Corn is mostly a penny to 3 cents lower.
- Corn futures are facing a moderate corrective pullback after reaching the highest level in nearly a month on Monday.
- USDA rated the corn crop as 71% “good” to “excellent,” unchanged a point from last week. On the Pro Farmer Crop Condition Index (CCI: 0-500-point scale with 500 representing perfect), the crop declined 0.8 point to 381.58. Click here for more details.
- Crop consultant Dr. Michael Cordonnier left his U.S. corn yield unchanged at 184 bu. per acre and noted a neutral bias going forward.
- December corn continues to be limited by the 40-day moving average, currently trading at $4.13, though initial support remains at $4.08 and is backed by the 10- and 20-day moving averages, which are each trading around $4.06.
Soybeans are chopping around unchanged, while soymeal is around $3.50 higher. Soyoil is mostly 175 points lower.
- Soybeans are chopping around unchanged, with support from meal while soyoil selling is limiting buyer interest.
- USDA reported the soybean crop at 69% “good” to “excellent,” down one point from last week, while the “poor” to “very poor” rating was unchanged at 8%. On our CCI, the crop declined 1.55 points to 373.65.
- Dr. Michael Cordonnier left his U.S. soybean yield unchanged at 53 bu. per acre, with a neutral bias going forward.
- China is sending Vice Commerce Minister Li Chenggang to the U.S. to meet with U.S. officials and business people, a move that signals talks are progressing after President Trump extended a tariff truce, Bloomberg reports. The trip is not part of a formal negotiating session, and Li is expected to meet with deputies of U.S. Trade Representative Jamieson Greer and Treasury Department officials.
- The Trump Administration on Monday outlined plans to implement a 50% tariff on products from India, the latest signal that the U.S. plans to push ahead with the higher duties.
- November soybean futures are facing support at the 10-day moving average of $10.43 1/2, while resistance is layered at $10.51 3/4, $10.57 1/2 and at last week’s high of $10.62 3/4.
SRW wheat futures are mostly 4 cents higher, while HRW futures are unchanged to a penny higher. HRS futures are around 2 cents lower.
- SRW wheat futures are posting followthrough gains, though a push into technically overbought territory is curbing momentum.
- USDA rated the spring wheat crop as 49% “good” to “excellent,” down a point from the previous week. On our CCI, the crop declined 2.4 points to 346.06.
- Russia’s IKAR consultancy raised its 2025 wheat crop forecast to 86.0 MMT, up from its previous estimate of 85.5 MMT.
- December SRW futures have edged above the 20-day moving average of $5.31 1/4, with additional resistance at $5.34 1/2. Initial support lies at the 10-day moving average of $5.27 1/4.
Live cattle are moderately higher, while feeders are posting heftier gains at midsession.
- Nearby live cattle are firmer amid confirmation of record cash trade last week.
- Cash cattle trade scored another record last week, rising $1.61 from the previous week to $239.39
- Choice boxed beef rose another 58 cents to $408.49, while Select rose $1.72 to $385.38. Movement was light, however, at only 63 loads.
- August live cattle are up against resistance at last week’s all-time high of $238.13, while initial support lies at $235.93.
Hog futures are posting moderate- to strong gains at midmorning.
- Nearby lean hogs are solidly higher, with a solid technical posture and wholesale strength lending strong support.
- The CME lean hog index is down 57 cents to $107.27 as of August 22.
- The pork cutout value rose $1.28 to $114.17 on Monday, led by strength in picnics.
- August lean hogs have tested resistance at $92.48, with the next area of resistance at $92.99, which is backed by the Aug. 6 high of $93.275. Initial support lies at $91.43.