Market Snapshot | December corn knocks on door of May high

Corn futures are mostly 5 to 7 cents higher at midmorning.

• Corn futures have edged to more than a three-month high amid technical buying.
• Scouts on the eastern leg of the Pro Farmer Crop Tour measured average yield potential 184.19 bu. per acre for Illinois, down from 199.57 bu. Per acre in 2025 and the three-year average of 199.15 bu. Per acre. On the western leg of the Tour, scouts measured potential yield in Districts 1, 4 and 7 in western Iowa on Wednesday. Full Iowa results will be released tonight at 8 p.m. CT.
• USDA reported weekly corn sales of 232,900 MT during the week ended Aug. 13, down 43% from the previous week and 24% from the four-week average. Net sales of 816,100 MT were reported for the 2026-27 marketing-year.
• Canada’s preliminary trade deal with the U.S. has caught Mexican officials and business leaders off guard, and now Mexico wants a deal of its own, Bloomberg reports. The Canadian deal lowers tariffs on certain Canadian steel and aluminum products to 25% and cuts duties on Canadian autos to 15%, which are key demands made by Mexican negotiators.
• September corn futures are up against resistance at the May 13 high of $5.06 ½, while support now serves at the psychological $5.00 level, which is backed by support at $4.94 1/4 and $4.90.

Soybeans are mostly 2 to 3 cents higher, while meal is around 10 cents lower. Soyoil is around 100 points higher.

• Soybeans have marked a fresh for-the-move high, with support from continued export demand.
• USDA reported daily sales of 150,000 MT of soybeans to unknown destinations.
• Scouts on the eastern leg of the Crop Tour measured pod counts in a 3’x3’ square averaged 1,430.37 in Illinois, down from 1,479.22 in 2025 and the three-year average of 1,389.65. On the western leg, scouts measured Pod counts in a 3’x3’ square in western Iowa on Wednesday. Full Iowa results will be released tonight at 8 p.m. CT.
• USDA reported weekly soybean sales of 85,000 MT during the week ended Aug. 13, up 13% from the previous week but down 27% from the four-week average. Net sales of 1.723 MMT were reported for 2026-27.
• September soybeans are facing resistance from the July 24 high of $12.56 ½, while support lies at $12.30 1/4 and $12.21.

Winter wheat future are 4 to 6 cents higher, while HRS futures are around 8 cents higher.

• SRW wheat futures have marked fresh for-the-move highs as the market assesses global supply impacts amid ongoing tensions in the Black Sea.
• USDA reported weekly wheat sales of 393,700 MT for 2026-27, up 54% from the previous week and 40% from the four-week average.
• “Russian strikes on the key Black Sea ports of Greater Odesa have been a body blow for Ukraine’s farming sector. The ports usually account for about 90% of the country’s grain shipments, but flows have virtually halted just as harvests got into full swing,” Bloomberg reports.
• September SRW futures are up against resistance at $6.88 3/4, which is backed by the July 24 high of $7.11 1/4. Initial support lies at $6.74 1/2, which is backed by the 10-, 20-, 40- and 100-day moving averages.

Live cattle are firmer and feeders are lower at midsession.

• October live cattle are moderately higher, with support from wholesale fundamentals.
• USDA at midday Wednesday reported very light cash cattle trading taking place at lower money so far this week, too, with steers averaging $225.80 and heifers averaging $226.00.
• Choice box beef edged $3.84 higher on Wednesday to $394.99, while Select fell $2.12 to $364.17. Movement was light, however, at only 87 loads.
• USDA reported net beef sales of 9,300 MT for 2026 during the week ended Aug. 13, down 36% from the previous week and 27% from the four-week average.
• October live cattle are being supported by last week’s low of $215.225, while resistance stands at $219.86, which is backed by the 10- and 20-day moving averages.

Hog futures are lower at midday.

• October lean hogs are facing pressure as the cash index continues to decline.
• The CME lean hog index is down 82 cents to $93.96 as of Aug. 18.
• The pork cutout value fell $1.54 on Wednesday to $97.58. Movement totaled 295.3 loads.
• USDA reported net pork sales of 27,300 MT for 2026 during the week ended Aug. 13, down 25% from the previous week and 15% from the four-week average.
• October lean hogs continue to face support at $80.42, which is backed by this week’s low of $80.00. Resistance stems from the 10-day moving average of $82.12, which is backed by the 2 0- and 40-day moving averages.