33% from the four-week average. Net sales for 2025-26 totaled 29,600 MT. Both were within their respective range of expectations.
• July corn futures continue trade between this week’s low of $4.29 1/4 and the 20-day moving average of $4.46 1/4.

Soybeans are narrowly mixed, while soymeal and soyoil are modestly firmer.

• Soybeans are choppy as traders await USDA’s reports. Modest strength in the soy product markets is helping limit seller interest.
• USDA reported soybean exports sales during the week ended June 5 totaled 61,400 MT, a marketing-year low and down 68% from the previous week and 74% from the four-week average. Net sales were short of pre-report expectations from 100,000 to 500,000 MT. Net sales for 2025-26 totaled 58,100 MT.
• USDA is expected to modestly increase U.S. soybean ending stocks for 2024-25 and 2025-26 in the WASDE Report.
• India’s palm oil imports soared 84% in May to a six-month high of 592,888 MT, according to the Solvent Extractors’ Association of India (SEA). The sharp increase was driven by dwindling domestic inventories and palm oil’s growing price discount compared to soyoil and sunflower oil, encouraging refiners to boost purchases.
• Soybean futures are challenging resistance at the 20- and 40-day moving averages, each trading around $10.52, while support lies at the 100- and 10-day moving averages of $10.50 1/2 and $10.48 1/2.

Winter wheat futures are around 2 cents lower, while HRS futures are 5 to 6 cents higher.

• Winter wheat futures are weaker, while spring wheat futures are being supported by corrective buying.
• USDA will issue its second winter wheat crop estimate, along with updated old-crop and new-crop balance sheets. Modest changes are expected to winter wheat production and ending stocks for both 2024-25 and 2025-26.
• USDA reported weekly net wheat export sales of 388,900 MT for the week ended June 5, which included 184,000 MT of undelivered sales carried over from 2024-25. Sales were shy of pre-report expectations from 400,000 to 600,000 MT.
• Strategie Grains raised its EU wheat production forecast by 900,000 MT to 130.7 MMT, as Spain and southeast Europe remain on course for a bumper harvest, while rain has brought relief to parched parts of northern Europe. Wheat production is now expected to rise 15.5% from last year. Strategie Grains raised its EU wheat export forecast for 2025-26 by 600,000 MT to 31.8 MMT, up 7.1 MMT (28.7%) from the current year.
• July SRW futures continue to face resistance at the 40-, 20- and 10-day moving averages, each trading around $5.38, while initial support remains at $5.31.

Live cattle are mixed while feeders are sharply lower at midsession.

• Nearby live cattle are marking light gains after notching another all-time high in early trade. Deferred contracts are under moderate pressure.
• Cash cattle trade has been limited so far this week, with prices coming in steady/firmer.
• Choice boxed beef rose $3.00 on Wednesday to $374.76, while Select rose 91 cents to $360.75. Movement totaled 108 loads.
• Weekly beef sales totaled 15,300 MT for 2025, up 71% from the previous week and 21% from the four-week average.
• June live cattle scored a high at $229.125. Initial support lies at $227.39.

Hog futures are modestly firmer at midmorning.

• June hog futures are firmer but volume is light ahead of Friday’s expiration. Strength is also being seen in deferred contracts.
• The CME lean hog index is up another 94 cents to $100.91 as of June 10. That’s the first time the index has been above $100.00 since Aug. 16, 2023.
• Pork cutout rose another $2.20 on Wednesday to $113.08. Movement totaled 239.7 loads.
• USDA reported weekly pork sales of 9,700 MT, down 73% from the previous week and 70% from the four-week average.
• July lean hogs are holding an inside range, with resistance at this week’s high of $109.625, while initial support lies at $108.175.