Corn is mostly a nickel to 6 cents lower.
- Corn futures are edging lower in tandem with soybeans as a firmer U.S. dollar weighs on commodities.
- USDA reported daily sales of 225,000 MT to Mexico during 2025-26. And 229,000 MT to unknown destinations—of 35,000 MT were for 2024-25 and 194,000 MT during 2025-26.
- The National Weather Service reports much of Iowa, southeastern Nebraska, eastern Kansas and southern Illinois will experience extreme heat today before the heat wave begins to break down late Tuesday. Today’s heat indexes in the regions could reach around 105°F to 110°F, with some locations nearing 115 °. Heat continues in the South on Tuesday.
- USDA reported weekly export inspections of 1.52 MMT for the week ended July 24, up 537,273 MT from the previous week and above the pre-report range of 700,000 MT to 1.4 MMT.
- AgRural reported Brazil’s safrinha harvest was 68% as of last Thursday, up from 55% the previous week but well behind 91% last year at the same time. The firm noted, “yields remain high, reinforcing expectations for a record crop.”
- The 10- and 20-day moving averages of $4.01 1/4 and $4.03 continue to curb buyer interest, while support lies at the July low of $3.91 1/4.
Soybeans are mostly 8 to 10 cents lower, while soymeal is around $1.30 lower. Soyoil is 20 points lower.
- Soybeans gapped lower overnight and are facing pressure for the sixth straight session, with pressure stemming from Argentina’s export tax reduction on agriculture products.
- Senior U.S. and Chinese negotiators meet in Stockholm on Monday to tackle longstanding economic disputes between the world’s top two economies, aiming to extend a truce to keep sharply higher tariffs at bay. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100%.
- USDA reported weekly export inspections of 409,714 MT for the week ended July 24, up 32,694 MT from the previous week. Net inspections were near the upper end of the pre-report range of 200,000 to 450,000 MT.
- The U.S. and the European Union agreed on a trade deal over the weekend, which included a 15% tariff on most of the EU’s tariffs to the U.S., including automobiles, to avoid a trade war. The deal was announced by President Trump and European Commission President Ursula von der Leyen, who said the deal would bring “stability” and “predictability.”
- Argentine President Javier Milei announced on Saturday a reduction in export taxes on various agriculture products, including soybeans and derivatives. Milea announced the reductions will be permanent and “result in a 20% reduction in export taxes for grain supply chains; and a 26% reduction in export taxes for livestock and meat.”
- August soybean futures gapped lower overnight and have edged to the lowest level since April 7. Support lies at $9.82 3/4, while resistance is at $10.00.
SRW wheat futures are mostly unchanged, while HRW futures are around a penny lower. HRS futures are a penny to 2 1/2 cents lower.
- SRW wheat futures are mostly weaker but have turned from earlier lows.
- USDA reported weekly export inspections of 288,793 MT for the week ended July 24, down 443,497 MT from the previous week and short of the pre-report range of 300,000 to 700,000 MT.
- Canada’s eastern and northern Prairies will continue to be drier than usual during the next week, including much of eastern Saskatchewan and central through northern Manitoba, according to World Weather Inc. Crop stress in some of this region will be significant resulting in a further downward trend in crop production.
- December SRW futures edged to the lowest level since Mid-May in overnight trade, though support continued to serve at $5.53 1/2. The 10- and 20-day moving averages, trading at $5.61 1/4 and $5.65 1/2 are initial resistance.
Live cattle and feeders are notably firmer at midsession.
- Nearby live cattle are firmer amid support lingering from Friday’s Cattle on Feed Report.
- USDA’s monthly cattle-on-feed report, out Friday afternoon, showed cattle and calves on feed on large feedlots (greater than 1,000 head) totaled 11.1 million head on July 1, down 2% from year-ago and below market expectations. Placements in feedlots as of June 1 totaled 1.44 million head, down 8% from 2024 and also below market expectations. Net placements were 1.39 million head. Marketings of fed cattle during June totaled 1.71 million head, 4% below year-ago and close to market expectations. Marketings were the lowest for June since the reporting series began 1996.
- USDA’s Cold Storage Report on Friday showed a larger-than-normal drawdown in beef stocks in June, indicating record beef prices did little to deter consumers.
- August live cattle are trading within Friday’s upper range, bound by last week’s high of $228.85, while initial support lies at $223.67.
Hog futures are mixed at midmorning.
- Nearby lean hogs are mixed despite cash fundamental support.
- Friday afternoon’s USDA Cold Storage Report showed pork stocks totaling 422.3 million lbs., down 28.5 million lbs. from May. That was more than the five-year average decline of 16.9 million lbs. Pork stocks declined 52.7 million lbs. from June 2024 and were 59.0 million lbs. below the five-year average.
- The CME lean hog index is up another 33 cents to $110.28 as of July 24.
- The pork cutout value rose $1.32 to $118.86 on Friday.
- August lean hogs are being supported by the 40-day moving average of $108.23, while resistance stands at $109.21.