Corn is mostly 7 cents lower at midmorning.
- Corn futures are weaker ahead of USDA’s 11 a.m. CT release of the September Production and Supply & Demand reports.
- USDA reported daily sales of 264,000 MT of corn to Mexico during 2026-27.
- USDA reported weekly corn sales totaled 1.929 MMT during the week ended Sept. 3 for the 2026-27 marketing year, which began Sept. 1. Net sales exceeded analysts’ pre-report range of expectations from 1.0 MMT to 1.9 MMT.
- Analysts expect USDA to peg corn production at 15.785 billion bu., at an average yield of 178.2 bu. Per acre, according to a Reuters poll. If realized, production would decline 228 million bushels from August, while yield would be down 2.5 bu. Per acre. Meanwhile, old-crop ending stocks are expected at 1.944 billion bu., while new-crop ending stocks are expected at 1.528 billion bu., on average.
- December corn futures are trading between the 10-day moving average of $5.36 3/4 and the 20-day moving average, trading at $5.22 ¼. Greater resistance stands at the Sept. 2 high of $5.49 3/4, and additional support lies at the psychological $5.00 level.
Soybeans are 123 to 24 cents lower, while meal is around $2.70 lower. Soyoil futures are around 190 points lower.
- Soybeans have wiped out Thursday’s gains after reaching a fresh near-term high in overnight trade as traders await USDA.
- USDA reported daily sales of 2.637 MMT for the 2026-27 marketing-year, which began Sept. 1. Net sales topped analysts’ range of pre-report estimates between 1.0 MMT and 2.6 MMT.
- Analysts expect USDA to peg soybean production at 4.501 billion bu., using a yield of 52.5 bu. Per acre. If realized, production would be down 18 million bu. From August, while yield would drop 0.2 bu. Per acre. Meanwhile, old-crop ending stocks are expected at 317 million bu., while new-crop ending stocks are expected at 298 million bu., on average.
- November soybeans continue to find support at the 10-day moving average, trading at $13.09 3/4, while resistance is at the overnight high of $13.35 1/4.
Winter wheat futures are mostly 15 to 19 cents lower while HRS futures are around 12 cents lower.
- SRW wheat futures are notably weaker in corrective trade following Thursday’s gains.
- USDA reported net sales of 194,200 MT for 2026-27 during the week ended Sept. 3. Net sales were a marketing-year low and were down 38% from the previous week and 43% from the four-week average. Net sales fell short of analysts’ range of expectations from 250,000 to 500,000 MT.
- Analysts expect USDA to peg new-crop wheat ending stocks at 719 million bu. If realized, that would be up 2 million bu. from August.
- Russia’s seaborne grain exports fell by 61.9% year-on-year in August to 2.0 MMT, mainly due to a decline in shipments through the Azov-Black Sea basin, according to shipping data from industry sources released earlier today.
- December SRW futures are testing support at the 20-day moving average of $7.30 ½, with additional support serving at $7.16 3/4 and the 40-day moving average, trading at $7.03 ¾. Resistance stands at $7.47 ¾, which is backed by the 10-day moving average.
Live cattle and feeders are higher at midsession.
- Cattle futures are posting followthrough gains, though technical resistance is curbing momentum.
- Choice boxed beef fell $2.40 on Thursday to $378.37, while Select declined 28 cents to $352.06. Movement totaled 114 loads.
- USDA reported weekly beef sales totaled 8,600 MT for 2026, down 34% from the previous week and 25% from the four-week average.
- October live cattle gapped higher at the open, but continue to face resistance at $218.90, which is backed by the 40-day moving average. Support lies at the intraday low of $217.925, which is backed by support at $216.925 and $215.85.
Hog futures are lower at midmorning.
- October lean hogs are moderately weaker amid fundamental and technical pressure.
- The CME lean hog index is down 57 cents to $88.22 as of Sept. 9.
- The pork cutout value fell $1.82 to $91.81 on Thursday, led by a near $12 decline in primal bellies. Movement totaled 308.9 loads.
- USDA reported weekly pork sales totaled 27,400 MT for 2026 during the week ended Sept. 3, down 22% from the previous week and 20% from the four-week average.
- October lean hogs gapped lower at the open and are now facing resistance at the 10-day moving average of $83.19, which is backed by the 40-day moving average. Support lies at $82.66, which is backed by the 20-day moving average.