Corn is mostly 3 to 6 cents lower.
● Corn futures are down this morning due after ending yesterday in the green, and are likely seeing profit taking this morning.
● USDA reported corn conditions as 69% good or excellent, down 2% from last week, but still up 4% from the same time a year ago. On the Pro Farmer Crop Condition Index (0 to 500-point scale, with 500 representing perfect), the corn crop declined 4.4 points from last week and is 11 points above last year.
● Corn for ethanol use in July was reported at 455.817 million bushels. This is up from June 2025’s usage of 446.897 million bushels, but down from July of 2024’s use of 483.87 million bushels. Corn use for ethanol has dipped slightly over the last couple months.
● Water levels in the lower Mississippi river are low, but still slightly higher from they were this time a year ago. Rain in the Ohio River valley this week should help ease some concerns of low water levels as that makes it way down-river.
● December corn was able to pull up yesterday and finish in the green, but it is continuing to see resistance in the $4.21 area today, just below the 40-day moving average. Short term support this morning is around $4.17. The 10-day moving average of $4.12 1/2 offers somewhat firmer support, as corn aims to finish above that level for multiple sessions.
Soybeans are down 5 to 6 cents. Meal is mixed, ranging from down 10 cents to up 30 cents. Soyoil is in the red and down about 50 points across most contracts.
● Soybeans are struggling to reverse the losses seen yesterday, and are not receiving any support from other grains or the rest of the soy complex.
● USDA rated the soybean crop was 65% “good” to “excellent”, down 4% from the previous week, while the “poor” to “very poor” rating increased 2% to 10%. On our CCI, the soybean crop declined 7 points to 366.7 from last week and is less than .1 points above a year-ago
● World Weather Inc. reports that most of the Midwest will receive some rain by Friday that will likely have minimal improvements in soybean yields.
● Soybean crush in July was reported to be 204.758 million bushels. That is up 7.8 million bushels from June 2025, and up 11.484 million bushels from July 2024. Despite stronger than year-ago performance so far, crush will need to continue to average 9.8% above last-year’s pace to meet USDA’s crush use estimate.
● November soybean futures remain below the 10 day moving average of $10.47 3/4 this morning, Initial support this morning is around $10.34 1/4, but it remains to be seen how firm that is. Longer term support can be seen around $10.27, and again at the 40-day moving average of $10.22 1/4.
SRW wheat futures are down 2 to 5 cents. HRW wheat is mixed from down 2 cents to up 3 cents, and HRS trading similarly.
● Wheat futures continue to face pressure, despite the trend of strong export demand and a weaker dollar.
● USDA reported the spring wheat harvest as 72% complete, 1% ahead of the five-year average. Dryer conditions in the Dakota’s and northwest interior allowed for harvest to catch up after it had been lagging slightly earlier this year.
● The Ukraine Agri Council estimated the country’s wheat production at 21.8 million tons, down slightly from 22.7 in 2024. The group also expects harvest of the crop is nearly 98% complete at this time.
● December SRW futures have traded in a range with support at $5.20 and resistance at $5.35 1/2 since mid-August. Losses in today’s session so far are looking to test that support, with prices currently at $5.23, below the 10-day moving average of $5.28 1/2 and the 40-day of 5.42 1/2.
Live cattle seeing profit-taking, feeder cattle also down slightly.
● Nearby live cattle are experiencing losses after a dip in cash cattle reported yesterday.
● Yesterday USDA reported the cash cattle price last week at $243.60, down 65 cents from the previous report as cattle prices take a slight pause.
● Choice boxed beef fell $1.99 on Tuesday afternoon to $413.42, with Select also falling $3.83 to $386.17. Total load count in the afternoon report was 122 loads.
● October live cattle are up against resistance at last week’s all-time high of $240.10, while initial support lies at $236.70 this morning.
Hog futures are dipping this morning.
● Nearby lean hogs are slightly lower this morning after a decline in cutout values and lower cattle values this morning.
● The CME lean hog index is down 26 cents from the previous close to $106.17.
● The pork cutout value fell 20 cents to $114.12 on Tuesday afternoon, driven mostly by a decrease in loins.
● October lean hogs have tested resistance at $94.98 this morning, with initial support showing in the area of $93.82.