Corn is mostly 4 to 5 cents lower at midmorning.
- Corn futures are weaker for the fifth straight session amid technical selling ahead.
- USDA reported daily sales of 182,880 MT to Mexico during 2026-27.
- USDA rated the corn crop as 56% good to excellent as of Sunday, down one percentage point from the previous week. The Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect), the crop declined 1.67 points to 349.93, which is 24.25 points behind year-ago at this time. Corn harvest was estimated to be 5% complete, two points ahead of average.
- The U.S. escalated its trade war with Canada following Ottawa’s tariff retaliation, Bloomberg reports, “moving to block imports of some products while slapping new tariffs on others, as well as seeking to bar Canadian companies from selling to government contractors.”
- A dry and warm finish for some U.S. soybeans may result in a small decline in yield, notes World Weather Inc. Corn is being pushed to maturation and early harvesting.
- December corn futures are facing resistance at the 10-day moving average, trading at $5.37 ½, while support lies at $5.29 ¼, which is backed by the 20-day moving average.
Soybeans are mostly 9 cents lower, while meal is around $1.80 lower. Soyoil futures are fractionally higher.
- Soybeans are weaker in consolidative trade despite continued export business.
- USDA reported daily sales of 340,000 MT to China and 100,000 MT to unknown destinations during 2026-27.
- USDA rated the soybean crop as 58% good to excellent, which was unchanged on the week. However, on our CCI, the crop declined 2.2 points to 355.35, which is 9.44 points behind year-ago at this time.
- A dry and warm finish for some U.S. soybeans may result in a small decline in yield, notes World Weather Inc. Corn is being pushed to maturation and early harvesting.
- November soybeans continue to face resistance at $13.39, which is backed by last week’s high of $13.38 3/4. Support is layered at $13.22 1/4 and the 10-day moving average, trading at $13.14 1/4.
SRW wheat futures are mostly 11 to 13 cents lower, while HRW is around 8 cents lower. HRS futures are mostly a penny to 2 cents firmer.
- SRW wheat futures are facing pressure despite continued attacks on Black Sea export infrastructure.
- Russia’s biggest Black Sea port of Novorossiysk and the surrounding areas were attacked by drones overnight, “damaging infrastructure and threatening to further squeeze commodity flows from the region,” said a Bloomberg report.
- USDA reported winter wheat plantings were 2% complete as of Sept. 6, which is two percentage points behind year ago and trailed the five-year average by three points.
- Rain is needed in winter wheat production areas in the U.S. Plains, western and southeastern Europe, Ukraine and Russia’s southern Region, but there is plenty of time for this to evolve, notes World Weather.
- December SRW futures are trading between the 10- and 20- day moving averages, trading at $7.59 ½ and $7.24 1/2.
Live cattle and feeders are lower at midsession.
- Cattle futures are correctively weaker following Tuesday’s strong gains.
- Cash cattle trade averaged $219.06 last week, down 19 cents from the previous week.
- Choice boxed beef rose $1.40 on Tuesday to $377.57, while Select fell 48 cents to $355.39. Movement totaled 83 loads.
- October live cattle futures are pivoting around the 20-day moving average, with support layered at $214.43 and the 10-day moving average, trading at $212.98. Resistance stands at $218.36 then at the 40-day moving average of $219.87.
Hog futures are lower at midmorning.
- October lean hogs gapped lower at the open following Tuesday’s gains as technical resistance curbs buyer interest.
- The CME lean hog index is down 89 cents to $89.65 as of Sept. 4.
- The pork cutout value fell $1.04 on Tuesday to $91.82, led by a near $16 drop in primal bellies. Movement totaled 266.4 loads.
- October lean hogs continue to find support at the 10-day moving average, trading at $82.73, while initial resistance is at the 40-day moving average of $83.93.