Corn is mostly 6 to 7 cents lower.
- Corn futures gapped lower overnight and continue to face followthrough selling, with pressure from a firmer U.S. dollar.
- USDA reported daily sales of 100,000 MT to Mexico during 2026-27.
- A U.S. ban on diesel would rapidly fill domestic storage, depress fuel’s prices and ultimately shrink gasoline supply while pushing up costs at the pump, according to Goldman Sachs Group Inc.’s co-head of global commodities research, Bloomberg reports.
- President Trump on Tuesday said his officials had “very good” talks with Iranian envoys in New York, reviving hopes for a diplomatic off-ramp to the war. Iran laid down “firm positions” for the reopening of the Strait of Hormuz, including the U.S. immediately lifting a naval blockade, unfreezing Iranian assets and ending the war “on all fronts,” said a Bloomberg report.
- Recent rainfall in the northern Midwest disrupted fieldwork and some of the wetter areas will need a few days of drying, especially in the wettest areas from northern Missouri and Iowa into Wisconsin and southeastern Minnesota, notes World Weather Inc. Another wave of rain is possible late week into early next week across some of these same areas, keeping fieldwork sluggish.
- Grain trade association Coceral cut its forecast sharply for this year’s corn output in the European Union earlier today to 48.6 MMT, down from 52.7 MMT in July.
- December corn futures are testing support at the 20- and 10-day moving averages, while additional support lies at $5.24 1/4. Resistance continues to stem from the Sept. 2 high of $5.49 3/4.
Soybeans are 8 to 10 cents lower, while meal is around unchanged. Soyoil futures are around 65 points lower.
- Soybeans are weaker for a second straight session, with fading meal futures inviting sellers.
- When Chinese President Xi Jinping touches down in Washington today it will mark three years since he last visited the U.S. His much-anticipated summit with President Trump “will offer the leaders of the world’s two largest economies a chance to improve personal ties and look for common ground on contentious topics including trade, artificial intelligence, the Iran war and the future of Taiwan,” said Bloomberg.
- Early season rainfall in parts of Brazil led to some earlier-than-usual planting of soybeans, notes World Weather. Center west has been drying recently and that may continue for a while, depleting soil moisture and stressing any early planted and emerged crops. The region may not see rain for a while, which could lead to some replanting.
- Malaysian palm oil futures extended recent losses Wednesday, hovering below MYR 4,750 per MT and nearing a six-week low. The market was pressured by weaker edible oils on the Dalian and Chicago exchanges and a further drop in crude oil prices on hopes for a diplomatic resolution to the U.S.-Iran conflict at the UN.
- November soybeans are facing resistance at $13.31 ¾, which is backed by the Sept. 11 high of $13.35 ¼. Support lies at the 10- and 20-day moving averages, layered at $13.14 3/4 and $13.03 1/4.
Wheat futures are mostly 7 to 13 cents lower.
- Winter wheat futures have marked a for-the-move low, despite lingering global supply constraints, as the U.S. dollar firms.
- Top wheat importers in Asia, the Middle East and Africa that were counting on the Black Sea region for wheat have been finding it hard to secure supplies, as attacks on vessels and port infrastructure have brought cargo movements to a near standstill since July, Reuters reports. Most global importers have held off making alternative purchases, hoping for an agreement between Russia and Ukraine, but local supplies are running thin, especially in Asia.
- Rain is expected to fall periodically in China’s winter wheat region and timely rain along with cooling temps should impact U.S. wheat areas, notes World Weather. There may also be some moisture in Ukraine and a part of Russia’s Southern Region, though greater amounts may be needed.
- December SRW wheat are trading mostly between the 10- and 40-day moving averages, trading at $7.25 1/2 and $7.07 3/4. Greater resistance/support are at the Sept. 2 high of $7.95 and the 100-day moving average of $6.74 1/2.
Live cattle and feeders are higher at midsession.
- Cattle futures are rebounding following Tuesday’s pause, with feeders leading the charge.
- Cash cattle trade remains light so far this week, but what has traded has been at slightly firmer prices.
- Choice boxed beef rose $2.54 on Tuesday to $378.89, while Select rose $2.08 to $357.85. Movement totaled 106 loads.
- October live cattle continue to find support at the 40- and 10-day moving averages, trading at $219.14 and $219.07, while initial resistance stands at $220.81, which is backed by the Sept. 15 high of $222.825.
Hog futures are lower at midmorning.
- Lean hog futures are modestly weaker in the wake of Tuesday’s gains.
- The CME lean hog index is down 50 cents to $82.92 as of Sept. 21.
- The pork cutout value fell 92 cents to $87.99 on Tuesday, led by declines in primal bellies, loins and hams. Movement totaled 298.5 loads.
- October lean hogs are up against resistance at the 10-day moving average, trading at $79.59 while support lies at $79.09, which is backed by the Sept. 18 low of $77.975.