Corn is mostly unchanged to a penny lower.
- Corn futures are modestly weaker amid technical selling but continue to hold above key support at the 40-day moving average.
- The White House is considering taking regulatory steps that would allow wider sales of red-dyed diesel in an effort to bring down prices,Reuters reported, citing people familiar with the discussions. The report described the proposal as a leading alternative to a diesel export ban, which President Donald Trump has spoken favorably about but has faced significant pushback from the oil industry and others.
- Dr. Michael Cordonnier notes Brazil’s first corn crop at 34% planted and estimates production at 138 MMT. He holds a neutral bias going forward. He estimates Argentine production at 60 MMT.
- December corn futures are trading within Monday’s lower range, with resistance layered at the 10- and 20-day moving averages, trading at $5.44 and $5.47 ½, while support lies at the 40-day moving average of $5.28 ½.
Soybeans are 10 to 11 cents higher, while meal is around $1.00 higher. Soyoil futures are around 90 points higher.
- Soybeans are holding onto corrective strength into midsession in tandem with soyoil.
- “Crop traders are trying to determine if China’s tariff cuts on U.S. agricultural products will lead to a demand pickup for major grains. Soybeans were excluded from the tariff reductions, and China is set to reduce duties on U.S. wheat, corn and sorghum as part of a plan to lower tariffs on about $30 billion of imports,” said the report. The American Soybean Association expressed disappointment that U.S. soybeans weren’t included in the tariff cuts and is counting on China’s previous pledges to buy at least 25 million tons of U.S. soybeans annually through 2028.
- Soybean diseases could be creeping into the western Corn Belt - Phomopsis pod and stem blight is a widespread fungal disease complex that primarily affects beans, notes crop consultant Dr. Michael Cordonnier. While it typically causes minimal yield loss, it severely compromises seed quality, germ viability and market grade, he states. Cordonnier kept his U.S. soybean yield unchanged at 51.5 bu. Per acre and holds a neutral bias going forward.
- The Brazilian National Weather Service (Inmet) issued their October precipitation and temperature forecast last Friday. It noted southern Brazil could receive excess rainfall during the month, while central, northeast and northern Brazil may face less availability of water for crops due to irregular rainfall and high temps.
- Dr. Cordonnier estimates Brazil’s 2026-27 soybean production at 180 MMT, and holds a neutral bias going forward. He estimates Argentine production at 54 MMT.
- November soybeans are trading within Monday’s lower range, limited by resistance at $1.2.96 ½, which is backed by the 10- and 20-day moving averages. Initial support lies at Monday’s low of $12.79 ¼, which is backed by the 40-day moving average.
SRW wheat futures are mostly a penny to 2 cents lower, while HRS wheat is 4 to 7 cents lower. HRS futures are 4 to 5 cents lower.
- HRW wheat futures are leading wheat futures lower amid improved chances of rain in the central and southwestern Plains, which will improve germination and topsoil moisture for winter wheat.
- Relief from the summer’s hot, dry weather is underway in HRW country across the U.S. central and southwestern Plains, notes World Weather Inc. Additional rain in the next few days will further bolster topsoil moisture for a more favorable planting and emergence environment for winter wheat.
- Dr. Michael Cordonnier indicates Brazil may import near record amounts of wheat in 2026-27 as heavy rains and high humidity are production challenges. In a good year, Brazilian farmers only produce about half enough wheat to meet domestic consumption and the 2026 crop is turning out to be problematic.
- December SRW wheat futures are being supported at $6.80, which is backed by the 100-day moving average, trading at $6.76. Initial resistance is at $6.91 ½, which is backed by psychological resistance at $7.00.
Live cattle are lower while feeders are higher at midsession.
- Live cattle are firmer, with support at the 20-day moving average limiting sellers.
- Cash cattle trade was down $1.20 from the previous week to $220.67.
- Boxed beef values rose on Monday, with Choice up $1.65 to $380.48 and Select up $2.47 to $358.23. Movement totaled 105 loads.
- October live cattle continue to face support at the 20-day moving average, trading at $223.27, while resistance stands at $219.13, then at $220.82.
Hog futures are higher at midmorning.
- Lean hog futures are posting gains, driven by wholesale support.
- The CME lean hog index is down 55 cents to $81.21 as of Sept. 25.
- The pork cutout value rose $1.06 on Monday to $87.80, led by gains in all cuts aside from primal bellies. Movement totaled 283.2 loads.
- December lean hogs are facing resistance at the 10-day moving average, trading at $69.55, while support lies at this week’s low of $68.175.