Corn futures are mostly 3 cents lower at midmorning.
- Corn futures are under pressure amid general risk-off trade into USDA’s Crop Production and WASDE reports, due out on Wednesday.
- USDA rated the corn crop as 61% good to excellent as of Sunday, unchanged from the previous week. On the Pro Farmer Crop Condition Index, (CCI; 0-500-point scale, with 500 being perfect) the crop declined 2.28 points to 358.39, which lags year ago by 24.52 points during the same period.
- President Trump hardened his stance toward Iran as negotiations to reopen the Strait of Hormuz continue, pronouncing that the Islamic Republic must pay reparations for past attacks. “Trump made his sweeping new demands on Monday after accusing Tehran of itself seeking compensation for war damages through public statements even though the issue had never been raised in negotiations,” said a Bloomberg report.
- September corn futures are facing support at $4.33 ¼, which is backed by the Jun 30 low, while resistance stands at the 10-, 20-, 200- and 100-day moving averages, layered from $4.41 1/2 to $4.53 3/4.
Soybeans are 11 to 12 cents lower, while meal is around 30 cents lower. Soyoil is around 155 points lower.
- Soybeans are being led lower by corrective selling in soyoil futures.
- USDA reported daily sales of 136,000 MT of soybeans to China and 180,000 MT soybean meal to the Philippines during the 2026-27 marketing year.
- USDA rated the soybean crop as 62% good to excellent as of Sunday, down one percentage point from last week. On our CCI, the soybean crop declined 0.48 point to 363.84, which is 10.5 points behind last year at this time.
- The Trump administration on Monday extended its exemption of the Jones Act by another 90 days, but narrowed its scope as it attempts to keep domestic fuel supplies flowing during the Iran war. The Jones Act requires the transport of goods between American ports to be conducted by American vessels. The extension was narrowed to apply only to vessels hauling certain energy sources, CNBC reported, citing a White House official.
- Malaysia’s SD Guthrie, one of the world’s largest palm oil producers, expects production to be impacted in 2027 and 2028 as El Nino is set to bring hotter, drier conditions. Meanwhile, production for the rest of 2026 is expected to remain largely unaffected by El Nino,as its effects are not felt immediately.
- September soybeans are facing resistance at the 100-, 10- and 40-day moving averages, layered from $11.64 1/2 to $11.67 ¾, while support lies at $11.52 3/4, which coincides with psychological support at $11.50.
Wheat futures are 9 to 11 cents lower.
- SRW wheat futures are weaker in a test of key support despite lingering geopolitical uncertainties.
- USDA rated the spring wheat crop as 51% good to excellent as of Sunday, down four percentage points from the previous week. On our CCI, the crop declined 3.69 points to 340.91 and is 6.35 points behind year-ago at this time.
- Russian wheat exports in August could fall to their lowest in around a decade, agricultural analysts said earlier today, as the world’s top wheat exporter contends with low prices and security risks on vital Black Sea shipping routes. Russia’s IKAR consultancy lowered its forecast for the country’s wheat export potential in 2026-27 marketing year to 44.5 MMT, down slightly from previous expectations of 45 MMT.
- September SRW futures are being limited by the 10- and 20-day moving averages, layered at $6.43 1/2 and $6.61 1/4, while support lies at $6.28 1/4.
Live cattle are higher while feeders are higher at midsession.
- Nearby live cattle are firmer, but remain limited by technical resistance.
- Cash cattle trade averaged $235.21 last week, up $2.15 from the previous week.
- Choice boxed beef surged $7.06 to $371.42 on Monday, while Select fell $1.53 to $350.84. Movement remained light, however, at only 69 loads.
- October live cattle are being limited by resistance at the 200-day moving average, trading at $227.92, while initial support lies at the 10-day moving average of $226.71, and is backed by the 20-day moving average.
Hog futures are lower at midday.
- Nearby lean hogs are weaker amid pressure from technical headwinds and fading cash fundamentals.
- The CME lean hog index is down another 21 cents to $96.09 as of Aug. 7.
- The pork cutout value rose 31 cents on Monday to $101.81. Movement totaled 238.0 loads.
- October lean hogs continue to face resistance at the 10- and 40-day moving averages, layered at $83.54 and $84.00. Meanwhile, initial support lies at $82.50 and $81.33.