Corn is mostly a penny lower at midmorning.
- Corn futures are modestly weaker, with pressure from a firmer U.S. dollar.
- USDA’s Economic Research Service has forecast net U.S. farm income, a broad measure of profits, at $158.4 billion for calendar year 2026, a decrease of $4.3 billion (2.6 percent) relative to 2025 in nominal (not adjusted for inflation) dollars. After adjusting for inflation, net farm income is forecast to decrease by $9.1 billion (5.5 percent) in 2026 relative to 2025.
- The U.S. national average diesel price hit a record $5.82 a gallon Thursday, according to fuel price-tracking service GasBuddy, surpassing the previous peak of $5.819 set on June 17, 2022, said Patrick DeHaan, head of petroleum analysis, at GasBuddy in an X post.
- The state of the French corn crop deteriorated further last week to a fresh record low following severe drought and heat this summer, according to FranceAgriMer earlier today.
- December corn futures are being supported by the 10-day moving average, trading at $5.35 ¼, while resistance is at this week’s high of $5.49 3/4.
Soybeans are mostly 2 to 3 cents lower, while meal is around 30 cents higher. Soyoil futures are over 100 points lower.
- Soybeans are modestly weaker in consolidative trade, with pressure stemming from an extended decline in soyoil futures.
- Little rain and hot temps will occur into Wednesday from the southwestern Corn Belt into western and central Kentucky and southwestern Indiana, favoring crop maturation and early harvesting with subsoil moisture adequate to support most late crop development, notes World Weather Inc.
- USDA reported daily sales of 250,600 MT of soybeans to unknown destinations in 2026-27.
- November soybeans are facing resistance at this week’s high of $13.24, while support lies at the psychological $13.00 level, which is backed by the 10-day moving average.
Wheat futures are mostly 7 to 13 cents lower.
- SRW wheat futures are weaker for the third straight session as traders weigh the odds of peace in the Black Sea.
- Steve Witkoff and Jared Kushner are expected to visit Moscow and Kyiv this weekend, according to Russia’s state-run Tass news service and as reported by Bloomberg. They’re likely to travel to Moscow first and then head to Kyiv, Tass reported today, citing a person familiar that it didn’t identify. Witkoff and Kushner have visited Russia multiple times for talks with President Vladimir Putin and his officials in an effort to broker a peace deal that has so far proved elusive.
- Saudi Arabia’s biggest barley buyer is shifting away from a key source of supply as the Russia-Ukraine war disrupts shipments from one of the world’s major breadbasket regions, said a Bloomberg report.
- December SRW futures are being limited by the 10-day moving average, trading at $7.52 ¼, while support is layered at $7.31, which is backed by the 20- and 40-day moving averages.
Live cattle are weaker while feeders are mixed at midsession.
- Cattle futures are modestly weaker in corrective trade following Thursday’s strong gains.
- Choice boxed beef fell $1.88 to $376.90 on Thursday, while Select fell $2.86 to $350.72. Movement totaled 117 loads.
- Tyson Foods cut its outlook for revenue growth Thursday, citing expectations for a bigger-than-expected loss in its beef business. The company said it expects fiscal 2026 revenue to grow by 1.5% to 2% versus an earlier forecast of 2.5% to 3.5%, according to the Wall Street Journal. Tyson now expects its beef segment to generate an adjusted operating loss of $625 million to $725 million for the fiscal year, after previously guiding for a loss of $500 million to $650 million.
- October cattle futures are facing resistance at the 20-day moving average of $216.49, which is backed by the 40-day moving average. Meanwhile, the 10-day moving average of $212.29 is initial support and is backed by the Aug. 26 low of $209.53.
Hog futures are weaker at midmorning.
- October lean hogs are weaker amid a notable pressure from wholesale fundamentals.
- The CME lean hog index is up 23 cents to $91.08 as of Sept. 2.
- The pork cutout value slid $4.50 on Thursday to $91.12 amid a $32 decline in primal bellies. Movement totaled 189.7 loads.
- October lean hogs gapped lower at the open and are being supported by the 10- and 20-day moving averages, trading at $82.27 and $82.11. Resistance stands stems from the 40-day moving average of $83.99.