GRAIN CALLS
Corn: 2 to 4 cents higher
Soybeans: 2 cents lower to unchanged
Wheat: 2 to 6 cents higher
GENERAL COMMENTS: Grain markets were mostly rangebound in trade overnight, with volatility easing. A slightly weaker U.S. dollar and mostly flat oil prices may lead to a continuation of rangebound trade in today’s session.
USDA reported 238,000 MT of soybeans for delivery to China in the 2026/27 marketing year. USDA also reported 286,097 metric tons of corn for delivery to Mexico. Of the total, 29,808 metric tons is for delivery during the 2026/2027 marketing year and 256,289 metric tons is for delivery during the 2027/2028 marketing year.
President Trump said negotiations between Iran and Oman over the shipping in the Strait of Hormuz are “moving along,” despite some Iranian lawmakers seeking to bar American and Israeli ships from the waterway. A draft bill under review by Iran’s parliament includes a demand for compensation from “hostile countries,” a proposed ban on cargo related to Israel, and a fee structure covering services like insurance and environmental costs. Arab mediators are concerned that Iran’s diplomats may not be able to guarantee compliance with any agreement reached, and tensions remain high, with Iranian naval forces striking “hostile targets” at the entrance to the strait. ”Both the U.S. and Iran have been signaling in recent days that some kind of deal on the Strait of Hormuz is close, but it’s unclear whether Iran’s Supreme Leader Mojtaba Khamenei has given his consent to the proposal, a condition for it to go ahead. Iranian officials have said that communicating with him takes time,” said Bloomberg.
Senate Democrats rejected a Republican-drafted farm bill Thursday in a dispute over Supplemental Nutrition Assistance Program (SNAP) benefits, further raising doubts over a viable timeline for passing the long-sought legislation. A Senate Agriculture Committee vote to advance the legislation failed in a 10-11 party line vote. Sen. Mitch McConnell, R-Ky., has been absent since suffering a fall in June, while Sen. Tommy Tuberville, R-Ala., was absent during the final vote. Democrats have insisted on a two-year delay to a requirement that would require states to pay a portion of benefit costs based on payment error rates. Senate Agriculture Committee Chairman John Boozman had offered a one-year delay. The bill includes language that would allow year-round sales of E15, a long-sought priority for corn producers. Boozman pledged to hold another vote once the Senate returns from an upcoming recess in September.
CORN: December corn futures are looking to hold prices above Thursday’s low of $4.58 1/2. Weakness below that mark finds support at $4.56 3/4. Resistance stands at $4.70.
SOYBEANS: November soybean futures were mostly steady overnight. Support comes in at $11.75 then $11.67 3/4 on selling. Bulls are eyeing resistance at $11.90 then $11.95 if strength persists.
WHEAT: September SRW wheat futures are consolidating near recent lows. The 40-day moving average remains a key pivot at $6.35. Further support comes in at $6.28 while bulls are looking to topple resistance at $6.55.
LIVESTOCK CALLS
CATTLE: Lower/choppy
HOGS: Lower/choppy
CATTLE: Live cattle and feeder futures are expected to open lower in a continuation of selling from weakening wholesale values. Cash trade remains above last week’s average price which is one indicator of support, though boxed beef continues to struggle against resistance.
HOGS: Lean hog futures are expected to open choppy to lower as seasonal strength continues to wane. The most recent CME lean hog index is down 22 cents to $96.95, with todays projected index down another 29 cents. The most recent pork cutout report shows cutout falling below the $100.00 mark to $99.49.