Corn futures are mostly a penny firmer at midmorning.
- Corn futures are modestly firmer in corrective trade, though technical resistance is curbing momentum.
- USDA reported weekly corn sales totaled 362,900 MT for 2025/2026 were up 9 percent from the previous week, but down 25 percent from the prior 4-week average. Net sales for 2026-27 totaled 1.062 MMT. Old-crop sales were near the low end of the pre-report range of estimates, while new-crop sales topped analysts’ expected range from 500,000 MT to 1.0 MMT.
- Taiwan’s MFIG purchasing group bought about 65,000 MT of animal feed corn expected to be sourced from Brazil in an international tender on Thursday, according to traders. It was reported that only Brazilian and Argentine corn was offered in the tender, with Brazilian offers dominating. Price offers for U.S. and South African corn were requested by MFIG, but none were reported.
- September corn futures are up against the 100- and 10-day moving averages, trading at $4.73 3/4 and $4.77 1/2. The 20-day moving average, trading at $4.68 1/4 is initial support.
Soybeans are chopping around unchanged while meal is around 60 cents lower. Soyoil is fractionally lower.
- Soybeans are modestly firmer after notching a fresh for-the-move low in overnight trade, with solid support at the 100- and 40-day moving averages limiting sellers.
- USDA reported daily sales of 132,000 MT of soybeans to China during 2026-27.
- USDA reported weekly soybean sales totaled 302,300 MT during the week ended July 23 for 2025/2026, which were up noticeably from the previous week and from the prior 4-week average. Net new-crop sales totaled 1.333 MMT. Net old- and new-crop sales topped analysts’ pre-report range of estimates.
- Grain trader Archer-Daniels-Midland said Thursday it will invest upgrades at four U.S. oilseed crushing facilities to expand North American processing capacity, as strong demand for renewable fuels drives growth in vegetable oil markets. The company expects projects in Frankfort, Indiana, Deerfield, Missouri, Lincoln, Nebraska and Spiritwood, North Dakota to be completed between mid-2028 and early 2029.
- September soybeans are being limited by the 20- and 10-day moving averages, layered at $11.92 3/4 and $12.07 1/4, while support lies at the 100- and 40-day moving averages, layered at $11.62 1/2 and $11.60 1/2.
Wheat futures are 11 to 15 cents higher.
- SRW wheat futures are posting solid gains as geopolitical tensions resume in the Black Sea and support from a notably weaker U.S. dollar.
- USDA reported weekly wheat sales totaled 285,200 MT during the week ended July 23 for 2026/2027, which were down 2 percent from the previous week, but unchanged from the prior 4-week average. Net sales were within analysts’ pre-report estimates, which ranged from 200,000 to 500,000 MT.
- A Ukrainian drone attack has inflicted “significant damage” on a major grain export terminal at Russia’s Taman port on the Kerch Strait, according to an agricultural market source, cited by Reuters.
- French wheat growers said Thursday that the country’s soft wheat yield was expected to fall 7.0 MT per hectare, which is down 3% from the five-year average
- September SRW futures are facing resistance at the 10-day moving average of $6.77 1/4, which is backed by last week’s high of $7.11 1/4. Support is at the 20-day moving average of $6.55 1/4, which is backed by the 100- and 40-day moving averages.
Live cattle are firmer while feeders are mixed at midsession.
- Live cattle futures have backed off earlier highs amid pressure from nearby feeders, but continue to post modest gains.
- Boxed beef faded on Wednesday, with Choice down $2.43 to $363.43, while Select fell $1.11 to $342.41. Movement totaled 137 loads.
- USDA reported weekly beef sales totaled 15,100 MT for 2026, which were up 61 percent from the previous week and 39 percent from the prior 4-week average.
- August live cattle are being limited by the 20-day moving average, trading at $230.55, while support lies at the 10-day moving average of $226.29, which is backed by support at $223.92 and $221.70.
Hog futures are lower at midday.
- Nearby lean hogs are facing heavy selling amid slowing gains in the cash index and wholesale weakness.
- The pork cutout slid $2.13 on Wednesday to $101.78. Movement totaled 294.2 loads.
- USDA reported net pork sales totaled 35,300 MT for 2026, which were up 23 percent from the previous week and 34 percent from the prior 4-week average.
- August lean hogs gapped lower and are facing support at the 40-day moving average, trading at $98.48, which is backed by support at $97.41 and June low of $93.975. Resistance is at the intraday high of $100.55.