Corn futures are mostly a penny lower at midmorning.
- Corn futures are weaker but trading well off of the intraday low.
- USDA reported net sales of 565,800 MT for 2025/2026 were down 23 percent from the previous week and 38 percent from the prior 4-week average. Net sales of 401,700 MT were reported for 2026-27.
- Warmer weather will occur next week along with a drier weather pattern Saturday into July 23, with the eastern Dakotas and nearby areas the warmest, notes World Weather Inc. Subsoil moisture should be adequate however, in much of the Midwest by the time the fourth week of the month begins outside of drier areas in the western Corn Belt.
- September corn futures gapped lower overnight, but are facing support at the 10-day moving average of $4.27, while resistance stands at $4.34 then at the 40-day moving average of $.41 3/4.
Soybeans are 5 to 7 cents lower, while meal is around $2.50 higher. Soyoil is modestly weaker.
- Soybeans are weaker despite additional export business to China, though strong technical support is limiting sellers.
- USDA reported daily sales of 136,000 MT of soybeans to China and 120,000 MT to unknown destinations during 2026-27.
- USDA reported weekly sales totaled 54,300 MT for 2025/2026 during the week ended July 2, up 30 percent from the previous week, but down 81 percent from the prior 4-week average. Net sales of 408,300 MT were reported for 2026-27.
- August soybeans are facing support at $11.80 1/2, which is backed by the 100-day moving averages. Resistance stands at $11.95 1/2 and this week’s high of $12.04 1/4.
Wheat futures are 7 to 12 cents higher at midsession.
- SRW wheat futures are correctively higher but remain bound by resistance at the 100- and 40-day moving averages and support at the 20- and 10-day moving averages.
- USDA reported net weekly wheat sales of 313,100 metric tons (MT) for 2026/2027 during the week ended July 2.
- Argentina’s 2026-27 wheat harvest is projected to reach 20.5 MMT, according to the Rosario grains exchange on Wednesday, raising its previous forecast by 500,000 MT due to an expanded planting area.
- September SRW futures are up against resistance at 100- and 40-day moving averages, layered at $6.19 1/2 and $6.21 1/2, while support lies at the 20- and 10-day moving averages, each trading around $6.02.
Live cattle and feeders are narrowly mixed at midsession.
- Cattle futures are modestly higher in corrective trade, though technical headwinds are limiting momentum.
- USDA reported net sales of 14,000 MT for 2026 during the week ended July 2.
- Boxed beef declined on Wednesday, with Choice down $4.57 to $381.20 and Select down $2.80 to $363.09. Movement totaled 119 loads.
- August live cattle are trading within Wednesday’s upper range, limited by resistance at the 100-day moving average of $239.65, which is backed by the 10-, 40- and 20-day moving averages. Support lies at $236.83, then at this week’s low of $234.375.
Hog futures are mixed at midday.
- Nearby lean hogs are weaker in narrow trade, as bulls pause after Wednesday’s gains.
- USDA reported net pork sales of 17,700 MT for 2026 were down 53 percent from the previous week and 32 percent from the prior 4-week average.
- The pork cutout rose 25 cents on Wednesday to $98.16, led by primal hams and bellies. Movement totaled 294.4 loads.
- August lean hogs are facing resistance at the 200-day moving average of $86.97, while support lies at the 40-day moving average of $84.38.