Corn is mostly 8 to 9 cents higher at midmorning.
- Corn futures have carved fresh near-term highs amid technical buying across the grain and soy complex and support from firmer crude oil.
- USDA rated the corn crop as 57% good to excellent as of Sunday, unchanged from the previous week. On the Pro Farm Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect), the Crop Condition Index saw a 1.6-point decline on the week and sits 25.86 points behind year-ago.
- Crop consultant, Dr. Michael Cordonnier, in his weekly report has lowered his 2026 U.S. corn yield by 1.0 bushel this week, to 178.0 bu/ac, with a neutral-to-lower bias. “Hot and drier weather forecasted for this week may accelerate the maturation of the crops that were already ahead of schedule, especially in the western Corn Belt.”
- December corn futures are up against resistance at $5.42 1/2, which is backed by psychological resistance at $5.50. Support lies at $5.32 and $5.26 1/2, which is backed by the 10-day moving average.
Soybeans are mostly 25 to 26 cents higher, while meal is around $5.50 higher. Soyoil futures are around 155 points higher.
- Soybeans are solidly higher, in tandem with meal and soyoil, in the wake of declining conditions and a softer blow from EPA on Monday.
- USDA reported daily sales of 136,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year.
- USDA rated the soybean crop as 58% good to excellent as of Sunday, down two percentage points from the previous week. That was the fourth straight weekly decline. On our CCI, the crop declined 1.44 points to 357.55, which is 9.61 points behind year ago at this time.
- Dr. Michael Cordonnier maintained his 2026 U.S. soybean yield estimate this week at 51.5 bu/ac with a neutral bias going forward.
- EPA granted exemptions totaling 1.76 billion blending credits, known as RINs – far above the roughly 900 million credits it had previously penciled in. Talk that EPA could grant upward of 1.8 billion in exemptions sparked furious pushback by farm and biofuel groups and farm-state lawmakers in recent weeks. Softening the blow, EPA said it would reallocate 100% of the difference between the projected and actual exempted volumes for 2025 SREs into the 2026 and 2027 Renewable Volume Obligations before the end of October.
- The U.S. soybean crush likely increased in July to a four-month high of 220.1 million bushels, analysts said ahead of this afternoon’s monthly USDA fats and oils report. If the average of estimates gathered from analysts by Reuters is realized, the crush would be up 1.1% from the 217.8 million bushels processed in June and up 7.3% from the July 2025 crush of 205.1 million bushels. U.S. soyoil stocks as of July 31 were estimated at a seven-month low of 1.878 billion pounds, based on the average of estimates from analysts surveyed by Reuters.
- November soybeans are now facing resistance at today’s high of $13.09 3/4, which is backed by resistance at $13.13. Support is at $12.78 1/2 and $12.69, which are backed by the 10-day moving average.
Wheat futures are mostly 11 to 17 cents higher.
- SRW wheat futures have posted a fresh near-term high and remain solidly higher despite a firmer U.S. dollar.
- USDA reported 77% of the U.S. spring wheat crop was harvested as of Sunday, up from 62% a week earlier and ahead of the five-year average for this time of year of 68%. Analysts had expected the harvest to be 75% complete.
- A fire at the Baltic port of Ust-Luga has been extinguished, after the latest attack in Ukraine’s intensifying campaign against Russian energy infrastructure, Bloomberg said in a report.
- December SRW futures are facing resistance at today’s high of $7.92 ¼, which is backed by psychological resistance at $8.00. Support lies at $7.58 1/4 and $7.42 ¾, which are backed by the 10-day moving average.
Live cattle and feeders are lower at midsession.
- Cattle futures are weaker in consolidative trade.
- Cash cattle trade averaged $219.25 last week, down $5.76 from the previous week.
- Choice boxed beef fell 41 cents to $375.82 on Monday, while Select fell $2.59 to $358.49. Movement improved notably to 162 loads.
- October cattle futures are being limited by the 10-day moving average of $214.37, which is backed by the 20-day moving average, Support is layered at $210.09, then at the Aug. 26 low of $209.525.
Hog futures are lower at midmorning.
- October lean hogs are modestly weaker following short-covering gains in the past two sessions.
- The CME lean hog index is down 66 cents to $90.86 as of Aug. 28.
- The pork cutout value rose $1.61 to $97.67 on Monday, led by gains in primal bellies. Movement totaled 254.1 loads.
- October lean hogs are facing resistance at the 40-day moving average of $84.14, which is backed by the 100-day moving average. Support lies at $83.17, which is backed by the 20- and 10-day moving averages.