GRAIN CALLS
Corn: 2 to 4 cents lower.
Soybeans: 2 to 4 cents lower.
Wheat: Steady to 2 cents higher.
GENERAL COMMENTS: Corn consolidated from recent gains overnight and traded modestly lower, while soybeans saw persistent selling pressure. Wheat saw relative strength, seeing action on either side of unchanged. Outside markets are mixed this morning as equity futures are rebounding from Tuesday’s selling pressure, front-month crude oil futures are modestly lower and the U.S. dollar index is around 100 points lower.
USDA reported daily sales of 185,000 MT of soybean meal for delivery to the Philippines during the 2025-26 marketing year.
USDA rated the corn crop as 69% “good” to “excellent” and 9% “poor” to “very poor,” the soybean crop 65% “good” to “excellent” and 10% “poor” to “very poor”. USDA has stopped tracking spring wheat condition for the season now that the crop is more than 50% harvested. On the weighted Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 representing perfect), the corn crop declined 4.4 points to 377.2. The soybean crop decreased 7 points. Extended periods of dryness across the lower Midwest and the areas surrounding the lower Mississippi river have caused crops in those areas to experience some stress and condition declines.
USDA Tuesday afternoon reported the corn-for-ethanol use for July 2025 at 455.817 million bushels versus the trade average at 455.7 million. That compares to an adjusted 446.897 million in June 2025 and 483.87 million in July 2024. USDA anticipates corn used for ethanol to total at 5.47 billion bushels in 2024-25, which would be down from 5.478 billion in 2023-24. Ethanol use will likely come up short of that mark use ran below 2023-24 levels throughout August. July 2025 soybean crush totaled 204.758 million bushels. The crush was up 7.8 million bushels from 196.925 million bushels in June 2025 and up 11.484 million from 193.274 million in July 2024. The crush came in below the trade average forecast of 208.1 million bushels from a Bloomberg poll. Crush so far this crop year has consumed 2,245 million bushels versus 2,118 million bushels last crop year. The balance to the 2,420 million bushels forecast is 184.0 million bushels. Crush for the final month last crop year totaled 167.6 million. Crush needs to average 9.8% above a year ago to hit the USDA estimate, which has happened a few times this year.
Global bonds yields are on the rise (lower prices) mostly due to worries about inflation, government debt sales and fiscal discipline. U.S. Treasury yields have advanced, with the 30-year bond now approaching the 5% level, while yields on U.K., Australian and Japanese bonds are also increasing. The sell off reflects traders’ concerns around heavy government spending and the potential inflationary fallout.
CORN: December corn saw profit-taking overnight. Some consolidation is possible given robust gains recently. Support stands at $4.20 then $4.14 1/4. Bulls are looking to challenge psychological $4.25 resistance.
SOYBEANS: November soybeans saw continued selling pressure overnight. Support at $10.36 3/4 limited the downside and will be a key level today. Resistance stands at $10.43 1/2 on strength.
WHEAT: December SRW wheat saw modest selling pressure overnight. Support at $5.25 is reinforced by $5.20. Bulls are seeking to topple resistance at $5.29 before tackling the 20-day moving average at $5.32.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open with a mostly firmer tone in a continuation of recent strength. Some profit-taking ensued on Tuesday, which could limit buying interest again today. Last week’s cash average showed an unexpected modest decline, while wholesale beef prices also turned lower on Tuesday amid persistent selling pressure in the broad marketplace. Choice cutout fell $1.99 to $413.42 while Select sunk $3.83 to $386.17.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of recent strength, though overbought conditions could limit gains after the open. The CME lean hog index is down another 25 cents to $105.92 as of Aug. 29, extending the recent string of losses. Pork cutout fell 20 cents to $114.12 Tuesday, led by losses in loins.