Corn futures are 3 to 4 cents higher at midmorning.
- Corn futures are modestly firmer amid general strength across the ag complex ahead of USDA’s report release.
- USDA will release its July crop reports, with analysts expecting corn production at 15.975 billion bushels, on average. If realized it would be down 20 million bu. From June. Old crop ending stocks are expected at 2.073 billion bu., with new crop ending stocks at 1.873 billion bu., on average. If realized, that would be down 72 million bu. and 86 million bu. from June, respectively. Analysts also anticipate modest increases to the Brazilian and Argentine corn crops.
- President Trump on Wednesday ordered a halt to all U.S. trade with Spain due to the country’s failure to ramp up defense spending. USDA data shows U.S. agricultural exports to Spain have been steadily growing, rising to $2.49 billion in 2025, reflecting a 4.6% annualized growth rate. Corn was the top export to Spain at 3.56 million metric tons at a total value of $784.06 million.
- September corn futures are being supported by the 10- and 20-day moving averages, trading at $4.27 ¾ and $4.24 ¾, while resistance stands at the 40-day moving average, trading at $4.40 ½.
Soybeans are7 to 9 cents higher, while meal is around $5.00 higher. Soyoil is 50 points higher.
- Soybeans are posting solid gains, with spillover support from meal futures and additional export business to China.
- USDA reported daily sales of 264,000 MT of soybeans to China during 2026-27.
- USDA is expected to peg soybean production at 4.459 billion bu., according to a Reuters poll of analysts. If realized, that would be up 24 million bu. from June. Old crop-ending stocks are expected at 338 million bu., while new-crop ending stocks are expected at 330 million bu., on average. If realized, that would be down 2 MMT for old-crop and up 20 million bu. for new-crop from June.
- August soybeans are being supported by the 100-day moving average of $11.71, while resistance stands at $11.88 3/4.
Winter wheat futures are 24 to 26 cents higher, while HRS futures are 15 to 16 cents higher.
- SRW wheat futures are posting strong gains amid expanding geopolitical uncertainties in the Middle East as well as the Black Sea.
- Escalating tensions between Russia and Ukraine have spurred buying in wheat futures, with rumblings of shipping disruptions in the Sea of Azov. Ukraine has reportedly struck a number of Russian tankers in the Sea that is connected to the Black Sea.
- Analysts expect USDA to peg 2026-27 wheat ending stocks at 714 million bu., which would be down 30 million bu. from June, if realized. World Ending stocks are expected to decline 2.25 MMT from June to 273.17 MMT.
- September SRW futures have breached resistance at the 40- and 100-day moving averages, with greater resistance stemming from the May 14 high of $7.00. Support lies at $6.13 1/4.
Live cattle and feeders are notably weaker at midsession.
- Cattle futures continue to face technical selling, with weaker cash trade limiting buyers as well.
- Cash cattle trade so far this week has averaged $248.00, down notably from last week.
- Choice boxed beef declined another 39 cents on Thursday to $380.81, while Select rose 40 cents to $363.49. Movement totaled 86 loads.
- August live cattle are facing support at the June 4 low of $233.975, while resistance is at $236.04.
Hog futures are mixed at midday.
- Nearby lean hogs are modestly firmer in narrow trade, with support from improving wholesale and cash fundamentals.
- The pork cutout value is up 37 cents to $92.35 as of July 8.
- The pork cutout value rose 65 cents to $98.81 on Thursday, led by a near $5 gain in primal bellies. Movement totaled 193.9 loads.
- August lean hogs are facing initial resistance around $86.00, which is backed by the 200- and 100-day moving averages. Support lies at $85.28, which is backed by the 40, 10- and 20-day moving averages.