Corn futures are 6 to 7 cents higher at midmorning.
- Corn futures have marked a fresh for-the-move high amid followthrough gains in the wake of Friday’s USDA update.
- USDA reported weekly export inspections of 1.54 MMT during the week ended July 9, down 195,279 MT from the previous week. Net inspections were near the upper end of the pre-report range of 1.1 MMT to 1.6 MMT.
- World Weather Inc. issued a special report Sunday evening detailing excessive heat that developed in the northern Plains during the weekend, as expected, with extreme highs up to 115 degrees Sunday afternoon. Temperatures may not be quite so extreme this week, but they will still be in the 90s to well over 100 while little to no rain falls, resulting in an expansion of drought from South Dakota, Nebraska, Wyoming and Montana northward to parts of both North Dakota and Minnesota.
- September corn futures gapped higher overnight and are now facing resistance at $4.48 1/2, which is backed by the 200- and 100-day moving averages, layered at $4.52 3/4 and $4.56 3/4.
Soybeans are 11 to 12 cents higher, while meal is around 20 cents higher. Soyoil is 250 points higher.
- Soybeans are notching spillover gains, with support from soyoil as biofuel demand has returned to focus as geopolitical tensions resume in the Middle East.
- USDA reported daily sales of 136,000 MT of soybeans to China during 2026-27.
- USDA reported weekly soybean export inspections totaled 418,592 MT during the week ended July 9, down 123,763 MT from the previous week. Net inspections were within the pre-report range of estimates of 300,000 to 600,000 MT.
- August soybeans are facing resistance at $12.02 ½, which is backed by the May 13 high of $12.29 1/2. Support lies at $11.86 1/4.
SRW wheat futures are mostly a penny higher, while HRW futures are 3-4 cents lower. HRS futures are around a penny lower.
- SRW wheat futures are chopping around unchanged after reaching fresh near-term high in overnight trade.
- USDA reported weekly wheat inspections totaled 373,611 MT during the week ended July 9,up 226,787 MT from the previous week. Net inspections were within the pre-report range of expectations of 300,000 to 500,000 MT.
- Russia and Ukraine attacked each others key grain export gateways over the weekend after shipping across the Sea of Azov was disrupted on Friday, triggering a spike in wheat prices. “Ukraine targeted four vessels with drones in Taganrog Bay in the Sea of Azov following a strike on the area on Friday that disrupted shipping through a key export corridor,” said a Bloomberg report.
- September SRW futures are facing resistance at $6.55, while support lies at $6.34 ½, which is backed by the 100-, 40-, 10-, 20- and 200-day moving averages, layered from $6.21 to $5.92 1/2.
Live cattle and feeders are notably firmer at midsession.
- Cattle futures are posting corrective gains to start the week despite weakening cash fundamentals.
- Cash cattle ended notably lower last week, though the final cash average will be released later this morning.
- Boxed beef values rose on Friday, with Choice up $1.87 to $382.68 and Select up $4.84 to $368.33. Movement totaled 90 loads.
- August live cattle are facing initial resistance at $236.54, which is backed by 10-, 100- 40- and 20-day moving averages, layered from $238.90 to $242.55.
Hog futures are mixed at midday.
- Nearby lean hogs are firmer, but have backed off earlier highs.
- The CME lean hog index is up 34 cents to $92.69 as of July 9.
- The pork cutout value rose $2.53 on Friday to $101.34, led by primal bellies, though all cuts posted gains. Movement totaled 309.9 loads.
- August lean hogs gapped higher at the open, but are facing resistance around $100.00. Support lies at 40- and 10-day moving averages, trading at $98.47 and $98.34.