NOTE: Crop tour scouts will roll into an eastern Corn Belt that has taken a week of record rainfall and a western Corn Belt still working through drought. More than 100 crop scouts leave Columbus, Ohio, and Sioux Falls, South Dakota, this morning on planned routes. We’ll be providing real-time coverage of the Tour right here at ProFarmer.com and on the Pro Farmer app: Live Coverage: Pro Farmer Crop Tour scouts to sample fields across 7 states.
Corn futures are mostly 4 cents higher at midmorning.
- Corn futures have marked a for-the-move high, with support from collective strength in the soy complex.
- USDA reported weekly export inspections totaled 1.911 MMT during the week ended Aug. 13, up 150,596 MT from the previous week.
- President Donald Trump has stated that he’s in no hurry to end the war with Iran, further dimming peace prospects, according to Bloomberg.
- OCP North America, a subsidiary of OCP Group, announced that a vessel of Triple Super Phosphate from Morocco has arrived at the Port of New Orleans. From there, the product will be distributed to American farmers. It marks the first shipment from Morocco in over five years.
- Canada’s chief trade negotiator says there’s still a significant amount of work to do to reach an agreement to stave off a new wave of U.S. tariffs this week. Talks were expected to continue through the weekend in search of a deal to lower tensions between the two nations.
- Farmers in Brazil’s center-south had harvested 85% of the 2026 second corn crop as of last Thursday, according to AgRural, up from 79% the previous week but behind the 94% reported last year at this time.
- September corn futures are facing resistance at $4.63 1/4, which is backed by the July 24 high of $4.68. Support is layered at the 100-, 200-, 20-, 10- and 40-day moving averages, layered from $4.53 to $4.40 1/2.
Soybeans are 16 to 17 cents higher, while meal is around $2.80 higher. Soyoil is around 120 points higher.
- Soybeans are solidly higher as traders assess damage reports from recent storms that have tracked across the central Corn Belt, while soyoil rallies in tandem amid vegoil demand.
- USDA reported weekly soybean inspections totaled 270,201 MT during the week ended Aug. 13, down 139,308 MT from the previous week.
- Concern around too much rain and severe weather in the heart of the Midwest will linger through the marketplace today, notes World Weather Inc., with driver and warmer conditions needed to protect soybean conditions and production potential.
- India’s soyoil imports are set to hit a record high in August as competitive prices prompt refiners to boost purchases amid disruptions to sunflower oil shipments as the Russia-Ukraine war pushes buyers to switch oils, according to Reuters.
- Malaysian palm oil futures ended at a four-and-a-half month high on Monday, as traders looked past near-term consolidation to price the risk of an El Nino-driven output disruption next year.
- September soybeans are testing resistance at the 20-day moving average, with additional resistance serving at $111.93, which is backed by the July 24 high of $12.43.
Winter wheat futures are mostly 2 to 4 cents lower, while HRS futures are mostly unchanged.
- SRW wheat futures are modestly weaker amid light profit-taking after notching a fresh for-the-move high in overnight trade.
- USDA reported weekly wheat inspection totaled 493,401 MT during the week ended Aug. 14, up 7,476 MT from the previous week
- Bloomberg reported that major crop buyers across Asia are turning to other suppliers in response to the intensifying attacks. Ukraine’s grain exports in the first part of August slumped 75% from a year earlier, and Russian shipments this month are expected to be less than half the five-year average, the report noted.
- Canada’s durum, spring wheat, canola and pulse crops have been fighting an intense and expensive battle with widespread crop disease, due to an extremely wet spring and early summer.
- September SRW futures are facing initial resistance at $6.83 ¾, which is backed by the July 24 high of $7.11 1/4. The 20-day moving average of $6.58 1/2 is initial support and is backed by the 10-, 40- and 100-day moving averages.
Live cattle and feeders are posting solid gains at midsession.
- Nearby live cattle are posting solid corrective gains to start the week in the wake of last week’s technical selloff.
- On Friday, USDA reported cash cattle trade averaging $229.40, down notably from the previous week. Official trade data will be released later this morning.
- Choice boxed beef fell 60 cents on Friday to $375.30, while Select rose $2.00 to $351.24. Movement totaled 76 loads.
- October live cattle are facing initial resistance at $222.08, which is backed by the 20- and 10-day moving averages, while initial support lies at $217.46, which is backed by last week’s low of $215.225.
Hog futures are moderately higher at midday.
- October lean hogs are posting moderate gains, though technical resistance is curbing momentum.
- The CME lean hog index is down 19 cents to $95.68 as of Aug. 13.
- Pork cutout rose 98 cents on Friday to $99.90 despite a $7.50 drop in primal bellies. Movement totaled 352.8 loads.
- October lean hogs are up against resistance at the 10-day moving average, trading at $82.84, while initial support lies at $81.27. Greater resistance is at the 20- and 40-day moving average, while additional support stems from the June 17 low of $79.78.