Corn futures are mostly 7 cents lower at midmorning.
- Corn futures are correctively lower following Wednesday’s post-report gains, with pressure stemming from improved production prospects in Brazil.
- USDA reported weekly old-crop corn sales totaled 410,700 MT during the week ended Aug. 6, which were up notably from the previous week and 46% from the four-week average. New-crop sales totaled 924,500.
- Brazil’s total grain crop in the 2025-26 season is expected to increase 2.4% from the previous one to 260.8 MMT, according to Conab earlier today. Conab estimates Brazil’s total corn crop at 143 MMT, up 1.3% from a year earlier and higher that its previous forecast of 141.7 MMT, as projections indicate an expansion in planted area for both first and second corn crops.
- September corn futures are trading within Wednesday’s upper range, but have edged back below the 100- and 200-day moving averages, each trading around $4.53. Initial support lies at the 20-day moving average of $4.48 1/2.
Soybeans are around a penny higher, while meall is around $2.50 higher. Soyoil is around 25 points lower.
- Soybeans are slightly higher in step with meal futures, though technical resistance is curbing momentum.
- USDA reported weekly soybean sales 75,100 MT for 2025/2026 were up noticeably from the previous week, but down 48 percent from the prior 4-week average. New-crop sales of 1.76 MMT were reported primarily to China.
- USDA reported daily sales of 125,000 MT soybeans to China during 2026-27.
- September soybeans are being limited by the 40-day moving average, trading at $11.69 1/2, while support lies at the 100- and 10-day moving averages, each trading around $11.63.
SRW wheat futures are mostly a penny higher, while HRW futures are unchanged to a penny lower. HRS futures are around a penny higher.
- SRW wheat futures are modestly firmer but are being limited by resistance at the 20-day moving average.
- USDA reported weekly wheat sales totaled 255,900 metric tons (MT) for 2026/2027, which were down 14 percent from the previous week and 8 percent from the prior 4-week average.
- Ukraine plans to ship more grain via the Danube River and neighboring eastern European countries after a Russian blockade of key Black Sea ports decreased 76% year-on-year so far in August, according to Reuters. However, Russia has struck Ukraine’s largest grain export port on the Danube earlier today, causing damage and starting a fire, according to authorities.
- Russia’s KSK grain terminal in the Black Sea port of Novorossiysk has suspended operations, according to its owner, Delo Group, in a statement released earlier today. “The decision was made to ensure the safety of staff and infrastructure,” it said.
- Germany’s 2026 wheat harvest of all types will fall to around 20.55 MMT, down 11.2% from 2025, as heat and dry conditions damaged crops, according to Germany’s association of farm cooperatives DRV earlier today.
- September SRW futures have tested resistance at the 20-day moving average of $6.58 ¾, which is backed by the July 24 high of $7.11 1/4. Support lies at the 10-, 40- and 100-day moving averages, trading from $6.41 3/4 to $6.332 3/4.
Live cattle and feeders are lower at midsession.
- Nearby live cattle are facing a third straight day of technical selling as the market continues to mull over the impact of Argentine beef recalls and the potential closure of an additional beef processing plant.
- Choice boxed beef rose 97 cents to $372.28 on Wednesday while Select rose a penny to $349.81. Movement totaled 105 loads.
- USDA reported beef sales of 14,400 MT for 2026, down 27% from the previous week, but up 10% from the four-week average.
- October live cattle gapped lower at the open and are facing resistance from the 20- and 10-day moving averages, layered at $224.12 and $225.97, while support lies at $221.00 and $219.00.
Hog futures are weaker at midday.
- Nearby lean hogs are modestly weaker as traders work to keep expiring August futures in-line with the CME lean hog index.
- The CME lean hog index is down 5 cents to $95.89 as of Aug. 11.
- The pork cutout value fell $1.33 on Wednesday to $100.15, led by declines in all cuts aside from primal picnics and ribs. Movement totaled 282.2 loads.
- USDA reported net pork sales totaled 36,300 MT for 2026, up 33% from the previous week and 29% from the four-week average.
- October lean hogs are facing initial resistance at the 10-day moving average, trading at $83.24, while initial support lies at $81.55.