GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: 8 to 10 cents lower.
Wheat: 3 to 5 cents lower.
GENERAL COMMENTS: Soybeans continue to pull back from recent highs while grains are chopping sideways. Prices are nearing support in each market, which could lead to strength after the open. Front-month crude oil futures are trading modestly higher this morning while the U.S. dollar index is around 250 points higher.
USDA reported daily export sales of 110,000 MT of soybeans for delivery to China during the 2026-27 marketing year.
The U.S. is reopening its biggest port for Mexican live cattle shipments, “marking a significant step in the Trump administration’s efforts to ease the pressures of a domestic cattle shortage,” said a Bloomberg report. The port in Santa Teresa, New Mexico, is the second to reopen, after the U.S. in late 2024 stalled livestock shipments from Mexico in order to prevent the spread of the deadly New World screwworm. It’s far larger than the Arizona plant that resumed operations last month. Nearly 500,000 cattle were shipped through the Santa Teresa port in 2024, amounting to about 40% of the U.S.’s total imports from Mexico, according to USDA. The port is scheduled to reopen on Sept. 24, and agency staff are already preparing on site, USDA Secretary Brooke Rollins said in a Thursday press conference
The Bank of Japan today raised its key short-term rate by 25bps to 1.25% in a 7-2 vote at its September meeting, taking borrowing costs to their highest level since April 1995. The split decision highlighted growing divisions over the pace of policy normalization as the BOJ responds to persistent inflation, including higher oil prices. The hike came just three months after the previous increase, the shortest interval between hikes since 1990, and followed increased pressure from Washington, including calls from U.S. Treasury Secretary Scott Bessent for higher rates. Earlier this week the Federal Reserve and Bank of England also raise their main interest rates.
The Trump administration will allow the core members of an Iranian delegation to travel to the United Nations in New York for the General Assembly next week, the State Department said, even as the U.S. and Iran remain at war in the Middle East. Bloomberg reported that officials from Tehran will be permitted to enter the U.S. for the annual high-level week consistent with host country obligations, a State Department spokesman said in an emailed statement on Thursday. The delegation will face travel restrictions within the U.S. and won’t be permitted to buy luxury and other goods, in accordance with U.S. policy, the spokesman said, adding that the delegation is smaller than last year.
CORN: December corn futures continue to chop sideways. Support comes in at $5.25 1/2 on continued selling pressure. Resistance stands at $5.32 then $5.35 3/4 on a turn higher.
SOYBEANS: November soybeans are testing 10-day moving average support at $13.09 1/2. Weakness below that mark eyes support at $13.00. Bulls are looking to overcome resistance at $13.20 then the contract high of $13.35 1/4.
WHEAT: December SRW wheat continues to chop sideways. Support comes in at $7.12 on a push lower while bulls are looking to overcome resistance at $7.31, the 10-day moving average, on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures continue to grind lower on the daily bar chart. Cash cattle trade have averaged $222.17 so far this week, 65 cents below last week’s cash cattle average. Choice beef slid $3.66 to $372.15 Thursday, extending the recent slide. Lower cash fundamentals has led to increased selling pressure in futures, but traders are eyeing this afternoon’s Cattle on Feed report for the next catalyst.
HOGS: Lean hog futures are expected to open with a mostly firmer tone on profit-taking. While futures continue to trend lower on the daily bar chart, prices are in the lower end of the recent range, which spurred corrective strength late Thursday. The CME lean hog index is down another 79 cents to $85.02 as of Sept. 16. Pork cutout rose $1.19 to $87.54 Thursday, led by strength in butts.