GRAIN CALLS
Corn: 2 to 4 cents lower.
Soybeans: 1 cent lower to 1 cent higher.
Wheat: 8 to 10 cents lower.
GENERAL COMMENTS: Soybeans are trading near recent for-the-move highs while corn and wheat continue to chop sideways with little direction. Front-month crude oil futures are trading lower this morning and near the $100-mark while the U.S. dollar index is around 130 points lower, but above the $100-mark.
The National Weather Service today said a developing axis of heavy rainfall will occur along to support the threat of heavy rains and widely scattered flash flooding from the Northern Plains to the upper Midwest through Saturday. Cooler air from Canada is beginning to dip into the northern tier states, bringing cooler-than-normal temperatures into the Midwest. Meanwhile, the persistent heat dome remains strong across the South, resulting in a pronounced north-south temperature contrast. High temperatures in the low 70s and upper 60s can be expected north of the meandering front in the central Plains and Midwest, compared to upper 90s and triple-digit highs south of the front across the southern Plains and mid/lower Mississippi Valley.
Ukraine damaged a major Russian oil refinery less than 200 miles northeast of Moscow, while Russian forces attacked Ukrainian infrastructure overnight, a fresh indication the sides haven’t agreed to an energy truce despite claims by President Trump, Bloomberg reported. A fire broke out at the Yaroslavl oil refinery following the drone attack and was later extinguished, regional governor Mikhail Yevrayev said on Telegram. The refinery, which has a processing capacity of about 300,000 barrels a day, is co-owned by Rosneft PJSC and Gazprom Neft PJSC and was designed to supply oil products to Moscow and the surrounding regions, the country’s largest fuel-consumption market. Ukrainian President Volodymyr Zelenskyy confirmed the attack on the plant and said his country was responding to Russian aggression in a post on social media. Meantime, Russia’s Defense Ministry said it carried out multiple strikes on Ukraine’s civil and energy infrastructure, including a battery-storage park in Brovary near Kyiv and a power station feeding the Black Sea port of Izmail.
Export sales for the week ended Sept. 10:
Corn: Net sales of 1.027 MMT for 2026-27 were primarily for Mexico and Japan. Sales were in the middle of expectations ranging from 700,000 MT to 2.0 MMT.
Soybeans: Net sales of 1.702 MMT for 2025-26 were primarily for China and unknown destinations. Sales were in the middle of expectations ranging from 900,000 MT to 2.4 MMT.
Wheat: Net sales of 325,900 MT for 2026-27, up 68% from the previous week and unchanged from the four-week average. The Philippines and Mexico led sales. Sales were in the middle of expectations ranging from 150,000 to 500,000 MT.
CORN: December corn continue to chop sideways. Bulls are looking to maintain prices above support at $5.25. Resistance stands at $5.35 on a push higher.
SOYBEANS: November soybeans are trading within yesterday’s range. Resistance persists at $13.30 while support lies at $13.09 1/2, the 10-day moving average.
WHEAT: December SRW wheat continues to trade sideways. Bulls are looking to maintain support at $7.11 on continued selling while key resistance comes in at $7.31 3/4.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open with a mostly firmer tone on profit-taking. Losses the past couple days sunk prices near technical support at the 10-day and 20-day moving averages, which could provide support today. Cash cattle trade remains abysmal so far this week, pushing trade late into the week, usual during Cattle on Feed Report weeks. Choice beef sunk 27 cents to $375.81 Wednesday, extending the recent string of losses.
HOGS: Lean hog futures are expected to open higher on corrective buying. October futures are in the lower end of the ongoing downtrend on the daily bar chart, which could spur profit-taking today. Waning cash market strength could undercut gains though, as the CME lean hog index is down another 79 cents to $85.81 as of Sept. 15. Pork cutout sunk $1.15 to $86.35 Wednesday, led by losses in bellies and butts.