Corn futures are mostly 3 cents higher at midmorning.
- Corn futures are posting modest short-covering gains, though technical resistance is limiting strength.
- USDA reported daily sales of 286,097 MT of corn to Mexico. Of the total 29,808 MT for 2026-27 and 256,289 MT for 2027-28.
- Senate Democrats rejected a Republican-drafted farm bill Thursday in a dispute over Supplemental Nutrition Assistance Program (SNAP) benefits, further raising doubts over a viable timeline for passing the long-sought legislation. A Senate Agriculture Committee vote to advance the legislation failed in a 10-11 party line vote.
- President Trump said negotiations between Iran and Oman over the shipping in the Strait of Hormuz are “moving along,” despite some Iranian lawmakers seeking to bar American and Israeli ships from the waterway. A draft bill under review by Iran’s parliament includes a demand for compensation from “hostile countries,” a proposed ban on cargo related to Israel, and a fee structure covering services like insurance and environmental costs.
- The French corn crop is expected to decline 35% to 9.0 MMT, its lowest since at least 1980, after heatwave and drought hurt the crops, according to the farm ministry earlier today.
- September corn futures are facing resistance at the 10-, 20-, 200- and 100-day moving averages, layered from $4.45 1/2 to $4.54 1/2. Meanwhile, the 40-day moving average, trading at $4.36 1/2, continues to serve up support.
Soybeans are 1 to 2 cents higher while meal is around $1.50 lower. Soyoil is around 45 points higher.
- Soybeans are posting modest followthrough gains, with support from continued evidence of demand from China.
- USDA reported daily sales of 238,000 MT to China during 2026-27.
- China’s July soybean imports fell 1.6% from a year earlier to 11.48 MMT, according to data from the General Administration of Customs earlier today. The country’s oilseed import volume was down from a high base from last year’s surge after the buying of Brazilian beans amid the trade war in the U.S. Shipments also declined due to reduced buying expectations of weaker feed demand amid a shrinking sow herd size, according to Reuters.
- Palm oil harvest in Southeast Asia’s islands of Borneo and Sumatra are being disrupted as rising prices of fuel and supply shortages force smallholders to cut back on fruit production, threatening yields of the world’s most widely used edible oil, notes Reuters.
- September soybeans have tested resistance at the 100- and 40-day moving averages, layered at $11.62 1/2 and $11.65 3/4.
Wheat futures are 10 to 16 cents higher.
- SRW wheat futures are firmer in corrective trade, with support from a weaker U.S. dollar
- Too much rain has been falling in parts of Russia’s New Lands possibly raising the potential for wet weather disease, notes World Weather Inc. Good winter crop harvest weather continues in Russia’s Southern Region and parts of Ukraine.
- Ukraine’s Agriculture Ministry warns exports could fall from 64.4 MMT to 29.6 MMT in 2026-27 without regular port operations.
- September SRW futures continue to be limited by resistance at the 10-day moving average, trading at $6.49, while support lies at $6.22 1/4.
Live cattle are lower and feeders are mixed at midsession.
- Nearby live cattle continue to face near-term technical pressure despite firmer cash trade so far this week.
- Cash cattle trade so far this week has averaged $235.19, up from last week’s average of $233.06.
- Choice boxed beef fell $4.11 to $363.86 on Thursday, while Select rose $1.72 to $349.78. Movement totaled 118 loads.
- August live cattle are facing support at the 10- and 20-day moving averages, trading at $230.28 and $228.97, while resistance stands at $232.16, which is backed by the 40-day moving average.
Hog futures are lower at midday.
- Nearby lean hogs have marked a fresh near-term low as technical and fundamental factors weigh on prices.
- The CME lean hog index is down 29 cents to $96.66 as of August 5.
- The pork cutout value fell $1.79 on Thursday to $99.26, led by declines in primal hams, picnics and butts. Movement totaled 211.8 loads.
- August lean hogs have marked a fresh for-the-move low, though support remains at $94.87, which is backed by the June low of $93.975. Resistance stands at $96.01, which is backed by the 40-, 10- and 20-day moving averages.