GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: Steady to 2 cents lower.
Wheat: Steady to 2 cents lower.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the downside overnight though selling pressure was rather limited. Meal futures have shown resilient strength recently and are nearing an inflection point on the daily bar chart, marking today’s price action as important. Outside markets are mixed this morning as front-month crude oil futures are modestly higher while the U.S. dollar index is around 100 points higher.
The National Weather Service today said a front extending from the upper Midwest across the Northern Plains into the Northern Rockies will become quasi-stationary from the middle Mississippi Valley to the northern Rockies by Thursday. Moisture flowing northward over the Plains will produce showers and thunderstorms over parts of the upper Great Lakes, upper/Middle Mississippi Valley, and over the central Plains through this evening. Further, today the moisture and upper-level energy will produce showers and strong to severe thunderstorms over parts of the central/southern High Plains.
USDA rated the corn crop as 68% “good” to “excellent,” down one point, and 9% “poor” to “very poor.” USDA rated the soybean crop 64% “good” to “excellent,” also down one point, and 10% “poor” to “very poor”. “Good” to “excellent” ratings for both corn and soybeans came in slightly higher than the average analyst expectations. On the weighted Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 representing perfect), the corn crop declined 3.5 points to 373.7. The soybean crop decreased 2.5 points. Notably, the soybean crop is now rated lower than it was at this time last year. Last weekend saw portions of the upper Midwest receive frosts and light freezes, although not enough of the crop was likely impacted to cause a large decrease in conditions nationally.
The U.S. agricultural trade deficit widened further in July, with agricultural exports lagging imports by $4.97 billion, according to data released Monday by USDA. The ag sector’s deficit reached a record $33.6 billion for the first seven months of the year, 9% wider than a year earlier. The U.S. imported more than $132 billion in agricultural goods in the first seven months of 2025, while the sector’s exports slid 1.3% to $98.8 billion. The report highlights the challenge facing President Trump as he vows to reverse the trend. The widening farm trade gap this year has been mostly driven by a jump in imports.
CORN: December corn continues to trade sideways. Bulls are aiming to topple resistance at $4.23 before tackling key resistance at $4.25 1/2. Support persists at $4.17 then $4.15 1/4 on a move to the downside.
SOYBEANS: November soybeans found resistance at $10.35 overnight. Strength above that mark has bulls finding resistance at $10.47 1/2.Support comes in at $10.30 then last week’s low of $10.21 1/2 on persistent selling pressure.
WHEAT: December SRW wheat saw limited strength once prices hit resistance at $5.24 1/2 yesterday. Strength above that mark would have bulls eyeing resistance at $5.28 1/4. Support comes in at $5.20 then $5.14 1/2 on additional selling pressure.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open with a mostly weaker tone in a continuation of recent selling pressure. October futures have closed lower for five consecutive sessions, though the day-to-day declines have not been all that big. Cash fundamentals have modestly waned in recent days but overall remain supportive. Last week’s cash cattle average fell $1.05 to $242.55. Choice beef slid $1.07 Monday to $409.69 while Select inched 15 cents higher to $385.34.
HOGS: Lean hog futures are expected to open with a mostly firmer tone, though a continuation of selling pressure could limit gains after the open. October lean hogs saw heavy selling on Monday though losses can be chalked up to corrective selling pressure as prices continue to trend higher on the daily bar chart. The CME lean hog index is down a penny to $105.91 as of Sept. 5. Meanwhile, pork cutout climbed 51 cents on Monday to $116.38, led by strength in picnics.