Corn is mostly 4 to 5 cents lower.
- Corn futures are extending lower but remain in a consolidative, sideways pattern.
- USDA reported weekly corn sales totaled 1.027 during the week ended Sept. 10. Analysts expected net sales to range from 700,000 MT to 2.0 MMT.
- The International Grains Council (IGC) trimmed its forecast for 2026-27 global corn production by 4 MMT to 1.301 billion tons amid cuts to U.S. and EU production.
- The Republican-led Senate Agriculture Committee on Wednesday approved a farm bill in a 12-11 party-line vote, with the legislation now headed to the Senate floor. Agri-Pulse noted that friction erupted among Republicans as Sens. Joni Ernst and Charles Grassley, both of Iowa, objected to Chairman John Boozman’s, R-Ark., decision to keep the bill closed to new amendments following its early August markup.
- Indonesia is doubling its 2028 bioethanol-blending target to 20%, to reduce reliance on fuel imports under President Prabowo Subianto, according to Bloomberg.
- December corn futures have edged below the 20-day moving average, with initial support now serving at $5.23 ¾, while resistance stands at the 10-day moving average of $5.33 ½, which is backed by the Sept. 2 high of $5.49 3/4.
Soybeans are 2 cents lower, while meal is around $6.50 lower. Soyoil futures is around 125 points lower.
- Soybeans are being pressured by soyoil, though continued meal strength is limiting seller interest.
- USDA reported weekly soybean sales of 1.702 MMT during the week ended Sept. 10. Analysts expected net sales to range from 900,000 MT to 2.4 MMT, according to a Reuters poll.
- Malaysian palm oil futures today surged over 2-1/2% to around MYR 5,015 per MT, extending recent gains as trade resumed after a holiday Wednesday. A weaker ringgit and expectations of tighter supply underpinned sentiment, with Indonesia’s B50 biodiesel mandate set to divert more palm oil to domestic use and El Niño risks clouding output in Indonesia and Malaysia.
- November soybeans are being supported by the 10-day moving average of $13.14, while resistance is layered at $13.30 1/2 and the Sept. 11 high of $13.35 1/4.
Wheat futures are 3 to 5 cents lower.
- Winter wheat futures are facing technical pressure in consolidative trade.
- USDA reported weekly wheat sales totaled 325,900 MT during the week ended Sept. 10, up 68% from the previous week and unchanged from the four-week average. Analysts expected net sales to range from 150,000 to 500,000 MT, according to a Reuters poll.
- Russia has damaged a bridge in the Odesa region, significantly limiting Ukraine’s ability to transport grain to its Danube river ports, Ukrainian state railway operator Ukrzaliznytsia said earlier today.
- The International Grains Council (IGC) raised its 2026-27 world wheat crop outlook by 3 MMT to 820 MMT, driven by upward revisions for Australia and Ukraine.
- December SRW wheat continues to be limited by resistance at the 10- and 20-day moving averages, layered at $7.33 ½ and $7.38 1/4. Initial support lies at $7.17 1/2, which is backed by the 40-day moving average.
Live cattle and feeders are mixed at midsession.
- Cattle futures are mostly weaker as traders position ahead of Friday’s Cattle on Feed report.
- Packer margins have retreated from recent highs, but remain in the black, which should maintain steady slaughter rates.
- Choice boxed beef fell 27 cents on Wednesday to $375.81, while Select fell $1.79 to $354.57. Movement totaled 119 loads.
- October live cattle are pivoting around the 40-day moving average, with resistance serving at $220.19 and support at the 10-day moving average of $217.81.
Hog futures are weaker at midmorning.
- October lean hogs are weaker for the fifth straight session amid technical pressure and weakening wholesale and cash fundamentals.
- The CME lean hog index is down 79 cents to $85.81 as of Sept. 15.
- The pork cutout value fell $1.15 to $86.35 on Wednesday, led by declines in primal bellies and butts. Movement totaled 329.1 loads.
- October lean hogs are now facing initial support at $78.30, while resistance stands at $78.90, $79.275 and $79.875.