Corn is mostly 4 to 5 cents higher.
- Corn futures are extending Thursday’s short-covering gains.
- The European Commission sharply cut its forecast for corn production in the EU this season, to below last season’s volume.
- Markets will be closed on Monday in Observance of the Labor Day holiday.
- December corn futures have edged above the 40-day moving average of $4.11 1/2 and are now facing resistance at $4.15 1/2. The 10- and 20-day moving averages, trading at $4.08 3/4 and $4.05 1/2 are support.
Soybeans are mostly a penny lower, while soymeal is chopping around unchanged. Soyoil is mostly 60 points lower.
- Soybeans are facing pressure from soyoil.
- Brazilian President Luiz Inacio Lula da Silva has authorized the start of a process to retaliate against the 50% U.S. tariffs, Brazil’s Vice President Geraldo Alckmin said, according to a Bloomberg report. The U.S. government will be formally notified of the decision today, according to a person familiar with the matter.
- Analysts expect July crush rose to 207.2 million bushels, according to Reuters poll. If realized, it would be up 5.1% from the 197.1 million bushels processed in June and up 7.2% from July 2024 crush of 193.3 million bushels. It would also be a record for the month. Soyoil stocks as of July 31 were estimated at 1.903 billion pounds.
- Areas from southeastern Missouri to southern Illinois and western Kentucky will be mostly dry though Monday and stress to crops and declines in soybean yields are likely to increase amid already short soil moisture, notes World Weather Inc.
- Leading South Korean animal feed maker Nonghyup Feed Inc (NOFI) purchased around 60,000 MT of soymeal expected to be sourced from South America in a private deal on Thursday, without issuing an international tender, according to Reuters.
- November soybean futures are pivoting around the 10-day moving average of $10.46 1/2, with support at 10.42 and resistance around $10.51 1/2.
Winter wheat futures are unchanged to 3 cents higher while HRS futures are around a penny lower.
- SRW wheat futures are firmer but continue to face technical headwinds.
- Additional rain in U.S. HRW wheat areas in the next few days will further soak the ground for planting, although initial fieldwork will likely be delayed due to the rain.
- World Weather Inc. reports Canada’s Prairies and the northern U.S. Plains will experience good maturation and harvest weather over the next two weeks.
- December SRW futures are hovering mostly above the 10- and 20-day moving averages of $5.27 1/2 and $5.29 1/4. Resistance is now at $5.32 1/2.
Live cattle and feeders are solidly higher at midsession.
- Nearby live cattle are notably firmer amid continued fundamental support.
- Cash trade is holding steady with last week, though movement has been light, meaning packers will need to step up purchases today.
- Choice boxed beef rose $2.57 on Thursday to $414.41, while Select fell $1.87 to $385.84. Movement was light at 99 loads.
- October live cattle have tested support at the 10-day moving average of $236.075, while resistance stems from this week’s high of $242.075.
Hog futures are firmer at midmorning.
- Nearby lean hogs are favoring the upside, with continued support from cattle futures.
- The CME lean hog index is down another 20 cents to $106.43 as of Aug. 27.
- The pork cutout value slid 17 cents to $111.49 on Thursday. Movement totaled 277.0 loads.
- October lean hogs are facing resistance at $94.625, which is backed by this week’s high of $94.825. Initial support lies at $93.775.