GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 3 to 5 cents higher.
Wheat: 1 cent lower to 1 cent higher.
GENERAL COMMENTS: Corn and soybeans saw technical buying overnight while wheat saw relative weakness. Traders will look to this morning’s call between President Trump and Chinese President Xi for direction on trade between the two countries. Outside markets are unsupportive this morning as front-month crude oil futures are modestly lower while the U.S. dollar index is around 425 points higher.
USDA reported daily export sales of 206,460 MT of corn for delivery to unknown destinations during the 2025-26 marketing year.
Today’s expected phone call between President Trump and Chinese President Xi Jinping may determine the fate of TikTok and potentially ease trade tensions between the two countries. Trump and Xi are due to discuss a framework agreement to shift control of TikTok’s U.S. operations from its Chinese parent ByteDance Ltd. to a consortium of American investors. The phone call may also lead to a potential in-person summit meeting between the two leaders and a broader agenda including discussions of geopolitical issues and trade talks.
The leaders of Canada and Mexico said at a press conference in Mexico they are committed to close coordination ahead of next year’s review of their trade pact with the U.S. as President Trump’s tariff threats put the current accord at risk. Canadian Prime Minister Mark Carney and Mexican counterpart Claudia Sheinbaum announced “the new Canada-Mexico Action Plan” to grow bilateral trade in infrastructure, energy and agriculture. Carney and Sheinbaum pledged to “move forward together” and emphasized the value of the USMCA’s three-party strength, with Carney saying “North America is the economic envy of the world” due to cooperation between Canada, Mexico, and the U.S.
Canada has withdrawn challenges against some U.S. import taxes on softwood lumber, calling it a strategic choice to maximize long-term interests and prospects for a negotiated resolution with the U.S. The Canadian government revoked two claims disputing U.S. anti-dumping duties on softwood lumber based on trading between June 2017 and December 2019, according to Canada’s Global Affairs department. Canada continues to believe that U.S. anti-dumping duties on softwood lumber are “unfair, unjustified and inconsistent with US law,” and will continue to pursue other challenges and engage with the U.S. administration to find a mutually beneficial outcome, said a Global Affairs department statement.
CORN: December corn saw technical buying overnight. Bulls maintained prices above uptrend support at $4.23 yesterday, which will remain key support. Resistance comes in at $4.29 1/2 on persistent strength.
SOYBEANS: November soybeans bounced overnight. Bulls continue to look to overcome key psychological resistance at $10.50. Support stands at $10.33 3/4, the 40-day moving average, on a push lower.
WHEAT: December SRW wheat continue to pull back from recent gains. Prices fell below the key psychological $5.25 mark, a key pivot today. Support stands at $5.20 while bulls are looking to overcome resistance at $5.30 on a bounce.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open higher amid persistent technical buying. Bulls are looking to overcome technical resistance at $233. Cash cattle trade has averaged $237.49 so far this week, a modest decline from a week ago. Traders are looking to this afternoon’s Cattle on Feed report to provide some insight on feedlot supplies. Wholesale beef ended Thursday lower with Choice cutout slipping another $2.37 to $385.81 while Select plunged $5.06 to $361.31.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of yesterday’s bounce off intraday lows. While futures have pulled back from recent highs, yesterday’s bounce indicated strong support under the market. The CME lean hog index is down another 16 cents to $105.70 as of Sept. 17. Pork cutout bounced 97 cents to $111.95 Thursday, driven by gains in picnics and loins.