Note: Today, scouts on the western leg will sample fields in western Iowa, while scouts on the eastern leg will sample western Illinois and eastern Iowa. Find Crop Tour updates on our website and by searching #pftour24 on X (formerly Twitter).
Corn futures are mostly unchanged to a penny higher at midmorning.
· Corn futures are chopping around unchanged with selling in SRW wheat pressuring prices.
· Scouts on day 2 of the Pro Farmer Crop Tour found an average corn yield of 173.25 bu. per acre in Nebraska, up from 167.22 bu. per acre last year and the three-year average of 169.37 bu. per acre. In Indiana, samples yielded an average corn yield of 187.54 bu. per acre, up from 180.89 bu. per acre last year and the three-year average of 184.07 bu. per acre.
· There will be a short-term bout of hot weather occurring briefly this weekend and early next week in the western Corn Belt that will stress crops, according to World Weather Inc. Rain and cooling will be needed soon thereafter to provide adequate relief.
· December corn futures are mostly hovering around the 10-day moving average of $3.97 1/2, with additional support lying at $396 3/4 and is backed by the recent low of $3.90. Initial resistance stands at $4.00 and is backed by the 20-day moving average of $4.01 3/4.
Soybeans are mostly a penny higher, while soymeal futures are around 20 points higher. Soyoil is around 35 points higher.
· Soybeans and meal have faded from overnight strength amid looming technicals.
· USDA reported daily sales of 132,000 MT of soybeans to China and 121,000 MT to unknown destinations during 2024-25, bringing this week’s soybean sales to 1.01 MMT, with China accounting for 596,000 MT.
· Soybean pod counts in a 3’x3’ square came in at 1,172.48 for Nebraska, up from last year at 1,060.02 and the three-year average of 1,150.06. Soybean pod counts in a 3’x3’ square totaled 1,409.02 for Indiana, up from 1,309.96 last year and the three-year average of 1,238.55.
· November soybeans are being limited by resistance at $9.84, while initial support serves at $9.69.
Wheat futures are mostly 5 to 9 cents lower.
· Wheat futures are edging lower despite persisting U.S. dollar weakness.
· Very warm to hot temps and limited rain will continue to from the lower Danube River Basin through Ukraine into Russia’s Southern and Central regions during the next ten days, according to World Weather Inc.
· A shutdown of a swath of Canada’s freight rail network could begin shortly after midnight tonight. Maersk line withdrew an earlier statement that was restricting cargoes, and says it Is continuing to accept shipments. A shutdown will mar North American shipments of wheat, fertilizer and other agricultural products.
· December SRW wheat continues to find support at $5.45 1/4, which is backed by $5.41 1/4, while resistance stands at $5.60 1/2.
Live cattle and feeders are posting heavy losses at midmorning.
· Cattle futures are extending Tuesday’s heavy losses amid continued technical selling.
· This week’s Cattle on Feed Report is expected to keep cash trade limited until late in the week.
· Wholesale beef values edged lower on Tuesday with Choice falling 47 cents to $315.08 while Select dropped 97 cents to $301.04. Movement totaled 137 loads for the day.
· October live cattle have edged to a fresh near-term low, with support serving at $172.63, while initial resistance stands at $176.48.
Hog futures are moderately higher at midsession.
· October hog futures are notably firmer as traders continue to tighten the futures discount to the cash market.
· The CME lean hog index is down 24 cents to $89.71 as of Aug. 19.
· The pork cutout value rose 45 cents on Tuesday to $97.54 amid gains in all cuts aside from Primal picnics. Movement totaled 334 loads.
· October lean hogs have moved above resistance at $76.86, $77.32 and $77.71, with additional resistance serving at the July 25 high of $78.70. Initial support lies at $76.47.