GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 12 to 15 cents higher.
Wheat: 4 to 6 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each hit a fresh contract high overnight, but have since encountered staunch resistance. Price peaked around 3:15 a.m. CT before trending lower most of the rest of the session. Front-month crude oil futures are trading higher again and are nearing the Aug. 20 highs. The U.S. dollar index is around 180 points higher.
USDA reported daily sales of 136,000 MT of soybeans for delivery to China during the 2026-27 marketing year.
Two oil supertankers attempting to exit the Strait of Hormuz were struck late Monday by projectiles in quick succession, maritime security consultant Marisks said and as reported by Bloomberg, the latest sign of renewed hostilities around the critical waterway. “The very large crude carrier Sidr, run by Saudi Arabia’s Bahri shipping company, was hit while sailing northeast of Khasab, Oman, the consultant said. The Senegal Prosperity, operated by South Korea’s Sinokor Group, was struck by three projectiles while traveling east of the same country, it said. Both were exiting the Persian Gulf, according to Marisks,” said the report. “Renewed attacks threaten the fragile recovery in oil shipments through the vital chokepoint, which had reached roughly half of pre-war levels thanks to clandestine shuttle runs from major Middle East producers. Crude oil prices rallied on the news.
U.S. corn conditions held steady the past week, with 57% of the crop rated “good” or “excellent” as of Sunday, unchanged from the previous week and defying expectations for a one percentage point drop, according to a Reuters survey of analysts. The Pro Farmer Crop Condition Index (0 to 500 scale, 500 equals perfect), which uses state data to provide a weighted figure to track the crop through the growing season, fell 1.6 points, mainly due to minor deteriorations in the Dakotas and lower Midwest from hot, dry weather. See detailed Pro Farmer CCI ratings here. USDA said 58% of the U.S. soybean crop was rated good or excellent, down two percentage points from the previous week and a point below the average estimate. It was the fourth straight weekly decline for soybean ratings. The Pro Farmer CCI for soybeans fell 1.44 points to 357.55. USDA said 77% of the U.S. spring wheat crop was harvested as of Sunday, up from 62% a week earlier and ahead of the five-year average for this time of year of 68%. Analysts had expected the harvest to be 75% complete.
The National Weather Service today said heat will build over parts of the middle Mississippi Valley and central/southern Plains today and expand into the Ohio/Tennessee Valleys and the Mid-Atlantic on Wednesday and Thursday. Meantime, there is a slight risk (level 2/5) of severe thunderstorms over parts of the northern/central Plains and upper/middle Mississippi Valley and lower Great Lakes, northeast, and northern mid-Atlantic today.
CORN: December corn hit a fresh contract high early overnight. Resistance stands at that mark at $5.43 3/4. Key support to maintain the sharp uptrend persists at yesterday’s low of $5.31 1/2.
SOYBEANS: November soybeans surged over $13.00 overnight. Resistance stands at the overnight contract high of $13.06 1/4 on continued strength. Support comes in at yesterday’s low of $12.77 1/4 on a turn lower.
WHEAT: December SRW wheat continue to consolidate. Support at yesterday’s low of $7.55 3/4 is key. That is reinforced by the psychological $7.50 mark. Resistance stands at the overnight contract high of $7.92 1/4.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Higher.
CATTLE: Live and feeder cattle futures are expected to open higher in a continuation of recent strength. Late-week cash strength helped lift cash cattle prices from earlier in the week, but last week’s cash cattle average still slid $5.76 to $219.25. Futures continue to trade at steep discounts to the cash market, which could limit further selling. Choice beef fell 41 cents to $375.82 Monday, extending the recent slide.
HOGS: Lean hog futures have surged higher the past two sessions, which could lead to additional strength today. Bulls are in control of the near-term technical advantage, but seasonally weaker cash fundamental could undercut gains. The CME lean hog index is down another 66 cents to $90.86 as of Aug. 28. Pork cutout meanwhile bounced $1.61 to $97.67 Monday, led by strength in bellies.