Corn is mostly a penny to 2 cents higher.
- Corn futures are firmer amid strong weekly export sales, though outside market forces continue to limit momentum.
- USDA reported weekly corn sales of 1.9 MMT for the week ended Sept. 18, which topped analysts’ pre-report range of 1.0 to 1.8 MMT.
- S& P Global reported India is expected to begin exporting ethanol as surplus sugar and grain production push above domestic blending requirements, citing transport minister Nitin Gadkari from a statement on Wednesday.
- December corn futures are testing resistance at the 10- and 100-day moving averages, trading around $4.25, though the Sept. 16 high of $4.31 1/4 is additional resistance, while the 20-day moving average of $4.16 1/2 serves as support.
Soybeans are mostly 2 to 3 cents higher, while soymeal is around $1.50 lower. Soyoil is around 30 points higher.
- Soybeans are posting gains in narrow trade, despite continued pressure in meal futures.
- USDA reported weekly soybean sales of 724,500 MT for the week ended Sept. 18, which were near the low end of the expected pre-report range of 600,000 MT to 1.6 MMT.
- “Importers in China have expanded [soybean] purchases to at least 35 cargoes, up from an earlier tally of 20 shipments, according to people familiar with the matter, who asked not to be identified as they’re not authorized to speak to the media. Most of the soybeans are slated to be loaded in November,” reported Bloomberg.
- Argentina’s move to eliminate export taxes through Oct. 31 or until the country raised $7 billion has been fulfilled, between Chinese soybean purchases and record soyoil purchases from India.
- On Monday, China indicated interest in U.S. soybeans upon the removal of what China describes as “unreasonable tariffs,” and create conditions to expand bilateral trade.
- November soybeans are trading within Wednesday’s range, with initial support/resistance at $10.03 and $10.17 1/2. Meanwhile, greater support stems from the Aug. 6 of $9.81 1/4, with resistance at the Aug. 22 high of $10.62 3/4.
Winter wheat futures are mostly 3 to 5 cents higher, while HRS futures are a penny to 3 cents higher.
- SRW wheat futures are edging further from this week’s fresh contract low in corrective trade, despite a stronger dollar.
- USDA reported weekly wheat sales of 539,800 MT for the week ended Sept. 18, up 43% from the previous week and 37% from the four-week average. Net sales were near the upper-end of the pre-report range of 300,000 to 600,000 MT.
- Australia is on track to reap its third largest wheat harvest, according to a poll of analysts. The forecast of 35.3 MMT exceeds year ago production of 34.1 MMT and the five-year average of 33.8 MMT, but below the record of 40.5 MMT harvested in 2022-23.
- December SRW futures are facing resistance at the 20- and 10-day moving averages, each trading around $5.23, which are backed by the 40-day moving average of $5.26 3/4 and the Sept. 17 high of $5.35 3/4. Initial support lies at $5.17 1/2 and is backed by this week’s low of $5.07 1/4.
Live cattle and feeders are notably lower at midsession.
- Nearby live cattle are deepening this week’s losses to amid continued wholesale pressure and fading cash fundamentals.
- Wholesale beef continued to dive on Wednesday, with Choice down $3.41 to $377.39, while Select slipped $3.48 to $356.42. Movement was strong at 188 loads.
- USDA reported net beef sales of 8,400 MT for 2025, down 47% from the previous week and 42% from the four-week average.
- October live cattle have edged below the 20- and 10-day moving averages of $236.46 and $235.68, though additional support lies at the 40-day moving average of $234.29. The 20-day moving average is serving as initial resistance.
Hog futures are higher at midmorning.
- Nearby lean hogs are rebounding in corrective trade, as solid technical support continues to limit a heftier downside move.
- The CME lean hog index is up a dime to 105.00 after a series of losses.
- The pork cutout value dropped another $1.05 to $111.63 amid declines in all cuts aside from primal loins. Movement totaled 337.9 loads.
- USDA reported net pork sales of 29,400 MT for 2025, up 34% from the previous week and 12% from the four-week average.
- October lean hogs are facing support at the 20-day moving average of $87.45, while resistance stems from this week’s high of $90.85.