Corn futures are mostly 7 to 8 cents higher at midmorning.
· Corn futures are posting gains in tandem with soybeans and wheat.
· USDA reported a daily corn sale of 133,000 MT to Mexico for delivery during 2024-25.
· Corn export inspections during the week ended July 18 totaled 970,539 MT (38.2 million bu.), down 121,692 MT from the previous week but within the pre-report range of expectations from 795,00 to 1.15 MMT.
· Western U.S. production areas and the Great Plains will be drying out this week and slowly heating up, with some crop stress possibly evolving, according to World Weather Inc. The lower Delta and southeastern states have seen frequent rain, and more is expected over the coming 10 days to two weeks. The eastern Midwest will see favorably mixed weather for a while.
· European Union crop monitoring service MARS revised many of its forecasts for grain yields in the EU earlier today. The sharpest cut was to 2024 corn yield, revising its forecast to 7.24 MT per hectare, down from 7.55 in June.
· Overnight, the Philippines tendered to buy up to 240,000 MT of optional origin corn.
· December corn futures are facing resistance at $4.13 1/4, while initial support lies at $4.06 1/2.
Soybeans are mostly 18 to 30 cents higher. Nearby soymeal futures are around $6.00 to $10.00 higher. Soyoil is 40 to 70 points higher.
· Soybeans are extending gains for a third straight session, with buying in soymeal and soyoil adding support.
· USDA reported soybean export inspections of 327,061 MT (12.0 million bu.), up 151,734 MT from the previous week and near the upper end of the pre-report expectations from 130,000 to 400,000 MT.
· The European Union is set to impose anti-dumping duties on Chinses biodiesel imports following an investigation into complaints, which asserted unfairly priced renewable fuel from China is harming EU producers and workers. The provisional tariffs, ranging from 12.8% to 36.4%, will be implemented in four weeks.
· November soybeans are extending above the 10-day moving average of $10.56 1/4, while additional resistance stands at the 20-day moving average of $10.84 3/4. Initial support lies at $10.40.
Wheat futures are mostly 4 to 10 cents higher, led by the spring wheat market.
· Wheat futures are firmer along with the rest of the grain and soy complex.
· Wheat export inspections during the week ended July 18 totaled 237,965 MT (8.7 million bu.), down 382,742 MT and short of the pre-report range from 350,000 to 550,000 MT.
· The Russian grain crop harvest progressed by another 10.5 percentage points though the week ended July 19, including a wheat harvest that is 37.8% complete, while yields continued to decline, according to Fastmarkets.
· World Weather Inc. reports Argentina missed some expected rainfall during the weekend, leaving wheat areas with a need for significant rain.
· December SRW wheat futures pushed above resistance at the 10-day moving average of $5.72 1/2, while initial support lies at $5.55 1/2.
Live cattle and feeders are moderately to sharply higher at midmorning.
· August live cattle are posting solid gains to kick off the week.
· USDA estimated the large feedlot (1,000-plys head) inventory at 11.304 million head as of July 1, up 61,000 head (0.5%) from year-ago, though 23,000 head less than the average pre-report estimate implied. June placements declined 6.8%, while marketings dropped 8.7%--both falling more than anticipated—especially placements.
· Wholesale beef prices extended lower on Friday, with Choice falling $2.32 to $313.83, while Select slipped 66 cents to $298.80, while movement totaled 131 loads.
· August live cattle gapped higher and are pivoting around the 20-day moving average of $184.12, while initial support lies at $183.65.
Hog futures are marking modest gains at midsession.
· August hog futures are slightly higher amid underlying support from strength strengthening cash and wholesale fundamentals.
· The CME lean hog index is up 44 cents to $89.71 as of July 18, the fifth consecutive daily gain and the highest level since June 26.
· The pork cutout value firmed $1.91 on Friday to $102.16, amid gains in all cuts. Movement totaled 292.9 loads for the day.
· August lean hogs are trading within Friday’s range, with resistance at the previous session high of $92.175, while initial support is at the 40-day moving average of $90.86.