Corn is mostly 2 to 3 cents lower at midmorning.
- Corn futures are weaker despite support from a weaker U.S. dollar and strong export inspections data.
- USDA reported export inspections totaled 1.662 MMT during the week ended Sept. 3, up 163,841 MT from the previous week. Net inspections topped analysts’ range of expectations from 1.2 to 1.55 MMT.
- Crop consultant, Dr. Michael Cordonnier lowered his 2026 U.S. corn yield by 1.0 bushel this week, to 177.0 bu/ac and with a neutral-to-lower bias.
- December corn futures are testing support at the 10-day moving average, with additional support around $5.30.
Soybeans are mostly 3 to 4 cents higher, while meal is around $4.50 lower. Soyoil futures are 50 points higher.
- Soybeans are modestly firmer in consolidative trade.
- USDA reported export inspections totaled 422,016 MT during the week ended Sept. 3, up 137,965 MT from the previous week. Net inspections were within analysts’ range of expectations from 350,000 to 600,000 MT.
- Dr. Michael Cordonnier left his 2026 U.S. soybean yield unchanged this week at 51.5 bu/ac, with a neutral-to-lower bias.
- Dr. Cordonnier reports the “soybean free” period in Mato Grosso ends September 6th, with farmers allowed to start planting their 2026-27 soybeans on September 7th. Producers with irrigation are expected to plant immediately, but probably less than 5% of the soybean area in Mato Grosso is irrigated.
- November soybeans continue to face initial resistance at $13.33 ½, which is backed by last week’s high of $13.38 3/4. Support is at $13.18 3/4.
Wheat futures are mostly 5 to 7 cents higher.
- SRW wheat futures are firmer but are being limited by technical resistance at the 10-day moving average.
- USDA reported export inspections totaled 342,733 MT during the week ended Sept. 3, down 89,244 MT from the previous week. Net inspections were within analysts’ range of expectations from 250,000 to 450,000 MT.
- President Vladimir Putin remains committed to continuing Russia’s war in Ukraine after his latest meeting with U.S. envoys Steve Witkoff and Jared Kushner, Bloomberg reported, citing people familiar with the discussions. “There was no breakthrough at the Kremlin talks, the people said, asking not to be identified because the matter is sensitive.
- Reuters on Monday reported Ukraine’s weekly wheat, corn and barley exports rose 80% to 433,700 MT during Aug. 27–Sept. 2. That is a substantial improvement, although shipments remain about 43% below the roughly 760,000 MT moving weekly in early July, based on the comparison in the supplied report. Data released by the APK-Inform consultancy on Monday shows that the volume of corn shipments led the recovery.
- December SRW futures continue to face resistance at the 10-day moving average of $7.55 ½, which is backed by last week’s high of $7.95. Support lies at last week’s low of $7.30 ½, which is backed by the 20-day moving average, trading around $7.20.
Live cattle and feeders are posting strong gains at midsession.
- Cattle futures are posting solid gains to start the week amid technical buying.
- Choice boxed beef fell 73 cents on Friday to $376.17, while Select rose $5.15 to $355.87. Movement totaled 94 loads.
- October live cattle futures are testing resistance at the 20-day moving average, which is backed by resistance at $217.05 and $218.85. Initial support lies at $213.20, which is backed by the 10-day moving average.
Hog futures are higher at midmorning.
- October lean hogs are solidly firmer in a test of key resistance at the 40-day moving average.
- The CME lean hog index is down 54 cents to $90.54 as of Sept. 3.
- The pork cutout value rose $1.74 to $92.86 on Friday, led by a $12.51 jump in primal bellies. Movement totaled 240.4 loads.
- October lean hogs are testing resistance at the 40-day moving average, which is backed by resistance at last week’s high of $84.90 and the 100-day moving average. Support lies at the 10-day moving average of $82.49, which is backed by the 20-day moving average.