Corn is mostly unchanged to a penny lower.
- Corn futures are modestly weaker in consolidative trade, though technical support and followthrough gains in crude oil are curbing seller interest.
- USDA rated the corn crop as 68% “good” to “excellent” as of Sunday, down one point from the previous week. On the weighted Pro Farmer Crop Condition Index (CCI; 0-500-point scale, with 500 representing perfect), the corn crop slid 3.5 points from last week to 373.7 but still 5 points ahead of year-ago. Meanwhile, harvest was estimated at 4% complete, one point ahead of year-ago at this time.
- Mike Lee, a Republican from Utah, will introduce legislation today to block President Trump from shifting renewable fuel blending obligations from small to larger refineries, according to Reuters. The bill, titled the ‘Protect Consumers from Reallocation Costs Act of 2025,’ would amend the Clean Air Act to prohibit EPA from reallocating renewable fuel obligations.
- December corn is being limited by the 100-day moving average, trading at $4.29, while support lies at the 10-, 40- and 20-day moving averages, layered from $4.16 1/2 to $4.10 1/2.
Soybeans are mostly 2 cents lower, while soymeal is around $2.80 cents higherer. Soyoil is 60 points lower.
- Soybeans are weaker in sideways trade as meal strength offsets pressure from soyoil.
- USDA rated the soybean crop as 64% “good” to “excellent as of Sept. 7,” down one point from last week. On our CCI, the soybean crop declined 2.46 points to 364.27 and now sits 3.0 points behind last year.
- World Weather Inc. reports frosts and light freezes in the upper Midwest were not likely great enough to seriously harm production, although assessments will be forthcoming this week.
- November soybean futures are holding an inside range as the 10- and 20-day moving averages, trading around $10.40 serve up resistance, though broader resistance stems from the Aug. 22 high of $10.62 3/4. Initial support lies at the 100-day moving average of $10.30 and is backed by the 200- and 40-day moving averages.
Wheat futures are a penny to 5 cents lower.
- SRW wheat futures are modestly weaker amid pressure from a firmer U.S. dollar.
- U.S. HRW wheat areas will continue to face generally favorable conditions over the next ten days to two weeks. Enough rain will occur this week to benefit early season winter wheat planting.
- Stocks of Canadian wheat as of July 31 fell to 4.1 MMT vs. 5.28 MMT in the same period last year, according to Statistics Canada.
- Ukrainian farmers plan to increase the 2026 winter grain sowing area to 5.43 million hectares from 5.24 million in 2025, according to its Economy Ministry. However, dry soils in some areas have caused a slow start to planting.
- December SRW futures are being limited by the 10- and 20-day moving averages, each trading around $5.26, while support is layered at $5.21 1/2, $5.18 1/2, then at last week’s low of $5.14 1/2.
Live cattle and feeders are posting heavy losses at midsession.
- Nearby live cattle are notably lower as futures breakdown technically in the wake of weaker cash trade and fading wholesale strength.
- Last week’s average cash cattle trade was down $1.05 from the previous week to $242.55.
- Choice boxed beef slipped $1.07 to $409.69 on Monday, while Select rose 15 cents to $385.34. Movement totaled 118 loads.
- October live cattle have edged below the 20-day moving average, with next support serving at the 40-day moving average of $229.52. The 20- and 10-day moving averages, currently trading at $234.80 and $237.33, are now resistance.
Hog futures are mixed at midmorning.
- Nearby lean hogs’ firm technical posture continues to drive futures higher, though wholesale fundamentals are also supportive.
- The CME lean hog index is down a penny to $105.91.
- The pork cutout value rose 51 cents to $116.38 on Monday, amid gains in all cuts except primal loins. Movement totaled 267.6 loads.
- October lean hogs are being supported by the 10-day moving average of $94.90, while resistance stands at $96.82, which is backed by last week’s high of $96.975.