GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: Steady to 2 cents lower.
Wheat: 1 to 3 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat carried a mixed tone in overnight trade, though none of which strayed far from unchanged. Export sales this morning came within expectations for each. Outside markets are mixed this morning as front-month crude oil futures are modestly higher while the U.S. dollar index is around 300 points higher. The dollar made a fresh low yesterday but reversed higher, indicating the downside could be overdone. Stock futures are trading all-time highs this morning, shaking off post-FOMC volatility.
USDA reported daily sales of 110,000 MT of corn for delivery to Mexico during the 2025-26 marketing year.
The Federal Reserve’s FOMC cut its fed funds trading range by a quarter-point, to 4.00 to 4.25%, Wednesday afternoon, as widely expected. However, the committee members are deeply divided on what to do about a slowing U.S. economy. The decision to cut rates was nearly unanimous among FOMC members, however, with the lone dissent coming from Fed Governor Stephen Miran, who favored a larger rate reduction. Fed policymakers are split over the outlook for interest rates. Fed Chair Powell said the Fed’s job would get more difficult as policymakers face difficult trade-offs in considering whether to keep cutting rates, with some officials concerned about inflation and others concerned about the labor market. Powell faced pointed questions from the press about Fed independence, given Miran’s dual role on leave from the White House’s Council of Economic Advisers. Powell reiterated the central bank’s commitment to its nonpartisan mandate: “We’re strongly committed to maintaining our independence… It is deeply in our culture to do our work based on incoming data.” Major U.S. banks—JPMorgan Chase, Citigroup, Wells Fargo, and Bank of America—cut their prime lending rates from 7.50% to 7.25% following the Fed rate cut.
An overwhelming majority of corn growers from across the U.S. says the nation’s farm economy is possibly already in a crisis or on the brink of one, according to a survey released Wednesday by the National Corn Growers Association. The findings were released during an NCGA-sponsored economic roundtable in Washington, D.C., where experts stressed the seriousness of the economic problems facing farmers. During the discussion, NCGA leaders said Congress could alleviate some of the pain by passing the Nationwide Consumer and Fuel Retailer Choice Act of 2025, which would remove an outdated provision in the Clean Air Act that restricts the summertime sales of fuel with 15% ethanol blends, often referred to as E15.
Export sales for the week ended Sept. 11:
Corn: Net sales of 1.232 MMT for 2025-26 were led by sales to Mexico and South Korea. Sales were in the middle of pre-report estimates ranging from 500,000 MT to 1.9 MMT.
Soybeans: Net sales of 923,000 MT for 2025-26 were primarily for Egypt, Mexico and Spain. Traders expected sales of 400,000 to 1.5 MMT.
Wheat: Net sales of 377,500 MT for 2025-26, up 24% from the previous week but down 12% from the four-week average. Sales were in the lower end of pre-report expectations from 300,000 to 650,000 MT.
CORN: December corn saw action on either side of unchanged overnight. Support stems from $4.25 on persistent selling while bulls are looking to challenge yesterday’s high of $4.31 1/4.
SOYBEANS: November soybeans saw continued selling overnight. The 200-day moving average continues to serve up support at $10.38. Bulls are seeking to close prices above the key psychological $10.50 mark.
WHEAT: December SRW wheat bounced overnight. Bulls are seeking to maintain prices above $5.27 support on any persistent selling. Resistance stands at $5.33 3/4 on continued strength.
LIVESTOCK CALLS
CATTLE: Lower.
HOGS: Choppy/lower.
CATTLE: Cattle futures are expected to open lower in a continuation of yesterday’s selling pressure. Prices are beginning to trend lower on the daily bar chart. Cash cattle trade remains abysmal so far this week with just 40 head trading hands. Wholesale beef continues to fall under heavy pressure with Choice cutout down another $4.44 on Wednesday to $388.18 while Select sunk $6.80 to $366.37, pressuring packer margins. USDA reported net beef sales of 15,800 MT, up 31% from the previous week and 21% from the four-week average.
HOGS: Lean hog futures are expected to open with a mostly weaker tone amid falling cattle futures. Weakness in the cattle market has limited buyer interest in hogs. Resurgent seasonal weakness in cash fundamentals has weighed on futures as well. The CME lean hog index is down another 14 cents to $105.86 as of Sept. 16. Pork cutout fell $1.30 to $110.98 Wednesday, led by losses in bellies. USDA reported net pork sales totaling 22,000 MT for 2025, up 27% from the previous week but down 14% from the four-week average.