Corn is mostly 3 cents higher at midmorning.
- Corn futures are firmer for the sixth straight session, but are currently trading off of the new contract high carved in overnight trade.
- The Trump administration is discussing additional trade penalties against Canada after Prime Minister Mark Carney unveiled dollar-for-dollar retaliation to new tariffs imposed by the U.S. Additional U.S. escalation against Canada could include higher tariffs and other trade actions, according to a White House official and as reported by Bloomberg.
- World Weather Inc. reports western Europe crops are expecting some much-needed rain later this week into next week. Any rain that falls will not reverse the damage from summer drought, but it should help curb the declining trend.
- December corn futures are being limited by resistance at $5.27 ¾, while support lies at $5.20 and $5.15, which is backed by psychological support at $5.00 and the 10-day moving average.
Soybeans are mostly 7 cents higher, while meal is around $2.50 higher. Soyoil futures are mostly 40 points lower.
- Soybeans are extending Tuesday’s gains, with support from continued demand evidence from China.
- USDA reported daily sales of 333,000 MT of soybeans to China during 2026-27.
- The American Soybean Association on Tuesday raised the alarm over reports the U.S. government may issue far more small refinery waivers than expected for the 2025 Renewable Fuel Standard (RFS) year. Under a revised methodology, these refinery exemptions could reportedly cover more than 1.8 billion biofuel credits (RINs)—nearly double what the EPA originally planned for in its latest target rules. The ASA said such a large increase in exemptions would slash demand for biomass-based diesel by around 500 million gallons.
- Beijing warned the U.S. on Tuesday that it would retaliate if the Trump administration includes Chinese companies in any significant expansion of new secondary sanctions related to Iran. Measures announced Monday by U.S. Treasury Secretary Scott Bessent targeted Hong Kong- and mainland-based companies but stopped short of listing major Chinese financial institutions, the Financial Times noted.
- November soybeans are up against resistance at $12.45 ¾, which is backed by the July 24 high of $12.49 1/2. Support lies at $12.31, which is backed by the 10-day moving average.
Winter wheat futures are 10 to 15 cents higher, while HRS futures are mostly 7 cents higher.
- SRW wheat futures are solidly higher despite a firmer U.S. dollar, as Black Sea supply constraints linger.
- European Union soft wheat exports in the 2026-27 season that began in July totaled 2.38 MMT by August 23, up 1.48 MMT from the previous week, but down 33% year-over-year, according to European Commission data.
- Forecasters have reported drought is affecting a significant part of Ukraine, making the environment unfavorable for winter crop sowing. Ukrainian farmers are about to begin sowing winter wheat for the 2027 harvest.
- December SRW futures are facing resistance at $7.18 3/4., which is backed by the July 24 high of $7.28 1/4. Support lies at $7.00, which is backed by the 10-day moving average.
Live cattle and feeders are higher at midsession.
- Cattle futures are correctively higher after carving a fresh near-term low in early trade
- Cash cattle trade this week has kicked off on a lower tone, currently averaging $218.00.
- Boxed beef rose on Tuesday, with Choice up $2.84 to $388.53 and Select up $3.96 to $368.98. Movement totaled 101 loads.
- October cattle futures are facing support at $209.60, while resistance stands at $211.80 and $213.15.
Hog futures are mixed at midmorning.
- October lean hogs are modestly weaker amid continued technical selling.
- The CME lean hog index is down 21 cents to $92.65 as of Aug. 24.
- The pork cutout value fell $2.26 on Tuesday to $97.67 amid declines in all cuts aside from primal ribs. Movement totaled 291.0 loads.
- October lean hogs are up against resistance at the 10-day moving average of $81.44, which is backed by the 20-day moving average. Initial support lies at $79.825 and is backed by this week’s low of $79.675.