Wheat futures surge higher while corn and soybeans flutter

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/ by Blue Line Futures

Grains And livestock Recap

Wheat futures surge higher while corn and soybeans flutter

 

Today’s Headlines

Weekly Export Sales

  • Weekly corn export sales of 55 million bushels were within pre-report estimates and took cumulative sales to 29% ahead of last year’s pace.

  • Soybean export sales of 9 million bushels were at the low-end of estimates. Cumulative soybean sales are down 18% from a year ago.

  • Wheat export sales of 3.7 mb were within estimates. Cumulative sales are up 14% from last year. 

Argentina Corn Crop Update

Argentina’s 2025/26 corn harvest is forecast to reach a record 61 million metric tons, up from the previous estimate of 57 million, due to an upward revision in the estimated area to be planted with the grain, the Buenos Aires Grains Exchange said on Thursday.

Ukraine Crop Update

  • Ukraine’s 2026 corn harvest may decrease to 29.5 million metric tons from 30.7 million tons in 2025, analyst ASAP Agri said late on Wednesday.
  • The consultancy said that Ukrainian 2026 wheat crop could stay at around 23 million tons while barley output could rise to 5.5 million tons from 5.2 million in 2025.
  • Soybeans harvest can slightly rise to 5.6 million tons from 5.4 million tons, it added.

Grain and Oilseeds Wrap Up

Wheat

The wheat markets were again the upside leader as frost concerns entered the mix for a few days. Kansas City wheat rallied to gains of over 20 cents while prices in Chicago were up 10 to 15 cents before a late-day pullback. July Kansas City wheat notched a fresh high at $6.63 before backing off. Dry conditions will remain a factor for areas of western Kansas and Oklahoma, but we might be looking at a good spot to reward what’s been a strong rally this week.

Planting activity will remain on hold for many areas into the weekend following a wet week with at least one more storm system moving through this weekend. The map below shows the radar forecast for this Saturday:

 

Corn

Corn prices drifted to small losses following yesterday’s strong rally and we expect the market to start to take on more of a choppy tone to give us a few more opportunities to enter the long side from the $4.40 area. 

 

Soybeans

May soybeans traded in a relatively tight range today to keep prices within their consolidation range where support sits around $11.50 and overhead resistance is at $11.80. Ongoing strength in bean oil and hopes that US/China trade ties remain intact keep sellers cautious while new demand news needs to surface soon if prices are going to push higher. 



Cattle

Both the live and feeder cattle markets took on losses of $3.00 to $4.00 today. Feeder cattle broke lower yesterday following the prior day’s rally to new all-time highs as news was stirring about the potential for the border between Mexico and the US opening up for beef imports again. The USDA stated that any claims about the border re-opening were false. US Secretary of Agriculture Brooke Rollins announced she’ll be in Texas on Friday for the groundbreaking of a sterile fly production facility. It’s been easy for prices to rally but rumors of a potential re-opening of the border likely spooked some longs out of the market for now. If June live cattle continue to backtrack, watch for a short-term pullback to the 20-day moving average near $242.50 if you’ve been looking to enter the long side.

 

Weekly beef export sales came in at 12,100 metric tons, down 31% from the previous week and up 12% from the prior four-week average.

 

Hogs

June hogs ended with losses of 10 to 20 cents while July hogs were down 50 cents. The losing streak now stands at 8-straight sessions and we continue to look for support to surface in this area. The problem is there isn’t much support now that the market has breached all of its major moving averages. China is dealing with an excess hog supply to add to recent market pain. We think we have a buying opportunity coming soon, but we probably have to wait for a better indication that a short-term bottom has been reached.

 

Pork export sales of 37,300 metric tons were up 19% from the previous week and down 3% from the prior four-week average.

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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