Corn is mostly 4 cents higher at midmorning.
- Corn futures are posting solid gains, with support from a rally in soybeans and potential for improving demand prospects.
- A Politico report notes that this summer’s European drought and the virtual shutdown of Ukraine’s cheapest export routes is seen creating an opening for U.S. corn. Alexander Döring, secretary general of FEFAC, which represents Europe’s animal-feed industry, told Politico that buyers are looking mainly to North and South America to cover the expected jump in imports, saying his group sees little scope for Ukraine to supply much of the extra corn Europe needs.
- Argentina’s corn exports are set to hit a record 10 million metric tons in August and September, Reuters reported, the result of a bumper harvest and strong international demand tied in part to Europe’s crop woes and Ukraine’s export bottlenecks. “Argentine corn right now is very competitive in price and in volume,” Gustavo Idigoras, head of the CIARA-CEC grains exporters and crushers chamber, told Reuters.
- Expana cut its 2026-27 EU corn production forecast to 46.2 MMT, down from 29.1 MMT last month – that would be the smallest volume since 1992, notes Reuters.
- December corn futures are facing initial resistance at the 10-day moving average of $5.36 ¾, while support lies at $524 ½, which is backed by the 20-day moving average of $5.19 1/4.
Soybeans are 18 to 20 cents higher, while meal is around $4.50 higher. Soyoil futures are more than 100 points higher.
- Soybeans are solidly higher in tandem with meal and soyoil as export demand continues to surface and geopolitical uncertainties raise concerns around tradeflows and supplies.
- USDA reported daily sales of 272,000 MT of soybeans to China and 206,500 MT of soybeans to unknown destinations during 2026-27.
- Russia has resumed attacks on oilseed processing plants critical to Ukraine’s exports, striking a major facility in the eastern city of Dnipro, owned by Bunge, according to Reuters. The Dnipro plant is among Ukraine’s five largest and can process 1,600 tons of oilseeds per day.
- The American Soybean Association (ASA) welcomed new federal guidance from the U.S. Department of Energy (DOE) and Internal Revenue Service (IRS) providing clarity on the 45Z Clean Fuel Production Credit. However, the group emphasized that more work is needed on a flexible “book-and-claim” accounting system — a tracking method that lets producers claim carbon credits based on sustainable farming practices without needing to physically segregate low-carbon crops throughout the supply chain.
- November soybeans continue to be supported by the 10-day moving average of $13.05 ¼, while resistance stands at $13.33 ½.
SRW wheat futures are mostly 6 cents higher, while HRW is around 3 cents higher. HRS futures are 12 cents higher.
- SRW wheat futures are firmer, but are being limited by technical resistance and a firmer U.S. dollar.
- Some periodic rainfall during the next two weeks will help improve topsoil moisture in portions of Kansas and a few areas in Nebraska and Colorado, but warm weather will keep evaporation rates high and greater rain will still be needed, notes World Weather Inc.
- Expana raised its outlook for European Union soft wheat exports this season as reduced Black Sea shipments shifted demand to the bloc. The commodity data firm put EU soft wheat exprots in 2026-27 at 29.5 MMT, up from 28.7 MMT projected in August, while lowering its estimate for 2025-26 shipments to 28.5 MMT.
- December SRW futures are being supported by the 20-day moving average, trading at $7.27 1/2, which is backed by the 40-day moving average. Resistance stands at $7.46 ¾, which is backed by the 10-day moving average of $7.57 1/2.
Live cattle and feeders are higher at midsession.
- Cattle futures are firmer amid wholesale support but are being limited by technical resistance.
- Cash trade remains slow to develop this week, with no trade reported by USDA.
- Choice boxed beef rose $3.20 on Wednesday to $380.77, while Select fell $3.05 to $352.34. Movement improved to 143 loads.
- October live cattle remain limited by resistance at $217.33, which is backed by the 40-day moving average. The 20- and 10-day moving averages, layered at $215.10 and $213.70 are serving as initial support.
Hog futures are mixed at midmorning.
- October lean hogs are firmer in narrow trade, with support from wholesale fundamentals.
- The CME lean hog index is down 86 cents to $88.79 as of Sept. 8.
- The pork cutout value rose $1.81 to $93.63 on Wednesday, led by a near $14 dollar gain in bellies. Movement totaled 349.8 loads.
- October lean hogs remain rangebound by resistance at the 40-day moving average of $83.85 and the 10-day moving average, trading at $83.01.