GRAIN CALLS
Corn: 3 to 5 cents lower.
Soybeans: 3 to 5 cents lower.
Wheat: Winter wheat 9 to 12 cents lower; HRS 4 to 6 cents lower.
GENERAL COMMENTS: Corn, soybeans and wheat favored the downside in overnight trade. Each are again threatening breakdowns on the daily bar chart. Headlines continue to roll around peace prospects in both the Black Sea and Iran, which has weighed on prices. Front-month crude oil futures are trading near unchanged this morning while the U.S. dollar index is around 170 points higher.
The National Weather Service today said an active pattern for thunderstorms and heavy rainfall continues over the western and central U.S. Several rounds of heavy rainfall over the central Plains and Missouri Valley will support widely scattered to numerous instances of flash flooding through midweek. A Flood Watch extends from northeast Kansas to central Iowa, where the heaviest rainfall is expected. Isolated to scattered severe wind gusts are also possible, with the most intense storms in the Plains today. Across the Southwest and southern Rockies, a similar story of overlapping heavy rainfall could unfold over the next few days. There will be a pronounced temperature contrast over the Heartland today, with high temperatures in the low 70s and upper 60s expected behind the front in the central Plains and Midwest, compared to upper 90s and triple digit highs ahead of the front across the southern Plains and mid/lower Mississippi Valley.
USDA data on Monday afternoon showed a tiny but unexpected improvement in corn conditions for the week ended Sunday as early harvest activity continues, while soybean conditions held steady. USDA said 57% of the corn crop was rated “good” or “excellent,” up from 56% the previous week. Analysts surveyed by Bloomberg, on average, looked for an unchanged figure. Harvest was 8% complete, up from 5% a week earlier and one percentage point below the average estimate. The Pro Farmer Crop Condition Index for corn saw a 0.5 point increase from last week. USDA said 58% of the U.S. soybean crop was rated good to excellent, unchanged from the previous week and in line with the average forecast. Harvest was 6% complete, compared with a five-year average of 3% for this time of year The soybean CCI fell 0.66 point. For a full breakdown of this week’s Pro Farmer CCI ratings click here. USDA found the U.S. spring wheat harvest 93% complete, up from 86% a week ago and in line with the average forecast. Winter wheat plantings were pegged at 8% complete, matching expectations and up from 2% a week earlier.
Pro Farmer crop consultant Dr. Michael Cordonnier left his 2026 U.S. corn yield unchanged this week at 177.0 bu/ac, with a neutral-to-lower bias. He also left his U.S. soybean yield unchanged this week at 51.5 bu/ac, with a neutral-to-slightly lower bias. He said weather last week was generally favorable for late pod filling. “The soybean growing season is ending on a slightly positive note with late-season rains aiding the late developing soybeans,” said Cordonnier.
CORN: December corn are pivoting around the 10-day moving average. Bulls are looking to overcome resistance at $5.31 1/4 with reinforcement from resistance at $5.40. Support comes in at $5.22 3/4, the 20-day moving average, on a turn lower.
SOYBEANS: November soybeans are pivoting near the $13.00 mark. Support comes in at $12.81 on selling pressure, while bulls are looking to topple resistance at yesterday’s high of $13.09 3/4.
WHEAT: December SRW wheat continue to grind lower. Bulls are looking to hold support at $7.08 3/4 on continued selling pressure, which is reinforced by psychological support at $7.00. Resistance stands at $7.25 then $7.32 1/4 on a bounce.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Lower.
CATTLE: Live and feeder cattle futures are expected to open higher in a continuation of recent strength. Prices surged higher following higher cash trade last week, as cash cattle trade surged $3.76 to $222.82 last week. October futures are trading in line with last week’s average, but deferred futures indicate persistent strength over the coming months. If cash strength persists, more gains in futures are likely. Choice beef fell another 63 cents to $375.31 Monday, continuing the recent string of losses.
HOGS: Lean hog futures faced heavy selling the past couple sessions, which is likely to breed followthrough selling. The CME lean hog index is down another 71 cents to $87.23, extending the seasonal decline. Pork cutout fell 2 cents to $89.78 Monday amid a $10.33 drop in bellies, while most other cuts saw gains.