Corn is mostly 4 to 5 cents higher.
- Corn futures are extending last week’s gains, driven by support from continued U.S. dollar weakness.
- Agriculture Secretary Brooke Rollins stated earlier today that USDA is working with Congress to evaluate whether economic aid might be needed for U.S. farmers this fall amid trade disputes and record-high yields.
- USDA rated the crop as 67% “good” to “excellent” as of Sept. 14, down one percentage point from last week and 9% was rated “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index, (CCI; 0 to 500-point scale, with 500 representing perfect), the corn crop declined 1.8 points to 371.9. Harvest was estimated to be 7% complete, in line with the five-year average.
- Crop consultant Dr. Michael Cordonnier left his U.S. corn yield estimate unchanged at 184 bu. per acre but noted a neutral to lower bias going forward.
- The U.S. and India are stepping up talks to resolve trade tensions, with two separate teams of officials meeting in New Delhi this week, according to Bloomberg.
- France’s farm ministry cut its corn production estimate to 13.6 MMT, down from 13.9 MMT last month and 7.8% from year-ago.
- December corn futures are hovering above the 100-day moving average of $4.27 1/4, though resistance stands at last week’s high of $4.30 1/4, then at the 200-day moving average of $4.40.
Soybeans are mostly 4 to 5 cents higher, while soymeal is around 10 cents lower. Soyoil is around 80 points higher.
- Soybeans are being led higher by soyoil and a persistent decline in USDA’s crop condition ratings amid hot, dry weather.
- USDA rated the soybean crop as 63% “good” to “excellent,” down a percentage point from last week, while 11% was rated “poor” to “very poor.” On our CCI, the soybean crop declined 4.8 points to 359.1. Harvest was estimated to be 5% complete, two points ahead of the five-year average.
- Dr. Michael Cordonnier lowered his soybean yield estimate by 0.5 bushels to 52.5 bu. per acre and indicated a neutral to lower bias going forward.
- There are signs of progress in the U.S.-China trade talks held in Madrid, Spain. President Trump and Chinese President Xi Jinping are set to speak Friday to finalize some terms, with discussions also covering the divestment of Chinese-owned TikTok.
- Soybean planting efforts in Brazil were 0.12% complete as of Sept. 11, according to AgRural. Dryness in the nation’s center-west was noted to be potentially disrupting work.
- November soybeans continue to face initial resistance at $10.49 1/2, which is backed by the Aug. 22 high of $10.62 3/4. Meanwhile, the 20-, 10-,100-, 200- and 40-day moving averages, layered from $10.41 1/2 to $10.26 3/4 are support.
Winter wheat futures are mostly 6 to 7 cents higher, while HRS futures are around a penny firmer.
- SRW wheat futures are edging higher for the fourth straight session, with a boost from a sizable decline in the dollar.
- USDA reported 11% of the winter wheat crop was planted as of Sept. 14, two percentage points behind last year and the five-year average.
- Flour millers in Asia have ramped up imports of U.S. wheat in recent weeks amid competitive prices from American suppliers and shipment delays from the Black Sea, according to grain traders at an international conference.
- France’s farm ministry raised it’s estimate for soft wheat production for the second straight month to 33.3 MMT, confirming a sharp rebound from last year’s rain-hit crop.
- December SRW futures are up against resistance at the 40-day moving average, currently trading at $5.33 1/4, while the 20- and 10-day moving averages, trading at $5.25 1/2 and $5.22 1/2 are initial support, but are backed by last week’s low of $5.12.
Live cattle are lower, while feeders are mixed at midsession.
- Nearby live cattle are correctively weaker following Monday’s gains, as technical resistance continues to curb an extension higher.
- Last week’s cash cattle trade averaged $239.33, down $3.22 from the previous week.
- Choice boxed beef declined $1.51 on Monday to $398.53, while Select rose 36 cents to $378.80, narrowing the Choice/Select spread to $19.73. Movement totaled 101 loads.
- October live cattle continue to face resistance at the 10- and 20-day moving averages, trading at $233.85 and $235.40, while initial support remains at $232.13 and the 40-day moving average of $230.95.
Hog futures are mixed at midmorning.
- Nearby lean hogs notched a new contract high in earlier trade but have retreated to post marginal gains.
- The CME lean hog index is unchanged at $106.14.
- The pork cutout value fell 44 cents on Monday to $114.07 amid declines in primal bellies, hams and loins. Movement totaled 313.7 loads.
- October lean hogs have wiped out last week’s high but remains limited by resistance at $98.46 and $98.74, while initial support lies at $97.22, which is backed by the 10-day moving average of 96.14.