GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: 6 to 8 cents lower.
Wheat: 11 to 13 cents lower.
GENERAL COMMENTS: Profit-taking was seen across the grain and soy complex overnight, with technical support limiting the downside thus far. Bulls remain in control of the technical advantage in each market. Front-month crude oil futures continue to provide headwinds for bulls are prices are pulling back from recent highs, while the U.S. dollar index is trading near steady.
USDA reported daily sales of 132,000 MT of soybeans for delivery to unknown destinations during the 2026-27 marketing year.
“The dog days of summer continue today, as warm, wet weather is in store for millions across the country,” said Weatherbug.com. Today’s weather setup is primarily shaped by two slow-moving cold fronts. One stretches across the Southeast, while the other hangs over the north-central U.S., bringing scattered soggy weather to the Southeast through the Plains and into the Upper Midwest. While possible throughout the day, the best chance for showers and thunderstorms will be in the afternoon and evening hours, as activity becomes more widespread. Monsoon season is in full swing in the Southwest U.S. as warm, humid air continues to flow into the region, which will spark storms from the Desert Southwest into the Mountain West late in the day. Meanwhile, the south-central U.S., desert Southwest, and California’s central valley will continue to scorch, with widespread temperatures soaring into the 90s and triple digits, where some spots could approach 120 degrees.
Treasury Secretary Scott Bessent announced Monday that the U.S. was sanctioning more than 60 entities, individuals and vessels around the world that have enabled Iran to procure nuclear and missile technology, conduct cyber operations and generate oil revenue. “Let there be no ambiguity as to the position of the United States: An economic engagement of any kind with this murderous regime will expose those responsible to the full reach of American power,” Bessent said. But a sense of ambiguity nonetheless lingered, particularly around how China, which is the destination for around 90% of Iran’s oil exports, will be treated. The Wall Street Journal noted that while the U.S. blockade of Iran’s ports and commerce may mean that China isn’t currently buying much Iranian crude, Chinese banks and other entities are still involved in repatriating revenues to Tehran. At the same time, President Trump has made improved U.S.-China relations a top priority. China has previously committed to buy 25 million metric tons of U.S. soybeans per calendar year along with $17 billion in other agricultural goods. China has been a steady buyer of soybeans in recent weeks and Chinese leader Xi Jinping is set to visit the U.S. next month. Beijing threatened to retaliate against the U.S. and signaled it won’t back away from its cooperation with Iran.
The portion of the U.S. corn crop rated “good” or “excellent” as of Sunday fell to 57%, USDA said Monday, down three percentage points from the previous week and the third straight weekly decline. The portion of the soybean crop rated good or excellent fell by one percentage point to 60%, also a third straight decline. For a full rundown of U.S. crop conditions and the latest Pro Farmer Crop Condition Index readings, click here.
CORN: December corn is trading withing Monday’s range. Support comes in at $5.08 1/2 then the psychological $5.00 mark. Resistance stands at yesterday’s high of $5.24 1/4.
SOYBEANS: November soybeans futures are trading near yesterday’s lows. Support comes in at $12.16 1/2 on persistent selling, with reinforcement from $12.07 3/4. Resistance stands at the psychological $12.25 mark.WHEAT: December SRW wheat are trading near 10-day moving average support. Bulls hold a modest advantage on the daily bar chart. Support stands at $6.70 3/4, with additional support at $6.63 3/4. Resistance lies at $6.75 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open with a mostly firmer tone on corrective buying. Fats futures opened higher on Monday but sellers quickly re-emerged, closing prices at the lowest mark since early December. Last week’s cash cattle average slid $3.51 to $225.01, extending the recent slid in the cash market. Choice beef ended Monday steady at $385.69, holding onto recent strength.
HOGS: Lean hogs futures are expected to open with a mostly firmer tone in a continuation of recent strength. Futures continue to trend lower in tandem with the cash market. The CME lean hog index is down another 40 cents to $92.86 as of August 21. Pork cutout meanwhile bounced $1.97 to $99.93 Monday, led by gains in bellies and picnics.