Corn is mostly unchanged to a penny lower.
- Corn futures are extending lower for the third straight session despite continued evidence of strong export sales.
- USDA reported weekly net reductions of 17,800 MT for 2024-25, while net sales totaled 2.09 MMT for 2025-26. Old-crop sales were within the net range of net reductions of 200,000 MT to 150,000 MT, while new-crop sales were within the expected range of 1.2 to 2.6 MMT. Click here for more details.
- While Indonesia and Bangladesh have already agreed to increased purchases of U.S. goods, southeast Asian nations are on track to reshape global grains and oilseed trade flows through U.S. trade deals that include increased agriculture purchases, notes Reuters.
- December corn futures have tested support at the 20-day moving average of $4.05 1/2 and $4.04 1/4, though additional support lies at the psychological $4.00 level. Initial resistance stands at the 10-day moving average of $4.07 1/2.
Soybeans are mostly 4 cents lower, while soymeal is around $1.00 lower. Soyoil is mostly 60 points lower.
- Soybeans are narrowly weaker, though stronger-than-expected new-crop sales and technical support are curbing the downside.
- USDA reported weekly net old-crop reductions of 189,200 MT, which were within the pre-report range of net reductions of 200,000 MT to 50,000 MT. New-crop stales of 1.37 MMT topped expectations ranging from 450,000 MT to 1,0 MMT.
- Lower crop prices have led to farm income and credit conditions deteriorating steadily throughout the Midwest and Plains states in the second quarter of 2025 as profit opportunities in the crop sector remained weak, according to a report by the Federal Reserve Bank of Kansas City. According to Federal Reserve surveys of agricultural credit conditions, farm borrower income and loan repayment rates deteriorated at a pace similar to the last quarter.
- November soybean futures are facing resistance at $10.48 1/2, while the 10-day moving average of $10.45 3/4 continues to curb earnest selling interest.
Wheat futures are mostly a penny to 4 cents lower.
- SRW wheat futures are favoring the downside despite a weaker U.S. dollar and evidence of strong exports.
- USDA reported weekly export sales of 579,800 MT for the week ended Aug. 21, up 12% from the previous week but down 10% from the four-week average. Exports during the week reached a marketing-year high of 1.005 MMT.
- France’s wheat exports outside the EU are expected to rebound to 8 MMT in 2025-26 from last season’s low, but stockpiles in the country are still the largest in 21 years, according to Argus.
- December SRW futures continue to face support at $5.20 3/4, while the 20-day moving average, currently trading at $5.29 1/4, is initial resistance.
Live cattle are moderately weaker while feeders are mixed at midsession.
- Nearby live cattle are narrowly weaker after scoring fresh highs on Wednesday.
- USDA reported net beef sales of 13,600 MT for 2025, up 34% from the previous week and 40% from the four-week average.
- Mexican authorities will visit meatpacking plants in Brazil to ensure they meet export standards, reports said. Brazil is seeking new markets after being hit by U.S. tariffs, with Mexico becoming its second-largest market so far this month. If approved, the new plants would take the number of Brazilian facilities authorized to export beef to Mexico to 49.
- Wholesale beef slipped on Wednesday, with Choice down $1.33 to $411.84, while Select fell $3.05 to $387.71. Movement totaled 104 loads.
- October live cattle are trading within Wednesday’s range, with resistance at $239.75 and this week’s high of $242.075, while support lies at t$237.43.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer in narrow trade, with solid technical support negating cash and wholesale weakness.
- The CME lean hog index is down another 23 cents to $106.63 as of Aug. 26.
- The pork cutout value fell another $1.39 on Wednesday to $111.66. Movement totaled
- USDA reported net pork sales of 42,400 MT for 2025, up noticeably from the previous week and 53% from the four-week average.
- October lean hogs are holding an inside range, with resistance at $94.68, while initial support lies at $93.26.