GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: Steady to 2 cents higher.
Wheat: 2 to 4 cents lower.
GENERAL COMMENTS: Corn and soybeans both saw indecisive trade on either side of unchanged overnight. Wheat saw relative weakness, falling under persistent selling pressure. Outside markets are mixed this morning as front-month crude oil futures are trading near unchanged while the U.S. dollar index is around 300 points lower.
China has booked at least three shipments of Australian canola, potentially ending a years-long freeze, reports Bloomberg. The cargoes were booked by Cofco International Ltd. for the fourth quarter, likely arriving at Chinese crushing plants after December. Australia has been shut out of China’s market since 2020 due to phytosanitary concerns, but China is now seeking to diversify its sources following a trade fallout with major supplier Canada, which was the top supplier of canola to China last year. However, relations between the two countries soured after Canada slapped levies on Chinese-made electric vehicles, steel and aluminum. China retaliated with tariffs on Canadian supplies of the oilseed, which is also known as rapeseed. Australia is the world’s second-biggest exporter of canola.
Russia unleashed a wave of drone and missile strikes on Kyiv Thursday, killing 14 people, including three children, and injuring at least 48. Ukrainian air defense said Russia fired nearly 600 drones and 31 missiles in strikes across the country overnight, with 563 drones and 26 of the missiles shot down. Meantime, Ukraine said it hit two Russian oil refineries. Ukraine has intensified attacks on Russia’s energy industry over the past month, targeting multiple refineries and export infrastructure, creating a crisis in Russia’s domestic fuel market. The attacks came almost two weeks after President Trump abandoned U.S. demands for Russia to agree to a ceasefire to allow for peace talks at his summit with Russian President Putin in Alaska.
Export sales for the week ended Aug. 21:
Corn: Net sales reductions of 17,800 MT for 2024-25 were primarily led by reductions from unknown destinations. Net sales for 2025-26 totaled 2.090 MMT. Analysts expected sales of (200,000) to 150,000 MT for 2024-25 and 1.2 to 2.6 MMT for 2025-26.
Soybeans: Net sales reductions of 189,200 MT for 2024-25 were led by reductions to unknown destinations. Net sales for 2025-26 totaled 1.373 MMT, topping pre-report estimates. Unknown destinations led purchases at 690,000 MT. Traders expected sales of (200,000) to 50,000 MT for 2024-25 and 450,000 to 1.0 MMT for 2025-26.
Wheat: Net sales of 579,800 MT for 2025-26, up 12% from the previous week but down 10% from the four-week average. Sales were within the range of pre-report expectations from 400,000 to 700,000 MT.
CORN: December corn tested $4.05 support overnight. Further selling targets support at $4.03 1/2. Resistance stands at $4.07 then $4.08 on a bounce.
SOYBEANS: November soybeans saw indecisive trade overnight. Bulls were limited by $10.50 psychological resistance, while support continues to be served up by the 10-day moving average at $10.43.
WHEAT: December SRW wheat saw continued selling pressure overnight. Bulls are seeking to hold prices above the contract low of $5.17 1/4. Resistance stands at $5.25 then $5.27 1/4, the 10-day moving average, on a bounce.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Higher.
CATTLE: Cattle futures are expected to open higher in a continuation of recent strength. Traders now anticipate cash cattle strength to continue, evidenced by futures trading above cash for the first time in months. That marks a significant shift in sentiment. Cash cattle trade has averaged $241.24 so far this week, though movement has been light. Wholesale beef ended Wednesday lower, as Choice fell $1.33 to $411.84 while Select sunk $3.05 to $387.71.
HOGS: Lean hog futures are expected to open higher on followthrough buying. Hog futures have shown impressive strength in tandem with gains seen in cattle futures. Still, cash fundamentals have fallen under pressure recently. The CME lean hog index is down another 23 cents to $106.63 as of Aug. 26, though that is a smaller decline than the past few days. Pork cutout slid $1.39 to $111.66 Wednesday, led by losses in bellies.