Corn is mostly a penny to 2 cents lower.
- Corn futures are facing pressure from the soy complex, despite a weaker U.S. dollar.
- President Trump and Indian Prime Minister Narendra Modi have pledged to talk and resume trade negotiations, signaling a possible thaw after weeks of a fight over tariffs and Russian oil purchases. “I am pleased to announce that India, and the United States of America, are continuing negotiations to address the trade barriers between our two nations,” Trump wrote on social media Tuesday.
- Brazil’s safrinha corn harvesting is virtually complete, and the environment has been conducive for late-season fieldwork, reports World Weather Inc.
- Corn plantings in Argentina have been slowed by recent heavy rains and localized flooding, most notably in the province of Buenos Aires. Meanwhile, wet conditions continue to hinder the completion of the 2024-25 corn harvest.
- December corn futures are extending recent consolidation, with support at the 10-day moving average of $4.17 1/4, while initial resistance is at $4.20 1/2, though broader resistance stems from the 100-day moving average of $4.28 1/2.
Soybeans are mostly 4 cents lower, while soymeal is around $1.80 cents lower. Soyoil is mostly unchanged.
- Soybeans continue to tread sideways amid technical selling, though a push into oversold territory may curb more earnest seller interest.
- Dryness in the lower Midwest, Delta and Tennessee River Basin has been stressing crops for an extended period, and late double-crop soybean yields have likely slipped lower, notes World Weather Inc. The forecaster indicated drought relief would be unlikely for a while.
- Malaysia’s palm oil stocks rose for the sixth straight month in August to the highest level in 20 months, amid a production increase and export decline, according to data from the industry regulator.
- Bunge is expected to finish loading 30,000 MT of Argentine soybean meal destined for China today, according to maritime agency NABSA, marking a first soymeal cargo. Bunge had previously dispatched a shipment of meal to China in July but ended up diverting the sale to Vietnam for “commercial reasons,” according to Reuters.
- November soybeans continue to test the 100- and 200-day moving averages, layered from $10.30 to $10.26 1/2, though additional support lies at the 40-day moving average of $10.25 1/4. Meanwhile, resistance continues to stem from the 10- and 20-day moving averages, currently trading at $10.37 1/2 to $10.40 1/2.
Wheat futures are 2 to 3 cents lower.
- SRW wheat futures continue to face technical pressure amid confirmation of improved global production prospects.
- Rainfall in the northern Plains later this week and into the weekend will slow spring wheat harvesting, notes World Weather.
- Russia’s IKAR consultancy raised its 2025 wheat crop forecast to 87 MMT, up from its previous estimate of 86 MMT. Its total 2025 grain crop forecast was increased to 135 MMT, up from 132.8 MMT.
- Sovecon raised its forecast for Russia’s 2025 wheat crop to 87.2 MMT, up from its previous estimate of 86.1 MMT. The upward revision was due to stronger-than-expected yields in Siberia and Urals, where crops are approaching record levels, according to the consultancy.
- December SRW futures continue to edge sideways in consolidative trade, with resistance at the 10- and 20-day moving averages, while initial support lies at $5.18, which is backed by last week’s contract low of $5.14 1/2.
Live cattle are moderately higher, while feeders are mixed at midsession.
- Nearby live cattle are posting modest corrective gains in the wake of Tuesday’s hefty selloff.
- With Tuesday’s limit down move in feeders, limits will be expanded to $13.75 and live cattle futures will be expanded by $10.75.
- Choice boxed beef continued to slide on Tuesday, down $2.02 to $407.67, while Select jumped another $1.62 to $386.96, narrowing the Choice/Select spread to $20.71. Movement was strong at 156 loads for the day.
- October live cattle have tested support at the 40-day moving average, currently trading at $229.74, for the first time since early July. The 40-day is backed by support at $228.15, while initial resistance serves at $231.95 and is backed by the 20- and 10-day moving averages.
Hog futures are mixed at midmorning.
- Nearby lean hogs are solidly firmer as they continue to find pork a bargain while cattle futures suffer a technical breakdown.
- The CME lean hog index is down 4 cents to $105.87 as of Sept. 8.
- The pork cutout value slipped $2.22 to $114.16 amid declines in all cuts aside from primal butts. Movement totaled 321.6 loads.
- October lean hogs have wiped out the June high to reach a new contract high, though resistance stands at $97.58, while initial support lies at the 10- and 20-day moving averages of $95.58 and $95.04.