Corn is mostly a penny lower.
- Corn futures are extending Wednesday’s pressure, though solid technical support and notable weekly export sales are curbing heftier selling.
- USDA reported daily sales of 110,000 MT of corn to Mexico during 2025-26.
- USDA reported weekly sales of 1.232 MMT for the week ended Sept. 11, which was within the expected pre-report range of 500,000 MT to 1.9 MMT.
- Conab forecasts Brazil will export 46.5 MMT of corn in 2025-26, vs. the previous marketing year.
- December corn futures continue to face support from the 10- and 20-day moving averages, trading at $4.23 and $4.18 1/2, while the 100-day moving average of $4.26 1/2 is serving up resistance, which is backed by the 200-day moving average of $4.39 3/4.
Soybeans are mostly 3 to 4 cents lower, while soymeal is around $1.10 lower. Soyoil is around 20 points lower.
- Soybeans are weaker for the second straight session, limited by pressure in soymeal and a rebound in the U.S. dollar.
- USDA reported soybean sales of 923,000 MT for the week ended Sept. 11, which was within the pre-report range of 400,000 MT to 1.5 MMT.
- Conab forecasts Brazil will increase soybean production by 3.5% in 2025-26. Meanwhile exports were also estimated to rise from 106 MMT to 112 MMT during 2025-26.
- On Wednesday, a Brazilian judge left a moratorium in place on trading soy grown in recently deforested areas of the Amazon, according to a decision seen by Reuters, rejecting a request by a farmer group to reverse an injunction related to the ban.
- November soybeans have dipped below the 20-day moving average of $10.41 3/4, though support now lies at the 10-day moving average of $10.37. Initial resistance is layered at $10.46 1/4 and $10.50 1/4.
Wheat futures are mostly a penny to 3 cents lower.
- SRW wheat futures are modestly weaker in inside trade, with U.S. dollar strength pausing recent gains.
- USDA reported weekly wheat sales of 377, 500 MT, up 24% from the previous week but down 12% from the four-week average. Net sales were near the low-end of the pre-report range of 300,000 to 650,000 MT.
- The International Grains Council raised its forecast for 2025-26 global wheat production by 8 MMT to 819 MMT, amid improved outlooks for Australia, Russia and Canada.
- December SRW futures are trading mostly between resistance at the 40-day moving average of $5.31 1/4 and support at the 20- and 10-day moving averages, trading at $5.25 1/4 and $5.23 3/4.
Live cattle are higher, though feeders are marking stronger gains at midsession.
- Nearby live cattle are firmer in consolidative trade, though technical resistance is limiting buyer interest.
- Wholesale beef continued to plunge on Wednesday, with Choice down $4.44 to $388.18, while Select dove $6.80 to $366.37. Meanwhile, movement improved to 142 loads.
- Brazil’s beef exports to the U.S. are expected to decline further in September to about 7,000 MT, down from 9,000 MT in August and 30,0000 MT per month prior to tariffs that went into effect in August, according to beef lobby, Abiec.
- USDA reported net beef sales of 15,800 MT for 2025, up 31% from the previous week and 21% from the four-week average.
- October live cattle are facing pressure from the 10-day moving average of $232.56, which is backed by the 20-day moving average. Meanwhile, initial support remains at $229.44 and is backed by support at $227.78.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer unchanged in sideways trade amid technical support and notable weekly export sales.
- The CME lean hog index is down 14 cents to 106.00.
- The pork cutout value slid another $1.30 on Wednesday to $110.98, led by declines in primal bellies and hams. Movement totaled 309.7 loads.
- USDA reported weekly pork sales of 22,000 MT for 2025, up 27% from the previous week but down 14% from the four-week average.
- October lean hogs continue to hover above initial support at the 10-day moving average of $96.91, while initial resistance stands at $97.75, which is backed by this week’s high of $98.90.