Corn futures are mostly 7 cents lower at midmorning.
· Corn futures are taking back a portion gains forged over the past four sessions, with selling in crude oil futures helping pressure prices.
· Worry over temps and dryness in the western Corn Belt has been rising this week, but both the European and GFS models and their ensembles suggest the ridge will move back to the west after a brief period of hotter weather through the middle of next week, states World Weather Inc.
· Brazil weather remains favorable for safrinha harvest progress, and little change is likely, despite a brief rain delay in Parana and Paraguay as rain returns for a little while into early next week.
· December corn futures have tested support at the 20-day moving average of $4.13 1/2, with additional support at the 10-day moving average around $4.11 3/4. Initial resistance stands at this week’s high of $4.23 3/4.
Soybeans are mostly 16 to 20 cents lower, while soymeal futures are steady to $3.00 lower. Soyoil is mostly around 100 points lower.
· Soybeans are sharply lower on a pullback from gains earlier this week.
· The central and eastern U.S. Midwest will experience some periodic shower and thunderstorm activity for the next 10 days to two weeks and temps will trend a little warmer over time, though no extreme heat is expected. Cool temps occurred this morning in northern Michigan, where readings slipped to 40’s Fahrenheit, according to World Weather.
· Malaysian palm oil futures closed higher overnight, ending a three-day string of losses, amid support from export data.
· November soybeans are testing support at the 10-day moving average of $10.54 3/4, while the 20-day moving average of $10.75 1/2 continues to serve as resistance.
Winter wheat futures are mostly 4 to 7 cents lower, while HRS futures are mostly 2 to 4 cents lower.
· Wheat futures are extending losses for a second straight session as global supply prospects increase.
· Scouts on the annual Wheat Quality Council HRS tour found an average yield of 54.5 bu. per acre after sampling fields across North Dakota the past three days. That’s the highest yield since tour records began in 1992. The yield was well above last year’s tour average of 47.4 bu. per acre and the five-year average (excluding 2020) of 42 bu. per acre.
· France’s ag ministry rated the country’s soft wheat crop as 50% good or excellent as of July 22, down two percentage points from the previous week and the lowest since 2016. Wheat harvest reached 41%, well behind average.
· Russian agricultural consultancy SovEcon revised its forecast for Russia’s 2024 wheat crop to 84.7 MMT, up from its previous estimate of 84.2 MMT.
· Ukraine’s grain exports in the 2024-25 stood at over 3 MMT as of today, up sharply from 1.9 MMT at the same date a year earlier, according to agriculture ministry data.
· December SRW wheat futures are finding support at $5.53 1/4, which is backed by the July 16 low of $5.50 1/4. The 10-day moving average of $5.63 1/2 is initial resistance.
Live cattle are slightly lower, while feeders are moderately higher.
· August live cattle are modestly weaker after reaching a near 10-month high in early trade.
· After light trade at steady prices earlier in the week, cash cattle activity picked up as prices firmed around $2.00 in the Southern Plains on Thursday. Bids remained scarce in the northern market, where supplies are tighter, though solidly firmer prices are now expected there.
· Choice boxed prices slipped 22 cents on Thursday to $312.46, while Select rose $1.15 to $295.11. Movement totaled 131 loads for the day.
· August live cattle have edged to the highest level since Oct. 2, 2023, with resistance at $189.71. Initial support lies at $187.43.
Hog futures are marking modest gains at midsession.
· August hog futures are firmer in narrow trade as solid technical support and improving cash fundamentals continue to support prices.
· The CME lean hog index is up another 62 cents to $91.39 as of July 24, the highest since June 13.
· The pork cutout value rose another $1.19 to $105.95, marking the highest level since Aug. 18, 2023.
· August lean hogs are trading within Thursday’s range, with resistance at this week’s high of $94.375, while initial support remains at $92.99.