GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: Steady to 2 cents higher.
Wheat: Steady to 2 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat saw a relatively quiet night of trade, each seeing action on either side of unchanged. Bulls are looking to build on recent momentum and end the week on a high note. Outside markets are mixed this morning as front-month crude oil futures are solidly lower while the U.S. dollar index is around 700 points lower.
USDA reported daily export sales of 123,000 MT of soybeans for delivery to unknown destinations and another batch of 204,650 MT of soybeans for delivery to unknown destinations – each during the 2025-26 marketing year.
U.S. nonfarm payrolls rose by a disappointing 22,000 jobs in August, well below an upwardly revised 79,000 jobs in July and market forecasts of 75,000 jobs, showing signs of an unexpectedly weak labor market. Job gains were led in healthcare while federal government jobs continue to shrink. A weaker job market is one sign the Federal Reserve has been looking for to lower interest rates. Following today’s report, traders are pricing in 100% odds of some sort of rate cut, either 25 or 50 basis points.
According to the Renewable Fuels Association, U.S. ethanol exports reached 164.4 million gallons (mg) in July, easing 5% from June yet still running 28% ahead of year-ago levels. The decline was somewhat misleading: shipments of both denatured and undenatured fuel ethanol actually rose, but India’s retreat from the market—taking just 0.5 mg versus 24.2 mg the prior month—pulled the overall total lower.
President Trump has signed an executive order implementing a U.S. trade agreement with Japan, with a maximum 15% tariff on most of Japan’s products. The deal includes a promise that Japan will create a $550 billion U.S. investment fund, and the U.S. will lift certain tariffs on aircraft and aircraft parts as well as generic pharmaceuticals. Relief for aerospace and automobile imports will become effective within seven days, according to the order. The news lifted market sentiment in Asia overnight.
Export sales for the week ended Aug. 28:
Corn: Net sales reductions of 280,900 MT for 2024-25 were led by reductions from unknown destinations. Net sales for 2025-26 totaled 2.117 MMT and were near the top-end of expectations. Analysts expected sales of (400,000) to 100,000 MT for 2024-25 and 900,000 MT to 2.2 MMT for 2025-26.
Soybeans: Net sales reductions of 23,800 MT for 2024-25 were led by reductions to unknown destinations. Net sales for 2025-26 totaled 818,500 MT. Unknown destinations led purchases. Traders expected sales of (300,000) to 50,000 MT for 2024-25 and 600,000 to 1.6 MMT for 2025-26.
Wheat: Net sales of 313,000 MT for 2025-26, down 46% from the previous week and 51% from the four-week average. Sales were below the range of pre-report expectations from 350,000 to 700,000 MT.
CORN: December corn continued higher overnight. Bulls are seeking to break prices above resistance at $4.25. Support stands at $4.16, the 10-day moving average, on a turn lower.
SOYBEANS: November soybeans traded on either side of unchanged overnight. Bulls are seeking to break prices above resistance at $10.35 3/4 before tackling resistance at $10.40. Support comes in at $10.30 on a reversal lower.
WHEAT: December SRW wheat bounced overnight. Bulls are looking to tackle resistance at $5.25 on continued strength. Support comes in at yesterday’s contract low of $5.14 1/2.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Higher.
CATTLE: Cattle futures are expected to open with a mostly firmer tone, though a continuation of recent selling pressure could limit gains after the open. Bulls have proven resilient, closing prices well off intraday lows the past two sessions, though prices closed below key 10-day moving average support on Thursday. Cash fundamentals remain supportive with cash trade so far this week about steady with a week ago. Choice cutout fell $1.80 to $$414.21 Thursday while Select inched 4 cents higher to $387.77. USDA reported net beef sales of 16,600 MT for 2025, up 22% from the previous week and 51% from the four-week average.
HOGS: Lean hog futures are expected to open higher in a continuation of recent strength. The CME lean hog index rose a nickel to $105.97 as of Sept. 3, ending the string of recent losses. That paired with technical buying is likely to lift prices again today. Pork cutout slid $1.41 to $113.32 on Thursday, led by losses in picnics and bellies. USDA reported net pork sales totaling 23,700 MT for 2025, down 44% from the previous week and 17% from the four-week average.