Corn is mostly 8 cents lower.
- Corn futures are facing spillover pressure from soybeans and wheat futures as recent trade discussions were disappointing.
- President Donald Trump on Sunday said the administration is still weighing a possible ban on diesel exports. “We’re thinking about it very seriously,” Trump told a Fox News reporter on Sunday, according to CNBC. “That can oftentimes lead to a little bit of an increase on gasoline for cars, so we’re looking at it very seriously. We may do it,” he said.
- USDA reported weekly corn export inspections totaled 1.566 MMT during the week ended Sept. 24, down 394,223 MT from the previous week. Net inspections were near the top end of analysts’ pre-report range of expectations from 1.25 MMT to 1.6 MMT.
- The western Corn Belt will see wet weather into Thursday, slowing fieldwork with some heavy rain Tuesday into Thursday from eastern Nebraska and eastern Kansas into Iowa, notes World Weather Inc. Much of eastern Nebraska into Iowa and some nearby areas already have saturated or near saturated soils in place and some local flooding is likely. A drier pattern will occur Friday into Oct. 12.
- December corn futures are being limited by the 10- and 20-day moving averages, layered at $5.45 ¼ and $5.48 ¼. The 40-day moving average, trading at $5.27 is serving as support.
Soybeans are 30 to 32 cents lower, while meal is around $11.40 lower. Soyoil futures are around 60 points lower.
- Soybeans are notably lower amid disappointing trade talks last week, though meal futures are leading the complex lower.
- China is set to cut tariffs on a broad range of U.S. agricultural goods, from corn and wheat to meat and dairy, but soybeans were excluded from a tariff-reduction list jointly issued by China’s commerce ministry and the White House, notes Reuters.
- USDA reported weekly soybean export inspections totaled 1.153 MMT during the week ended Sept. 24, up 383,215 MT from the previous week. Net inspections topped analysts’ pre-report range of expectations from 600,000 to 900,000 MT.
- November soybeans have tested support at $12.81 ¼, with additional support at the 40-day moving average. Resistance stands at $13.27 ¼.
Wheat futures are a dime to 17 cents lower.
- Winter wheat futures continue to face technical selling despite continued attacks in the Black Sea region.
- USDA reported weekly wheat export inspections totaled 310,635 MT during the week ended Sept. 24, down 29,320 MT from the previous week. Net inspections were within analysts’ pre-report range of 200,000 to 400,000 MT.
- Russia’s weekend airstrikes killed at least four people across Ukraine and hit a data center in Kyiv, according to President Volodymyr Zelenskyy. Odesa Region Governor Oleh Kiper said on Telegram that a “massive” overnight strike damaged a medical facility, a hotel, a shop, and a warehouse for storing grain crops, among other things.
- Russia’s September exports of wheat, barley and corn are estimated at 2.65 MMT, according to Sovecon, up from 2.4 MMT in August.
- December SRW wheat continues to face resistance at the 40-, 10- and 20-day moving averages, layered from $7.10 1/2 to $7.31 ½. The 100-day moving average, trading at $6.75 1/2 is serving as support.
Live cattle and feeders are lower at midsession.
- Live cattle futures are mostly weaker in consolidative trade.
- Cash cattle trade on Friday averaged $220.75, slightly weaker than the week prior. Last week’s official quote will be released later this morning.
- Choice boxed beef rose $2.71 on Friday to $378.83, while Select rose $3.66 to $355.76. Movement totaled 112 loads.
- October live cattle are trading within Friday’s upper range, limited by resistance at $220.425, while support lies at the 20-day moving average of $217.14.
Hog futures are mixed at midmorning.
- Lean hog futures are mostly weaker as cash fundamentals continue to slide.
- The pork cutout value is down 44 cents to $81.76 as of Sept. 24.
- The pork cutout value rose 64 cents on Friday to $86.74, led by a near $8 gain in primal bellies, while all other cuts posted declines. Movement totaled 273.7 loads.
- October lean hogs are pivoting around the 10-day moving average, trading at $78.84, with resistance at $79.29 and support at $77.67.