Corn futures are 7 to 8 cents higher at midmorning.
- Corn futures are posting solid gains at midweek, with wheat futures leading the complex as tensions heat up in the Black Sea.
- World Weather Inc. reports despite some heat in the west into early next week and net drying in much of the Midwest during the next two weeks, moist soils in place and a lack of significant heat in most areas will allow corn pollination and other crop development to occur favorably in much of the region.
- Heat and moisture stress in France has been threatening many crops and this trend will continue through early this week, despite the development of some sporadic showers. A general rain is needed along with cooler temperatures to induce much better crop and field conditions, but that is not likely to come very quickly, notes World Weather.
- September corn futures are facing resistance from the psychological $4.50 area, which is backed by the 200- and 10-day moving averages, while support lies at the 10-day moving average of $4.35 1/2, which is backed by the 20-day moving average.
Soybeans are 11 to 12 cents higher while meal is mostly unchanged. Soyoil is around 30 points lower.
- Soybeans and meal futures are posting gains with support from grains.
- Malaysian palm oil futures edged lower Wednesday after recent gains, hovering below MYR 4,600 per MT amid a firmer ringgit and weaker demand prospects from major buyer China as the economy grew at its slowest pace in 3-1/2 years.
- August soybeans are up against resistance at $12.03, which is backed by the May 13 high of $12.29 1/2. Support lies at $11.87 1/2 and is backed by the 10- and 100-day moving averages.
Winter wheat futures are 30 to 37 cents higher, while HRS is mostly 17 cents higher.
- SRW wheat futures have scored a fresh two-month high as tensions rise in the Black Sea. A fading U.S. dollar is also offering support.
- Ukrainian forces hit multiple Russian vessels in the Black Sea Wednesday as Kyiv expands the scope of its naval attacks against Moscow. “The first round of the naval battle is over” after Ukraine hit more than 100 Russia-linked ships in the Sea of Azov in recent days, drone unit commander Robert Brovdi said in a statement on Telegram and as reported by Bloomberg.
- France’s farm ministry on Wednesday forecast the country’s 2026 soft wheat production at 32.0 MMT, down 4% from last year and 2% below the five-year average, according to Reuters.
- Ukraine has lost about a third of its capacity to export grain via its vital Black Sea ports due to intensifying Russian missile and drone attacks, the country’s main farmers’ union said.
- September SRW futures are facing resistance at $6.91 3/4 and $7.00, while support lies at $6.40 1/2, which is backed by the 100-, 40-, 10- and 20-day moving averages.
Live cattle and feeders are lower at midsession.
- Cattle futures continue to face technical selling and pressure from fading wholesale and cash fundamentals.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 37 total New World screwworm detected cases in the U.S. There are 17 active cases, all still in Texas.
- Boxed beef edged lower on Tuesday with Choice down $1.66 to $373.95, while Select fell 76 cents to $364.41. Movement totaled 90 loads.
- August live cattle are now facing support at $230.375 and $229.325. Resistance stands at $230.05 and $233.35.
Hog futures are higher at midday.
- Nearby lean hogs are solidly higher as cash and wholesale fundamentals continue to lend support.
- The CME lean hog index is up 76 cents to $93.87 as of July 13.
- The pork cutout value fell 34 cents to $101.21 on Tuesday. Movement totaled 288.6 loads.
- August lean hogs are being supported by the 10- and 40-day moving averages, trading at $98.39 and $98.10, and are backed by the 20-day moving average. Resistance is layered at $99.62 and $100.28.