Corn is mostly 2 to 3 cents lower.
- Corn futures are correctively weaker following Monday’s strength.
- USDA rated the corn crop as 57% good to excellent as of Sept. 20, unchanged from the previous week. The Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect), the crop declined 1.69 points to 348.74, which is 22.05 behind year-ago at this time. Corn harvest was estimated at 13% complete, two points ahead of the five-year average.
- Canada’s trade minister said trade talks with India are “moving along really well” and could conclude in the coming months. The push to deepen economic ties with India comes as Canada faces rising trade tensions with the U.S. following the breakdown of negotiations between the two countries late last month. Canada is looking to India for new markets for its goods, including nuclear capacity, liquefied natural gas, and fertilizer, and has sought tariff concessions from India for potash, said the report.
- Heavy rains will dominate much of Ukraine for at least the next seven days, significantly slowing the harvest of late grains and oilseeds, according to analysts at farmers’ union UAC earlier today.
- December corn futures are trading within Monday’s upper range, with resistance stemming from the Sept. 2 high of $5.49 ¾, while support lies at the 20- and 10-day moving averages, layered at $5.35 1/4 and $5.33 1/2.
Soybeans are 2 to 3 cents lower, while meal is around $2.20 higher. Soyoil futures are around 80 points lower.
- Soybeans are modestly weaker but are being supported by followthrough gains in meal.
- USDA rated the soybean crop as 58% good to excellent as of Sunday. On our CCI, the crop declined 2.86 points to 354.69, which trails year-ago at this time by 3.76 points. Soybean harvest was estimated at 12% complete, four points ahead of average.
- Chinese and U.S. officials wrapped up their second day of talks in New York on Monday to discuss artificial intelligence, investment and trade as they sought to advance negotiations ahead of President Xi Jinping’s visit to the U.S. this week. “Talks on Monday focused on delivering on what’s been agreed by the U.S. and Chinese lead negotiators, China’s Vice Finance Minister Liao Min said in brief remarks outside the JPMorgan Chase & Co.’s headquarters in New York, where the meetings took place.
- China’s state stockpiler Sinograin announced on Tuesday its second large-scale auction of imported soybeans in September. The auction, set for next Monday, will include 514,000 MT of soybeans produced between 2022 and 2024, according to the National Grain Trade Centre.
- November soybeans are facing initial resistance at the Sept. 11 high of $13.35 ¼, while the 10- and 20-day moving averages, layered at the 10- and 20-day moving averages, trading at $13.16 and $13.04, are initial support.
Wheat futures are mostly 6 to 9 cents lower.
- Winter wheat futures are lower in consolidative trade as technical resistance and a firmer U.S. dollar limit buyer interest.
- USDA reported 17% of the winter wheat crop was planted as of Sept. 20, up nine percentage points on the week but still four points behind the five-year average.
- Western Europe continues to struggle for wheat and barley planting moisture and not much is expected for a while, notes World Weather Inc. In the meantime, northeastern Europe and parts of the Black Sea region will get some needed moisture while the Danube River basin stays a little too dry.
- December SRW wheat continues to be limited by the 10- and 20- day moving averages, layered at $7.26 1/4 and $7.41 1/4. Initial support remains at $7.18, which is backed by the 40-day moving average of $7.07 3/4.
Live cattle and feeders are lower at midsession.
- Cattle futures are correctively lower in the wake of Monday’s rally, though technical support and firming wholesale fundamentals are supportive.
- Last week, cash cattle trade averaged $221.87, down 95 cents from the previous week.
- Choice boxed beef rose $4.41 on Monday to $376.35 while Select rose $2.51 to $355.77. Movement totaled 58 loads.
- October live cattle are facing resistance at $222.14, while support lies at the 10-day moving average of $218.61.
Hog futures are higher at midmorning.
- October lean hogs are posting solid short-covering gains, with support from an improvement in wholesale fundamentals, though stiff technical resistance remains.
- The CME lean hog index is down 60 cents to $83.42 as of Sept. 18.
- The pork cutout value rose $1.93 on Monday to $88.91. Movement totaled 275.2 loads.
- October lean hogs gapped higher at the open but are facing resistance at $79.25, which is backed by the 10-, 20- and 40-day moving averages. Support lies at today’s low of $78.50, then at $78.35 and last week’s low of $77.975.