GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 4 to 6 cents higher.
Wheat: 2 to 4 cents higher.
GENERAL COMMENTS: Soybeans saw an impressive push higher going into the break this morning despite ongoing bearish fundamentals. Corn and wheat both saw persistent strength following higher closes on Tuesday. Outside markets are mixed this morning as front-month crude oil futures are about $1.00 higher while the U.S. dollar index is over 550 points higher.
USDA reported daily sales of 101,400 MT of soymeal for delivery to Guatemala and 312,956 MT of corn for delivery to Mexico – each during the 2025-26 marketing year.
The National Weather Service today said widespread thunderstorms will continue in the central to eastern U.S. the next couple of days. Today, storms can be expected from the Northeast and lower great lakes southwest through the Appalachians, Ohio/Tennessee valleys, the middle/lower Mississippi valley, and the southern Plains. The greatest chance for heavier downpours and potential repeated rounds of storms will be across the upper Ohio valley southwest into the central Tennessee valley, where there is a slight risk of excessive rainfall and the threat of scattered flash flooding. More isolated instances of flash flooding can be expected broadly from the Ohio valley southwest through the lower Mississippi valley and to the western Gulf Coast/portions of Texas. Then on Thursday the front continues eastward and the focus for storms will stretch from the Northeast south along the East Coast and through the Appalachians into the Southeast, as well as southern Texas.
Argentina expects financial assistance in the form of accelerated funding from international lenders, including the World Bank and Inter-American Development Bank, according to a Bloomberg report. The U.S. this week made a public commitment to help Argentina, with Treasury Secretary Bessent saying the U.S. would do whatever it took to help Argentina. The pledged support may help stabilize the Argentine peso, which has slumped in recent weeks, “but it is unclear if it will be enough to placate the market or support President Javier Milei’s economic reforms,” said Bloomberg. The international lender assistance is “a far cry from the more substantial boost hinted at by the U.S. to reverse the peso’s major slump.” The World Bank and Inter-American Development Bank announced on Tuesday they will free up money that had already been promised to Argentina, or send it more quickly, so President Javier Milei could put it to work faster. On Tuesday, President Trump did offer help, sitting next to Milei on the sidelines of the United Nations General Assembly in New York. Trump added he did not think Argentina’s government required a bailout. Neither Trump or Bessent have detailed whether more aid is on the way, leaving open the question of whether the World Bank and IDB moves will be enough to placate the market. The Argentine peso rallied nearly 4% Tuesday, following a steep fall last week on fears Milei is losing traction with his economic turnaround plan.
Federal Reserve Chair Jerome Powell said in a speech Tuesday the outlooks for the U.S. labor market and inflation face risks, calling it a “challenging situation.” Powell said “near-term risks to inflation are tilted to the upside and risks to employment to the downside — a challenging situation” and that “two-sided risks mean that there is no risk-free path.” Powell denied the central bank has acted politically in its policy decisions, saying “we’re looking at what’s the best thing for the people that we serve.” Powell offered no hints on whether he might support a rate cut at the Fed’s next FOMC meeting in October.
CORN: December corn continue to lead strength. Bulls are eyeing the Sept. 12 for-the-move high close of $4.30 on persistent strength. Support stands at the psychological $4.25 mark on resurgent selling pressure.
SOYBEANS: November soybeans saw followthrough strength overnight. Bulls are looking to challenge resistance at $10.25 on persistent buying. Support stands at $10.10 on a reversal lower.
WHEAT: December SRW wheat stalled near 20-day moving average resistance at $5.24 1/4 overnight. Additional strength targets resistance at $5.30. Support comes in at $5.15 on a turn lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Higher.
CATTLE: Cattle futures are expected to open higher in a continuation of recent strength. Traders are likely awaiting confirmation of higher cash cattle trade before pushing futures much higher, which could limit gains after the open. Wholesale beef ended Tuesday lower with Choice cutout falling 59 cents to $380.80 while Select sunk $2.19 to $359.90.
HOGS: Lean hog futures are expected to open with a firmer tone as prices continue to trend higher on the daily bar chart. Futures are overbought so some profit-taking is possible today. The CME lean hog index is down another 8 cents to $104.90 as of Sept. 22. Pork cutout slid 62 cents to $112.68 Tuesday, led by losses in bellies, loins and butts.