Corn is mostly 4 to 5 cents higher.
- Corn futures are firmer amid continued evidence of strong new-crop sales, while a weaker U.S. dollar is limiting seller interest across commodities.
- USDA reported net old-crop reductions of 280,900 MT for the week ended Aug. 28, a new marketing-year low, but were within the pre-report range of net reductions of 400,000 MT to 100,000 MT. New crop stales were reported at 2.12 MMT, which were near the upper end of the pre-report range of 900,000 MT to 2.2 MMT.
- According to the Renewable Fuels Association, U.S. ethanol exports reached 164.4 million gallons (mg) in July, easing 5% from June yet still running 28% ahead of year-ago levels. The decline was somewhat misleading: shipments of both denatured and undenatured fuel ethanol actually rose, but India’s retreat from the market—taking just 0.5 mg versus 24.2 mg the prior month—pulled the overall total lower.
- December corn is facing resistance at $4.25, which is backed by the 100-day moving average, while initial support lies at $4.18 1/4, then at the 10-, 40- and 20-day moving averages.
Soybeans are mostly a penny firmer, while soymeal is around $1.40 higher. Soyoil is mostly 40 points lower.
- Soybeans are chopping around unchanged as technical resistance is curbing buyers despite meal strength and notable daily sales.
- USDA reported daily sales of 123,000 MT to unknown destinations and 204,650 MT to unknown destinations—both for delivery during 2025-26.
- USDA reported net old-crop reductions of 23,800 MT for the week ended Aug. 28 but were within pre-report expectations ranging from net reductions of 300,000 MT to 50,000 MT. New-crop sales of 818,500 MT were near the low-end of the pre-report range of 600,000 MT to 1.6 MMT.
- November soybean futures are facing resistance at the 20-day moving average of $10.24 3/4, which is backed by the 10-day moving average of $10.44 1/4. The 100-, 200- and 40-day moving averages, layered from $10.30 1/4 to $10.23 1/4.
Winter wheat futures are unchanged to 4 cents higher, while HRS futures are mostly 2 cents higher.
- SRW wheat futures are narrowly firmer, with support from a weaker dollar though technical resistance continues to curb momentum.
- USDA reported weekly sales of 313,000 MT were down 46% from the previous week and 51% from the four-week average and short of the pre-report range of 350,000 to 700,000 MT.
- Rain in U.S. HRW winter wheat areas recently has soil moisture poised for early season planting and emergence, though some sunshine would be great to allow fieldwork to begin, notes World Weather Inc.
- December SRW futures continue to face resistance at $5.23 1/4, while initial support lies at 5.18 3/4, then at this week’s low of $5.14 1/2.
Live cattle and feeders are posting moderate- to heavy losses at midsession.
- Nearby live cattle are extending losses for the third straight session, though technical and fundamental support continue to curb seller interest.
- Choice boxed beef fell $1.80 on Thursday to $414.21, while Select rose 4 cents to $387.77. Movement improved to 142 loads.
- USDA reported net beef sales of 16,600 MT for 2025, up 22% from the previous week and 51% from the four-week average.
- October live cattle are hovering mostly between the 10-day moving average of $226.82 and initial support at $235.19.
Hog futures are solidly firmer at midmorning.
- Nearby lean hogs are solidly firmer amid a firm technical posture and slowing losses in the cash index.
- The CME lean hog index rose a nickel to $105.97 as of Sept 3, ending the recent string of losses.
- The pork cutout value slipped $1.41 to $113.32, led by a near $8-decline in primal picnics. Though losses were carved in all cuts aside from hams and butts. Movement totaled 293.0 loads.
- USDA reported net pork sales of 23,700 MT for 2025, up 4% from the previous week and 3% from the four-week average.
- Earlier today, China placed initial anti-dumping duties of up to 62.4% on pork imports worth over $2 billion from the European Union, according to Reuters.
- October lean hogs notched a fresh for-the-move high, with resistance now stemming from the June 23 high of $97.05. Initial support lies at $94.825.