Corn is mostly 5 to 6 cents higher at midmorning.
- Corn futures are posting gains, with support from fading crop conditions.
- USDA rated the corn crop as 57% good to excellent, down three percentage points from the previous week. On the Pro Farmer Crop Condition Index (CCI; 0-500 point scale, with 500 being perfect) the crop declined 2.52 points to 353.20, which is 28.39 points below year-ago at this time.
- Farmers in Brazil had planted 2% of their first corn crop as of late last week, compared to 3.2% last year, according to AgRural. Planting has started in Parana and Santa Catarina while wet conditions have slowed initial planting in the state of Rio Grande do Sul. There are no reports of corn being planted yet in Argentina.
- December corn futures are trading inside Monday’s range, with resistance at the previous session high of $5.24 ¼. Initial support is at $5.09.
Soybeans are mostly 8 cents higher, while meal is around a dime higher. Soyoil futures are mostly 40 points higher.
- Soybeans are correctively higher in tandem with soyoil.
- USDA reported daily sales of 132,000 MT of soybeans to unknown destinations in 2026-27.
- USDA rated the soybean crop as 60% good to excellent, down a point from the previous week. On our CCI, the crop declined 2.96 points to 358.99, which is 14.93 points behind last year.
- November soybeans are facing support at the 10-day moving average of $12.15 ¾, while resistance is at $12.36 ¼, then at the July 24 high of $12.56 ½.
Winter wheat futures are unchanged to 2 cents higher, while HRS futures are mostly a penny to 3 cents lower.
- SRW wheat futures are modestly firmer as technical support continues to limit near-term sellers.
- USDA rated the spring wheat crop as 5% good to excellent, down one point from the previous week. Our CCI declined 3.86 points on the week, and currently sits 6.43 points behind year-ago.
- Russia is considering scrapping its grain export duty as exports face disruption from amid ongoing geopolitical tensions. The government is rumored to be discussing suspending the duty at least until the end of the year.
- December SRW futures are facing support at the 10-day moving average, trading at $6.89 ½, while resistance stems from the July 24 high of $7.28 1/4.
Live cattle and feeders are notably lower at midsession.
- Cattle futures are notably lower amid continued fund selling.
- Cash cattle trade averaged $225.01 last week, down $3.51 from the previous week.
- Choice boxed beef was unchanged on Monday at $385.9, while Select rose $3.70 to $365.02. Movement totaled 79 loads.
- USDA Secretary Brooke Rollins on Monday said the U.S. would reopen two additional ports to cattle shipments from Mexico in 30-day increments after imports restarted at an Arizona port. Rollins said in a news conference Monday that a second port in New Mexico will reopen in 30 days, Bloomberg reported, followed by a third port 30 days after that.
- October cattle futures are facing support at today’s fresh low of $211.075, which is backed by support at $209.53. Resistance stands at $215.33.
Hog futures are lower at midmorning.
- June lean hogs are under pressure, limited by technical resistance and continued cash weakness.
- The CME lean hog index is down 40 cents to 92.86 as of Aug. 21.
- The pork cutout value rose $1.97 on Monday to $99.93, led by gains in primal bellies. Movement totaled 253.9 loads.
- October lean hogs continue to face initial resistance at the 10-day moving average of $81.40, while support lies at last week’s low of $79.675.