Corn is mostly a penny to 2 cents higher at midmorning.
- Corn futures have carved fresh near-term highs, with support from a weaker U.S. dollar and firmer crude.
- Fighting between the U.S. and Iran over control of the Strait of Hormuz has escalated, with Tehran accusing American forces of bombing a residential area in a wave of overnight strikes. “The U.S. military carried out its second round of attacks in three days, which U.S. Central Command said targeted radar systems and mine-laying capabilities along Iran’s southern coast. This prompted the Islamic Republic to retaliate with drone and missile volleys on U.S. bases across the Middle East, in line with tactics used throughout the six-month war,” Bloomberg reported.
- U.S. diesel prices advanced to the highest since hitting a peak in April during the initial phase of the U.S.-Iran war, “highlighting the inflationary pressures menacing the global economy as the conflict drags on,” said a Bloomberg report. “The nationwide average retail price reached $5.688 a gallon on Tuesday, according to the American Automobile Association.
- Germany’s 2026 grain harvest of all types will fall by 7.3% on the year to around 37.4 million metric tons after crops suffered from a summer heatwave and drought, the German agriculture ministry said on Wednesday.
- December corn futures are facing resistance at $5.50, $5.51 1/4 and $5.56 ½, while support lies at $5.37 1/4 and the 10-day moving average of $5.29.
Soybeans are mostly unchanged to a penny lower, while meal is around $1.70 higher. Soyoil futures are over 100 points lower.
- Soybeans are chopping around unchanged after turning from the overnight low amid continued demand evidence from China.
- USDA reported daily sales of 202,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year.
- Indonesia’s palm oil output in 2027 is expected to drop by 2.9% to 56.8 million metric tons due to prolonged dry weather that has disrupted plantation maintenance, an official from the palm oil association GAPKI said on Wednesday.
- November soybeans are facing resistance at $13.28 3/4, then at $13.40, while support is at $12.98 1/4 and the 10-day moving average of $12.78 3/4.
Wheat futures are 7 to 14 cents higher.
- SRW wheat futures have carved a fresh high as Black Sea export remain in question.
- “Russia suspended the floating export duty on wheat, barley and corn through the end of 2026 as Ukrainian attacks disrupted shipments through the Black and Azov seas, affecting routes for more than 70% of exports,” said a Bloomberg report overnight. The decision was made “given the need to restructure logistics,” the Economy Ministry said in an emailed statement on Wednesday.
- Russia sees no grounds for the Black Sea grain deal to resume, Deputy Foreign Minister Alexander Grushko told reporters on Wednesday, as Russia and Ukraine continue to attack each other’s grain export facilities.
- December SRW futures are facing resistance at $7.94, which is backed by the psychological $8.00 level, while support lies at $7.68 3/4 and $7.55 1/4, which are backed by the 10-day moving average.
Live cattle are weaker, while feeders are higher at midsession.
- Cattle futures are modestly weaker in sideways, consolidative trade as traders wait for the next catalyst.
- The Agua Prieta cattle crossing from Sonora into the United States is expected to reopen on September 8 after exports were temporarily suspended for repairs, the Sonora Regional Livestock Union said on Tuesday. The crossing had only just resumed trade last week after a more than year-long screwworm-related closure before safety issues with a cattle inspection chute used by the U.S. Department of Agriculture personnel forced a fresh shutdown on August 28.
- Choice boxed beef rose $3.93 on Tuesday to $379.75, while Select rose rose $1.96 to $360.45. Movement totaled 110 loads.
- October cattle futures are facing resistance at the 10-day moving average of $213.19, which is backed by the 20-day, trading at $214.33. Support lies at the Aug. 26 low of $209.525, then at $208.25.
Hog futures are higher at midmorning.
- October lean hogs have marked a fresh for-the-move high, but continue to be limited by technical resistance.
- The CME lean hog index is down 28 cents to $90.58 as of Aug. 31.
- The pork cutout value rose 23 cents to $97.90 on Tuesday. Movement totaled 235.4 loads.
- October lean hogs are facing resistance at $85.13, which is backed by the 100-day moving average, trading at $85.52.