GRAIN CALLS
Corn: 2 to 3 cents lower
Soybeans: 2 to 3 cents lower.
Wheat: Unchanged to a penny lower.
GENERAL COMMENTS: Corn and wheat favored the downside in overnight trade, with notable Crop Tour yield findings in both South Dakota and Ohio. Soybeans were modestly lower, though gains in soymeal helped limit pressure from weakness in soyoil futures. Traders will continue to eye Crop Tour samples and results throughout the day.
Scouts on the first day of the Pro Farmer Crop Tour found an average corn yield of 174.18 bu. per acre in South Dakota, up from 156.51 bu. last year and from the three-year average of 144.13 bu. per acre. Soybean pod counts in a 3’ x 3’ square averaged 1,188.45, up from 1,025.89 last year and the three-year average of 970.10. In Ohio, samples yielded an average corn yield of 185.69 bu. per acre, up from 183.29 bu. in 2024 and up from the three-year average of 180.47 bu. per acre. Soybeans in a 3’ x 3’ square averaged 1,287.28, up from 1,229.93 in 2024 and the three-year average of 1,204.83.
Today, scouts on the eastern leg of the Crop Tour will sample routes from Noblesville, Indiana to Bloomington, Illinois, and scouts on the western leg will sample central and southern Nebraska. Find Crop Tour updates on our website and by searching #pftour25 on X (formerly Twitter).
USDA reported the U.S. corn crop rating declined 1%, to 71% “good” to “excellent.” Seven states reported the corn condition improved last week, while 10 indicated the corn condition declined. Most of the improvements were generally found in the western locations, while most of the declines were found in the eastern and southern locations. The soybean crop was unchanged at 68% rated good/excellent. Eight states reported the soybean condition improved last week, five indicated that the soybean condition declined last week, and five were unchanged.Most of the improvements were found in the western locations, while most of the declines were found in the eastern and southern locations. Click here to view our Crop Condition Index.
President Trump called Russian President Putin Monday and urged him to begin making plans for a summit meeting with Ukrainian President Volodymyr Zelenskiy, to be followed by a trilateral gathering involving all three. Trump said he may be able to convince Russia to release as many as 1,000 prisoners as a show of good faith. Zelenskiy told reporters in Washington, D.C. Monday that a bilateral gathering should not carry any conditions and that he would be willing to discuss territorial issues with Putin, and that he was pleased Trump had agreed to participate in security guarantees as part of any peace deal.
Brazil’s antitrust regulator will investigate 30 soybean traders and two industry associations, citing the possibility of a purchasing cartel in the grain-export market, according to Bloomberg. The investigation stems from a moratorium signed by the group that publicly commits them to avoiding soybeans from land deforested after 2008. The probe is directed at companies that comprise the so-called Soybean Working Group, the agency, Cade, announced on its website Monday. The group includes units of Cargill Inc., Archer-Daniels-Midland Co. and Bunge Global SA. Cade said the purchasing cartel constitutes an “anti-competitive agreement between competitors that harms soybean exports.” Potential fines for the associations targeted could reach up to 2 billion reais ($368 million), and for the companies, it could be up to 20% of gross revenue from the last fiscal year.
CORN: December corn continues to trade mostly between the 10- and 20-day moving averages of $4.02 1/2 and $4.07 ½, with broader support/resistance serving at the Aug. 12 low of $3.92 and the 40-day moving average of $4.15.
SOYBEANS: November soybeans are edging sideways, as resistance stems from last week’s high of $10.49 1/4, while support lies at $10.34 ½, then at the 100-, 100-, 40-, 20- and 10-day moving averages.
WHEAT: December wheat futures have edged to a new contract low, though support lies at $5.17 1/4. The 10-day moving average of $5.29 continues to serve up as initial resistance.
LIVESTOCK CALLS
CATTLE: Sideways/firmer.
HOGS: Sideways/weaker.
CATTLE: Live cattle continue to hold firm, while feeders scored record highs on Monday. Recent strength suggests bulls are poised to continue to drive prices higher. Cash cattle trade averaged $242.01 last week and was unchanged from the week prior. The feeder cattle index continues to hover around the all-time high of $346.01. Wholesale values remain firm, suggesting strong demand from retailers amid tight supplies.
HOGS: Selling interest in hogs has remained limited, making for sideways trade amid looming technical resistance. Cattle continue to limit seller interest in lean hogs, while cash and wholesale fundamentals have eased slightly, but remain steady. The CME lean hog index is down 3 cents to $109.80. The pork cutout value fell 4 cents to $116.36. Movement totaled 288.7 loads.