Corn is mostly 1 to 3 cents lower.
● Corn futures are down this morning due to profit taking after Friday’s gains and general downward price action in the grain markets.
● USDA reported 1.41 MMT (55.4 mil bu.) of corn inspected for export the week ending August 28, up 68,518 MT from the previous week and near the higher end of analyst expectations of 850,000 to 1,500,000 MT.
● Crop consultant Dr. Michael Cordonnier left his U.S. corn yield unchanged at 184 bu. per acre and noted a neutral bias going forward.
● Dryness is expected to continue in the lower Illinois and western Kentucky, but crops are expected to be mature enough to not cause major crop stress.
● December corn broke through the 40 day average of $4.11 last Friday, but has retraced back down towards those levels this morning. Support remains at $4.14 this morning and is backed by the 10- and 20-day moving averages, both of which are trading around $4.10.
Soybeans are facing double digit losses, with soymeal down $5 to $7 so far this morning. Soyoil is 25 to 35 points higher.
● Soybeans are facing sharp losses due to tariff uncertainty and downward pressure in soymeal
● USDA reported 472,914 MT (17.4 mil bu.) of soybeans inspected for export the week ending August 28, up 79,725 MT from last week and in the higher end of analyst expectations of 200,000 to 500,000 MT.
● Dr. Michael Cordonnier left his U.S. soybean yield unchanged at 53 bu. per acre, with a neutral bias going forward.
● Cold weather and potential frosts are expected in portions of the Dakotas, as well as northern Iowa and Illinois. According to World Weather Inc. most crop damage will be limited to the leaf mass, but beans that are less mature are susceptible to yield loss.
● Statistics Canada forecasts soybean production at 7 MMT, down 7.3% from last year’s production total, mainly due to a decrease in yields.
● November soybean futures have fallen below the 10 day moving average of $10.46 3/4 this morning, with initial support around $10.36 and longer term support at $10.28 while resistance.
SRW wheat futures down about a dime, with HRW wheat and HRS wheat down similar amounts as well.
● SRW wheat futures are also seeing losses due to profit taking and pressure from losses in corn and soybeans
● USDA reported 802,780 MT (29.5 mil bu) of wheat inspected for export the week ending August 28, down 217,474 MT from the previous week. Despite the decline, exports exceeded analyst expectations of 250,000 to 700,000.
● Australia’s government is forecasting wheat production at 33.8 MMT for the 25/26 crop year, up from June’s forecast of 30.6 MMT
● December SRW futures have dipped below the 10-day moving average of $5.28 1/4, with additional resistance at $5.26 1/2. Initial support this morning lies at $5.22 and longer term in the $5.20 area.
Live cattle are posting modest gains, with feeder cattle trending slightly higher.
● Nearby live cattle starting the week off with modest gains.
● Choice boxed beef fell $1.22 on Friday to $413.19, while Select rose $3.55 to $389.39. Movement was relatively light at 84 loads.
● October live cattle are up against resistance at last week’s all-time high of $240.10, while initial support lies at $237.95.
Hog futures are unchanged to slightly higher this morning.
● Nearby lean hogs are slightly higher and continue to see support from climbing cattle prices.
● The CME lean hog index is down 19 cents to $106.43 as of August 29.
● The pork cutout value rose $2.83 to $114.32 on Friday, led by strength in picnics and loins.
● October lean hogs have tested resistance at $95.30 this morning, with support in the area of $94.08.