Corn is mostly 3 to 6 cents lower.
- Corn futures are weaker amid pressure from a stronger U.S. dollar, despite continued evidence of export demand.
- USDA reported 312,956 MT of corn for delivery to Mexico during the 25/26 marketing year.
- Portions of Matto Grosso have received some rainfall, which will boost soil moisture for planting of the first corn crop. World Weather Inc. noted it was not enough precipitation to cause substantial fieldwork delays.
- December corn futures continue to be limited by the 100-day moving average of $4.25 1/2, which is backed by last week’s high of $4.31 ¼. Initial support lies at the 20-day moving average of $4.21 1/4.
Soybeans are mostly a penny higher, while Meal is around 90 cents higher. Soyoil is fractionally higher.
- Soybeans are modestly firmer, in tandem with meal and oil.
- China has increased bookings of Argentine soybeans from yesterday. Originally 10 cargoes carrying approximately 650,000 MT were reported. That purchase has now doubled to a total of 20 cargoes, or roughly 1.3 MMT of soybeans.
- World Weather Inc. reports that most of the Midwest will start to dry out later this week, and delays to harvest should be minimal over the next 10 days after the rain has moved out.
- USDA reported 101,400 MT of soybean cake and meal sales to Guatemala for delivery during the 25/26 marketing year.
- November soybean futures are trading within Tuesday’s lower range, with support at this week’s low of $10.05, which is backed by psychological support at $10.00, while initial resistance stands at $10.16 1/2.
SRW wheat futures are a penny to 2 cents firmer, while HRW wheat is mostly unchanged. HRS are around a penny to 3 cents higher.
- Wheat futures continue to face pressure, despite the trend of strong export demand and a weaker dollar.
- World Weather Inc. reports that while rains have slowed U.S. winter wheat planting so far, drying in the upcoming forecast should allow for aggressive planting of acres over the next couple of weeks.
- According to Latifundist.com, Ukrainian winter wheat planting is 14% complete, slightly behind this time last year.
- December SRW futures are testing resistance at the 10- and 20-day moving averages, each trading at $5.23 1/2, which are backed by the 40-day moving average of $5.27 1/2.
Live cattle are modestly weaker, while feeders are posting stronger losses.
- Nearby live cattle are lower in narrow trade as technical support and supply fundamentals continue to curb seller interest.
- On Monday USDA reported the cash cattle price last week at $237.51, down $1.82 cents from the previous report amid some uncertainty in the futures market.
- Choice boxed beef fell 59 cents on Tuesday afternoon to $380.80, with Select also falling $2.19 to $359.90. Total load count in the afternoon report was 120 loads.
- October live cattle are trading within Tuesday’s lower range, with support at the 20-day moving average of $234.95, while resistance is layered at $236.17, $237.30, then at the Aug. 27 high of $242.075.
Hog futures are notably lower this morning.
- Nearby lean hogs are slightly lower this morning after a decline in cutout values and lower cattle values this morning.
- The CME lean hog index is down 8cents to $104.90.
- The pork cutout value fell 62 cents to $112.68 on Tuesday afternoon, driven mostly by a decrease in bellies and loins.
- October lean hogs are trading within Tuesday’s range, limited by this week’s high of $100.575, while initial support lies at $98.69 and is backed by the 10-day moving average of $98.18.