Corn is mostly unchanged at midmorning.
- Corn futures are chopping around unchanged after reaching fresh near-term highs in overnight trade.
- USDA reported weekly export inspections totaled 1.496 MMT during the week ended Aug. 27, up 173,440 MT from the previous week. Net inspections topped analysts’ pre-report range of expectations of 1.15 MMT to 1.25 MMT.
- Farmers in Brazil’s center-south had planted 11% of the 2026-27 first corn crop as of last Thursday, up from 2% a week earlier and four percentage points ahead of last year at this time, according to AgRural. Meanwhile, the second safrinha corn harvest was 96% complete.
- December corn futures are facing resistance at the overnight high of $5.42, which is backed by resistance at $5.46 ½ and the psychological $5.50 level. Support is layered at $5.31, $5.25 1/2 and $5.20 1/2.
Soybeans are mostly a penny to 2 cents higher, while meal is around $1.70 lower. Soyoil futures are around 85 points higher.
- Soybeans are modestly firmer despite profit-taking in meal and pressure in soyoil amid anticipation around EPA’s decision regarding Small Refinery Exemptions under the Renewable Fuel Standard.
- USDA reported daily sales of 159,000 MT of soybeans to unknown destinations during 2026-27.
- USDA reported weekly export inspections totaled 250,801 MT during the week ended Aug. 27, down 179,278 MT from the previous week. Net inspections were shy of analysts’ pre-report range of expectations from 400,000 to 600,000 MT.
- The Environmental Protection Agency’s decision on a big backlog of pending Small Refinery Exemptions (SRE) under the Renewable Fuel Standard is expected today. That’s the deadline the agency set to clear the waivers.
- Brazil is about to kick off its main planting season but farmers aren’t celebrating due to the global diesel crunch colliding with a seasonal spike in demand for the fuel. “The country is the world’s biggest exporter of many key crops and needs diesel to power tractors and trucks, with a squeeze in farmer costs potentially rippling through global supply chains,” said a Bloomberg report.
- November soybeans are facing resistance at the overnight high of $12.94 ½, which is backed by resistance at $12.95 1/2 and the psychological $13.00 level. Support lies at $12.74 3/4 and $12.61 1/2.
Winter wheat futures are 19 to 23 cents lower while HRS futures are around 15 cents lower.
- SRW wheat futures are weaker as reports of potential rerouted exports in the Black Sea.
- USDA reported weekly export inspections totaled 430,925 MT during the week ended Aug. 27, down 1,613 MT from the previous week. Net inspections were near the upper-end of the pre-report range of expectations from 250,000 to 450,000 MT.
- APK-Inform reported weekly exports from Ukraine increased by 28% during the week ended August 26, after grain exports had fallen sharply since late July after Russian missile and drone attacks blocked Ukrainian Sea ports in the Odesa region.
- Russian grain exporters are rerouting shipments to the Baltic Sea, including ports in the Baltic states, after Ukrainian drone attacks in the Black Sea and Sea of Azov forced alternative routes, traders told Reuters earlier today.
- Turkey has prepared a plan for the safe passage of grain via the Black Sea and is in contact with both Russia and Ukraine, according to Foreign Minister Hakan Fidan on Monday.
- December SRW futures are facing resistance at last Friday’s high of $7.90 1/4, which is backed by psychological resistance at $8.00. Initial support lies at $7.62 1/2, then at $7.40 3/4.
Live cattle and feeders are higher at midsession.
- Cattle futures are posting moderate gains in corrective trade, though technical resistance continues to curb buyer-interest.
- Last week’s final cash trade quote will be released later this morning, though into Friday last week, cattle were changing hands at notably lower prices.
- Choice boxed beef fell $5.13 on Friday to $76.2, while Select rose $1.89 to $361.08. Movement totaled 108 loads.
- October cattle futures are facing initial resistance at $21.54, which is backed by the 10-day moving average, trading at $214.45, while support lies at $210.37, then at last week’s low of $211.375.
Hog futures are higher at midmorning.
- October lean hogs are posting solid short-covering gains, with support from a wholesale bounce.
- The CME lean hog index is down 62 cents to $91.52 as of Aug. 27.
- The pork cutout value rose $2.26 on Friday to $96.06, with gains in all cuts. Movement totaled 218.7.
- October lean hogs are facing initial resistance at $83.40, which is backed by the 40-day moving average of $84.07. The 20-day moving average, trading at $81.95 is initial support, and is backed by the 10-day moving average.