Corn is mostly a penny lower.
- Corn futures are weaker for the third straight session in tandem with wheat and soybeans.
- USDA reported weekly sales of 838,300 MT during the week ended Sept. 17. Net sales were just above the low end of analysts’ range of pre-report estimates from 800,000 MT to 1.4 MMT.
- An internal Trump administration battle over whether to ban U.S. diesel exports appeared to play out in media reports Wednesday. Energy Secretary Chris Wright reiterated his opposition to the prospect of a ban in remarks Wednesday morning, saying it would be a “blunt tool” that wouldn’t work in terms of lowering U.S. prices. That’s an argument that’s been voiced by numerous energy analysts, who contend a ban, while aiming to lower record domestic diesel prices, would potentially do more harm than good.
- December corn futures are facing initial resistance at $5.25 1/2, while resistance stands at the 10- and 20-day moving averages, layered at $5.32 3/4 and $5.34 3/4.
Soybeans are 3 to 5 cents lower, while meal is around 40 cents lower. Soyoil futures are around 40 points lower.
- Soybeans are weaker following a tepid weekly export sales report.
- USDA reported daily sales of 120,000 MT of soybeans to China during 2026-27.
- USDA reported weekly sales of 582,400 MT during the week ended Sept. 17. Net sales were well below analysts’ pre-report expectations which ranged from 1.5 MMT to 2.0 MMT.
- U.S. Treasury Secretary Scott Bessent told Fox News that he and Chinese Vice Premier He Lifeng agreed to extend the trade truce reached in South Korea last fall for two months, to Jan. 10. “I don’t know whether a bigger deal can be done. I don’t know whether we will just roll the current deal,” Bessent said, according to Bloomberg.
- November soybeans continue to face initial resistance at $13.26 ½, which is backed by the Sept. 2 high of $4.59 ¾. The 20-day moving average, trading at $13.10 ¼, which is backed by $13.00 are serving up support.
Wheat futures are mostly 3 to 8 cents lower.
- Winter wheat futures continue to break down technically amid continued musings of potential peace in the Black Sea.
- A Russian envoy, Kirill Dmitriev, is set to meet U.S. officials in New York to discuss the war with Ukraine, reports Bloomberg. Dmitriev will sit down with Steve Witkoff and Jared Kushner to receive U.S. proposals on the conflict.
- USDA reported weekly wheat sales of 267,600 MT during the week ended Sept. 17, down 18% from the previous week and 13% from the four-week average. Net sales were short of analysts’ pre-report estimates, which ranged from 350,000 to 600,000 MT.
- December SRW wheat are now facing resistance at the 40-day moving average, trading at $7.09 1/2, while initial support lies around the psychological $7.00 level, then at the 100-day moving average, trading at $6.75 1/4.
Live cattle are firmer while feeders post heftier gains at midsession.
- Cattle futures are modestly firmer in sideways trade, with solid support limiting near-term seller interest.
- Choice boxed beef fell $1.58 on Wednesday to $377.31, while Select fell $5.51 to $352.34. Movement totaled 98 loads.
- A small group of White House officials is exploring whether to cut back President Trump’s decision to increase foreign beef imports, according to a Politico report. “The proposal to reduce the amount of imports is being discussed within the Domestic Policy Council headed by Vince Haley, a longtime Trump speechwriter and former campaign official, and a few other officials at the White House, according to two people with direct knowledge of the conversations, who were granted anonymity to share private details.
- USDA reported weekly beef sales of 9,400 MT for 2026, down 34% from the previous week and 16% from the four-week average.
- October live cattle are being supported by the 10- and 40-day moving averages, layered at $219.37 and $219.06. Resistance stands at $221.86.
Hog futures are lower at midmorning.
- Lean hog futures continue to face technical and fundamental pressure.
- The CME lean hog index is down 45 cents to $82.92 cents.
- The pork cutout value fell $1.17 on Wednesday to $86.82 amid declines in all cuts. Movement totaled 322.64 loads.
- USDA reported net pork sales of 35,300 MT for 2026 were up 17% from the previous week and 8% from the four-week average.
- October lean hogs continue to face resistance at the 10-day moving average, trading at $70.24, which is backed by the 20-day moving average. Initial support lies at $69.36, then at last week’s low of $68.275.