Corn is mostly 4 to 5 cents higher at midmorning.
- Corn futures are extending higher after Thursday’s pause, to reach fresh contract highs amid general buying across the grain and soy complex.
- High temperatures and excessive rain have battered China’s key corn, soybean and cotton-growing regions since mid-July, Reuters reported. The weather has threatened crop quality and yield losses, potentially boosting imports of feed grains and cotton, including from the U.S.
- French corn crop conditions reached the lowest in at least 15 years last week, a sign of further damage from a prolonged hot and dry summer, according to data from farm office FranceAgriMer earlier today.
- The European Commission on Thursday cut its monthly forecast for usable production of corn in the European Union in 2026-27 by 1.8 MMT to 50.1 MMT, a new 19-year low, according to Reuters.
- December corn futures have carved a fresh contract high, with resistance layered at $5.38 and $5.42 1/2, while support lies at $5.28 1/2.
Soybeans are mostly 16 to 18 cents higher, while meal is around $9.00higher. Soyoil futures are around 215 points higher.
- Soybeans have pushed to fresh multiyear highs, with support from strong gains in both meal and soyoil.
- USDA reported 182,000 MT of soybeans for delivery to China and 226,000 MT to unknown destinations, along with 100,000 MT of soybean meal to Germany and 100,000 MT to the Netherlands all during the 2026-27 marketing year.
- The Trump administration is considering a plan to add 500 million gallons to 2027 biofuel blending quotas in an effort to offset the hit to demand that would come from higher-than-expected exemptions to quotas that are expected to be announced soon by the Environmental Protection Agency, reports Jarrett Renshaw of Reuters.
- November soybeans gapped higher overnight and are up against resistance at $12.84 3/4, while support lies at $12.69 1/4, then at $12.63 1/2.
Winter wheat futures are 24 to 26 cents lower while HRS futures are around 15 cents higher.
- SRW wheat futures are posting strong gains despite a firmer U.S. dollar as global supply constraints ring across the marketplace.
- Black Sea consulting firm SovEcon further cut its estimate of Russian wheat exports in August by 300,000 metric tons to 1.9 million MT. That compares with 4.5 MMT a year ago and an average of 5.0 MMT. More than 95% of Russia’s combined Black Sea and Sea of Azov grain export capacity is currently shut down, the firm noted, alongside damage to Ukraine’s Black Sea ports.
- The Russian government wants to reroute some exports, scrap a grain export duty until the end of the year, buy grain for state stocks, grant railroad transport subsidies and loan extensions to producers and use excess grain as livestock feed, though Sovecon’s Andrey Sizov told Reuters the proposed measures are unlikely to significantly support Russian grain exports or domestic prices.
- France will provide several hundred million euros in compensation to farmers after extreme summer heat and drought caused major crop losses, according to agriculture ministry officials earlier today. The aid package will be detailed next week.
- December SRW futures have reached a fresh contract high, with resistance now serving at the psychological $8.00 level. Initial support lies at $7.56 1/2.
Live cattle and feeders are lower at midsession.
- Cattle futures are weaker in the wake of Thursday’s gains as technical resistance and weakening cash and wholesale fundamentals add pressure.
- Cash cattle trade so far this week has averaged $218.60, down notably from last week’s average.
- Choice boxed beef declined $3.77 to $381.36 on Thursday, while Select fell $3.49 to $359.19. Movement totaled 104 loads.
- October cattle futures are facing initial support at $211.46, which is backed by the Aug. 26 low of $209.525. Initial resistance is at $214.31, which is backed by the 10-day moving average.
Hog futures are lower at midmorning.
- October lean hogs are weaker in consolidative trade.
- The CME lean hog index is down 28 cents to $92.14 as of Aug. 26.
- The pork cutout value fell $2.12 on Thursday to $95.55, amid declines in all cuts aside from primal butts. Movement totaled 273.8 loads.
- October lean hogs continue to be limited by the 10- and 20-day moving averages, trading at $80.87 and $81.91, while support lies at $79.94 then at the Aug. 21 low of $79.675.