Corn futures are unchanged to a penny higher.
- Corn futures are posting modest followthrough short-covering gains amid as traders brace for heat across the central Corn Belt next week.
- Drying is likely in South Dakota, Minnesota, Iowa and northeastern Nebraska during the next ten days raising crop moisture stress in time, according to World Weather Inc.
- Corn production in France could plunge by around 30% this year as potential damage from a record heatwave comes on top of a sharp decline in planting, according to its agriculture ministry.
- FranceAgriMer indicated crop conditions in the European Union fell to an eight-year low last week.
- Southern safrinha corn areas of Brazil will receive additional waves of rain, slowing crop maturation and harvest progress, notes World Weather. Cooler weather is also expected with some patches of frost possible Wednesday and Thursday mornings.
- Pressured by higher input costs and relatively low domestic prices, corn production in Mexico is forecast to decline by 2% to 24.3 million tons in 2026-27 due to the prospect of reduced profitability. Corn harvested area is projected to drop by 4% to 6.4 million hectares.
- South Korea’s Major Feedmill Group purchased an estimated 136,000 MT of animal feed corn in an international tender.
- July corn futures are being supported by the 10-day moving average, trading at $4.14 ¾, which is backed by this week’s low of $4.16. The 20-day moving average of $4.20 1/2 is serving up resistance.
Soybeans are 1 to 3 cents lower, while meal is around $1.40 lower. Soyoil is around 50 points lower.
- Soybeans are modestly weaker in sideways trade as technical challenges continue to limit buyer interest.
- President Trump Thursday signed an executive order advancing regenerative U.S. agriculture, with USDA Secretary Brooke Rollins simultaneously announcing a final regenerative feedstock rule, “that will help farmers voluntarily capture new value from regenerative agricultural practices through biofuel markets,” said a USDA press release.
- Malaysian palm oil futures hovered near MYR 4,600 per MT Friday, rebounding from recent declines as stronger vegetable oil prices on China’s Dalian Exchange lifted sentiment. Firmer export demand also lent support, with cargo surveyors estimating shipments rose 10.6%–11.1% in the first 25 days of June. Meanwhile, top supplier Indonesia moved to roll out its B50 biodiesel mandate from July 1, with a three-month transition period for retailers to clear existing stocks, reinforcing views of higher domestic consumption.
- July soybeans are being limited by resistance at the 20- and 200-day moving averages, layered at $11.30 3/4 and $11.38 1/2. The 10-day moving average, trading at $11.21 is initial support and is backed by the June 15 low of $11.19 3/4.
Winter wheat futures are 8 to 12 cents lower, while HRS futures are mostly 6 to 7 cents lower.
- SRW wheat futures are notably weaker despite support from a weaker U.S. dollar.
- U.S. wheat areas in the Plains and Midwest will trend warmer and eventually drier which will support better maturation and harvest conditions, according to World Weather.
- The European Commission cut its forecast for usable production for soft wheat in the European Union during 2026-27 to 126.3 MMT, down from 126.9 MMT a month ago.
- July SRW futures are testing support at the 200-day moving average of $5.77 ¾, which is backed by the June 15 low of $5.71. The 20- and 10-day moving averages, each trading around $5.92 are serving as resistance.
Live cattle and feeders are lower at midsession.
- Feeder cattle futures are leading corrective losses across cattle futures following a reach to a near two-month high on Thursday.
- Boxed beef values declined on Thursday, with Choice down $2.62 to $396.32 and Select down $3.40 to $374.74. Movement totaled 97 loads.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 25 total New World screwworm detected cases in the U.S. and all still in Texas and New Mexico, with the newest five all in Texas. There are 23 active cases, all in Texas.
- August live cattle are testing support at the 10-day moving average, though additional support lies at the 40- and 20-day moving averages, trading at $243.98 and $243.14. Resistance remains at $248.54, with greater resistance at the May 1 high.
Hog futures are edging higher at midday.
- Lean hog futures are firmer amid short-covering following weaker-than-expected data in the Hogs & Pigs Report on Thursday.
- The CME lean hog index is down 7 cents to $91.78 as of June 24.
- The pork cutout value rose $1.36 to $95.22 on Thursday, led by gains in primal bellies and hams. Movement totaled 200.7 loads.
- USDA’s quarterly Hogs & Pigs Report released Thursday afternoon showed the U.S. hog herd at 73.664 million head as of June 1, down 33,000 head, or 0.04%, from a year ago and 696,000 head less than the average pre-report guess. Market hog inventories rose 36,000 head, or 0.1%, while the breeding herd shrank 1.2% from a year ago. The spring pig crop was up 8,000 head, virtually flat, despite a 1% reduction in farrowings thanks to a 1% rise in pigs per litter to a record 11.87 head.
- August lean hogs continue to face resistance at the 20-day moving average, with additional resistance at $97.95. Support lies at the 10-day moving average, trading at$96.44, which is backed by the June 10 low of $93.975.