Market Snapshot | Corn off overnight high but still solidly higher

Corn is mostly 12 to 15 cents lower at midmorning.

• Corn futures marked a fresh contract high in overnight trade as production prospects ease in the U.S.
• USDA reported weekly export inspections totaled 1.296 MMT during the week ended Aug. 20, down 648,599 MT from the previous week. Inspections were short of analysts’ pre-report range of expectations of 1.5 to 1.8 MMT.
• Pro Farmer Crop Tour. Pro Farmer Friday afternoon after the grain markets closed pegged the national U.S. corn crop production number at 15.344 billion bushels on an average yield of 173.2 bushels per acre.
• U.S.-Canada trade negotiations unraveled late last week, with 50% U.S. tariffs hitting billions of dollars of Canadian goods and Prime Minister Mark Carney vowing to retaliate in a dispute that looks poised to intensify.
• Crop monitoring service MARS on Monday cut its forecast for this year’s corn crop in the European Union for the second straight month. It forecasts the average corn production at 6.61 MMT, down from 6.93 MMT in July and down from 7.38 MMT in June.
• December corn futures are facing resistance at $5.22, while support lies at the overnight low of $5.10 1/4.

Soybeans are 32 to 45 cents lower, while meal is around $7.80 lower. Soyoil futures are mostly 100 points lower.

• Soybeans are being led lower by heavy selling in soyoil, while the rally in corn lends support.
• USDA reported weekly soybeans totaled 420,895 MT during the week ended Aug. 20, up 126,566 MT from the previous week. Analysts expected soybean inspections to range from 200,000 to 450,000 MT.
• The Pro Farmer Crop Tour data projected a U.S. soybean crop of 4.572 billion bushels on an average yield of 53.3 bushels per acre. For more on the Pro Farmer estimates, click here.
• December soybeans have found support at $12.18 3/4 , while resistance is at last week’s high of $12.44 1/2, which is backed by the July 24 high of $12.56 1/2.

Wheat futures are 19 to 23 cents lower.

• SRW wheat futures are modestly firmer to start the week as traders continue to monitor the geopolitical environment in the Black Sea.
• USDA reported weekly wheat inspections totaled 425,668 MT during the week ended Aug. 20., down 88,695 MT from the previous week. Analysts expected wheat inspections to range from 200,000 to 450,000 MT.
• Earlier today, the Kremlin indicated measures were being taken to minimize the impact of Ukrainian strikes on Russia’s grain exports.
• India, the world’s second-biggest wheat producer, has scrapped a years-long ban on exports of the grain, “a move that could ease global supplies that are under strain from escalating attacks between Russia and Ukraine,” Bloomberg reported. “The government has permitted exports of wheat, including the durum variety, as well as flour and other products, according to notifications issued on Monday by the Directorate General of Foreign Trade.
• December SRW futures are facing resistance from the July high of $7.28 1/4, while support remains at the $6.92 1/2.

Live cattle and feeders are lower at midsession.

• Cattle futures are under pressure to start the week amid long liquidation as today marks the first day of the reopening of the southern border to feeder imports at the Douglas, Arizona port.
• Today marks the first day of the reopening of the southern border to feeder imports at the Douglas, Arizona port. Click here to read how USDA will
• USDA Friday afternoon reported cattle and calves on feed for the slaughter market in the U.S. for feedlots with capacity of 1,000 or more head totaled 11.1 million head on August 1. The inventory was 2 percent above August 1, 2025. Placements in feedlots during July totaled 1.42 million head, 11 percent below 2025. Net placements were 1.37 million head. Placements were the lowest for July since the series began in 1996.
• Boxed beef edged lower on Friday, with Choice down $4.24 to $385.69 and Select down $2.42 to $361.32. Movement totaled 91 loads.
• October cattle futures are facing support at $214.325, which is backed by last week’s low of $212.675. The 10-day moving average, trading at $21947 is initial resistance and is backed by the 20- and 40-day moving averages.

Hog futures are firmer at midmorning.

• June lean hogs are modestly firmer amid wholesale support.
• The CME lean hog index is down 46 cents to $93.2 as of Aug. 20.
• The pork cutout value rose $1.47 to $97.96 on Friday, amid gains in all cuts aside from primal hams. Movement totaled 357.2 loads.
• October lean hogs are trading within Friday’s range, with support at last week’s low of $79.675 and resistance at the 10-day moving average of $81.68, which is backed by the 20- and 40-day moving averages.