Corn is on either side of unchanged as new-crop is leading strength.
- Nearby corn futures are facing relative weakness while new-crop futures are posting fractional gains.
- USDA reported daily export sales totaling 124,000 MT of corn for delivery to unknown destinations for delivery during the 2025-26 marketing year.
- USDA reported net sales of 903,800 MT for 2024-25, which were in the middle of pre-report expectations ranging from 600,000 MT to 1.2 MMT.
- July corn futures are seeing relative weakness. Support comes in at $4.31 1/2 then the June 10 for-the-move low of $4.29 1/4. Resistance stands at $4.37 then the 20-day moving average at $4.41 1/2.
Soybeans are steady to a penny higher. Soymeal is around $1.00 firmer, while soyoil is around 25 points higher.
- Soybeans are consolidating following the recent leg higher.
- Net sales for the week ended June 12 totaled 539,500 MT for 2024-25, a three-month high and above pre-report expectations ranging from 0 to 400,000 MT.
- Of the record 13.92 MMT of soybeans China imported during May, 12.11 MMT came from Brazil, up 37.5% from last year. China’s imports of U.S. soybeans totaled 1.63 MMT, up 28.3% from May 2024.
- Soybean futures continue to meet resistance at $10.80, which is quickly reinforced by the May 14 high of $10.82. Support comes in at $10.75 then the 200-day moving average at $10.64 1/4.
Wheat futures are 3 to 4 cents higher.
- SRW wheat futures are trading near unchanged as prices are consolidating following the recent leg higher.
- USDA reported net sales totaling 427,200 MT for 2025-26, above a week ago. Sales came in the middle of pre-report expectations ranging from 300,000 to 600,000 MT.
- Canadian wheat conditions continue to decline gradually amid hot and dry weather, most recently rated 68% “good” to “excellent.”
- Russia plans to export 45 MMT of wheat in 2025-26, Agriculture Minister Oksana Lut told the Izvestia media outlet, up 1 MMT from the estimate for 2024-25.
- July SRW futures are trading near session highs in a quiet session. Support stems from the overnight low of $5.65 1/2, which is reinforced by support at $5.57 3/4. Resistance stands at $5.75 then $5.80.
Live cattle are and feeders are solidly higher at midsession.
- Nearby live cattle are building on Wednesday’s gains as futures are supported by steep discounts to the cash market.
- Analysts polled by Reuters expect USDA to show the June 1 feedlot inventory down 1.1% from year-ago at 11.456 million head in this afternoon’s Cattle on Feed Report. The placements figure will draw a lot of attention, with the average estimate indicating a 5.9% decline. Analysts anticipate May marketings declined sharply with the average estimate indicating a 9.3% reduction.
- USDA reported net beef sales of 11,700 MT for 2025, down 24% from the previous week and 9% from the four-week average.
- Cash trade has been relatively light so far this week, though have averaged $236.32, below last week’s five-area average at $238.68.
- Wholesale beef prices continue to march higher, with Choice surging $4.92 to $393.79 and Select climbing $1.85 to $374.59 on Thursday, both reaching for-the-move highs.
- August live cattle are eyeing resistance at $213.75. A modest downtrend persists on the daily bar chart. Support comes in at $212.80 then $209.95 on a reversal lower.
Hog futures are mixed at midmorning.
- Nearby lean hogs are trading near Wednesday’s close, weighed on by overbought conditions but supported by persistent cash market strength.
- USDA reported net pork sales of 28,200 MT, which were up notably from the previous week but down 1% from the four-week average.
- The CME lean hog index is up another $1.25 to $107.59 as of June 18, building on yesterday’s rise of $1.35.
- Pork cutout rose another 70 cents to $118.98 Thursday, led by strength in butts, loins and bellies. Movement was light at 224.05 loads.
- July lean hogs are consolidating near recent highs. Resistance stands at the contract high of $112.175, while bulls are seeking to hold support at the psychological $110.00 mark.