Corn is mostly a penny lower.
- Corn futures are pausing after Tuesday’s gains amid technically overbought conditions.
- The U.S., Canada and Mexico are set to formally begin consultations ahead of the review of their regional USMCA trade accord next year, according to both the U.S. and Mexico in an announcement on Tuesday.
- Rain in the northern and central U.S. Plains and western Midwest may disrupt some harvesting at times through the weekend, according to World Weather Inc. Meanwhile, the forecaster notes eastern Midwest crop areas will get some moisture late this weekend into next week bringing a little relief from recent weeks of dryness and slowing early season fieldwork.
- December corn futures are trading within Tuesday’s upper range, with resistance layered at $4.31 1/4, $4.36 1/4, then the 200-day moving average of $4.39 3/4.
Soybeans are mostly 3 to 4 cents lower, while soymeal is around $1.90 higher. Soyoil is around 100 points lower.
- Soybeans are being led lower by corrective selling in soyoil, though solid technical support and strength in meal futures are curbing seller interest.
- A headline from the South China Morning Post that stated, “Trump-Xi progress bodes well for Boeing, U.S. farmers.” The story notes President Trump “will only agree to a China visit if he can announce multibillion-dollar orders, probably for Boeing aircraft and U.S. soybeans.”
- Dryness in the lower Midwest, Delta and Tennessee River Basin has been stressing crops for an extended period of time, notes World Weather. Late-double cropped soybean yields have likely slipped lower. The forecaster reports rain is expected in these areas late this week and over the weekend, although confidence in the volume of rain is still low.
- November soybeans are being supported by the 20-, 10-, 100-, 200- and 40-day moving averages, layered from $10.42 to $10.27 1/4. Initial resistance stands at $10.54 1/4.
Wheat futures are mostly 3 to 4 cents lower.
- SRW wheat futures have backed off the more than five-week high carved in overnight trade amid corrective selling.
- Additional rain in U.S. HRW wheat areas through the weekend and into early next week will continue to bode well for early season planting and emergence, notes World Weather. Warm temps will also stimulate quick germination.
- Farm office FranceAgriMer raised its forecast for French soft wheat exports outside the European Union in 2025-26 to 7.85 MMT, up from an initial projection of 7.5 MMT in July.
- December SRW futures are hovering mostly above the 40-day moving average of $5.32 1/4, while resistance is at $5.37 1/2, then at the Aug. 11 high of $5.42 3/4.
Live cattle and feeders are notably lower at midsession.
- Nearby live cattle are posting followthrough selling amid pressure from fading wholesale fundamentals.
- Cash cattle trade remains slow to develop this week, which is not unusual ahead of USDA’s Cattle on Feed Report, due out Friday afternoon.
- Wholesale beef values continued to decline on Tuesday, with Choice down $5.91 to $392.62, while Select fell $5.63 to $373.17, which has pressured packer margins.
- October live cattle continue to face pressure from the 10- and 20-day moving averages of $233.08 and $235.36. Initial support lies at $229.88.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly firmer despite fading cash and wholesale fundamentals.
- The CME lean hog index is down 14 cents to $106.00.
- The pork cutout value slipped $1.79 to $112.28 amid declines in all cuts. Movement totaled 372.8 loads.
- October lean hogs are trading within Tuesday’s lower range, with initial resistance at $97.825, which is backed by this week’s high of $98.90. Meanwhile, the initial support lies at the 10-day moving average of $96.675.