Corn futures are 3 to 4 cents higher at midmorning.
- Corn futures are posting corrective gains after three days of notable selling.
- Commodity brokerage StoneX estimated corn production at 15.207 billion bu. on a yield of 182.3 bu. per acre. In July, USDA projected corn production and yield at 15.1 billion bu. on a trendline yield of 181 bu. per acre. The StoneX estimates are based on a survey of its customers and assume USDA’s harvested acreage.
- Harvesting of Brazil’s safrinha corn and other fieldwork will advance well during the next week with some interruptions to fieldwork resulting from rain Saturday into Tuesday.
- December corn pushed above the psychological $4.00 level and is challenging resistance at $4.03 3/4.
Soybeans are mostly 11 to 13 cents higher, while soymeal futures are mostly $4.00 to $6.00 higher. Soyoil is around 55 cents lower.
- Soybeans are higher amid corrective buying in tandem with soymeal futures.
- USDA reported daily soybean sales of 202,000 MT of soybeans to China during 2024-25, the second straight daily sales to China.
- StoneX estimated the soybean crop at 4.483 billion bu. on a 52.6 bu. per acre yield. USDA projected the soybean crop at 4.425 billion bu. on a trendline yield of 52 bu. per acre.
- World Weather Inc. reports southwestern Corn Belt and Delta crop areas will dry through the next week. There is potential for some rain in Missouri, Kansas, southwestern Iowa and Nebraska a week from now, though the Delta will remain dry through the next 10 days and perhaps longer.
- November soybeans are facing resistance at $10.31 3/4, while initial support remains at $10.10 3/4.
Winter wheat futures are mostly 4 to 5 cents higher, while HRS futures are 8 to 9 cents higher.
- Wheat futures are higher for the third straight session as heavy pressure in the U.S. dollar lends support.
- France’s wheat harvest reached 67% as of July 29, according to the country’s ag ministry, well behind the five-year average of 84%. Heavy rains continue to hamper harvest progress and hurt yields and crop quality.
- Dry areas from eastern Ukraine to Russia’s Southern Region are advertised to get some rain next week before drier and warmer weather resumes in the following weekend and prevails for another week thereafter, according to World Weather.
- December SRW wheat futures have pushed above the 10-day moving average of $5.59 1/2, with next resistance at the 20-day moving average of $5.67 1/4. Initial support is at $5.48 1/2.
Live cattle and feeders are sharply lower at midsession.
- Cattle futures are actively extending Thursday’s sharp losses amid fund liquidation.
- China halted imports of meat and meat products from the Swift Beef Company plant in Grand Island, Nebraska, and Lineage Logistics cold storage facilities in Grand Island, Nebraska and Windsor, Colorado, effective July 30. This marks the second Swift Beef facility banned by China, following a May 27 suspension of imports from the Swift plant in Greeley, Colorado.
- Cash cattle trade started $1.00 to $2.00 lower prices on Thursday, which weighed on cattle futures along with fund liquidation.
- Wholesale beef prices eroded on Thursday, with Choice declining $1.98 to $312.79, while Select dropped $2.70 to $297.46. Movement totaled 128 loads for the day.
- October live cattle have extended below $182.39 and the 100-day moving average of $181.60, with next support at $178.84. Initial resistance stands at Thursday’s close of $183.725.
Hog futures are slightly lower at midsession.
- August hog futures are modestly weaker on spillover from the cattle market, despite continued cash strength.
- The CME lean hog index is up another 45 cents to $93.53 as of July 31, extending the string of gains to 14 consecutive days.
- The pork cutout value rose 98 cents on Thursday to $105.86, amid gains in all cuts aside from primal butts. Movement totaled 262 loads for the day.
- August lean hogs are trading within Thursday’s range, though hovering mostly below the 10-day moving average of $92.75, while support lies at $91.68. Initial resistance stands at $93.59.