Corn is mostly 4 cents lower at midmorning.
- Corn futures are weaker but trading well off earlier lows in tandem with soybean futures.
- USDA reported weekly net sales reductions of 829,600 MT during the week ended Aug. 27 for the 2025-26 marketing year. Meanwhile, new-crop sales totaled 1.986 MMT. Analysts expected old-crop sales to range from net reductions of 200,000 MT to 200,000 MT and new crop sales to run from 500,000 MT to 1.6 MMT.
- The European Union is looking “at all possible lanes” to support grain exports from Ukraine and is working to blunt the financial impact of extreme weather on farmers, EU Agriculture Commissioner Christophe Hansen told Bloomberg in an interview.
- The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, surged by 5.5% by 3,331 points on Wednesday, reaching its highest since December 2023. Gains were broad-based, led by the larger vessel segments.
- December corn futures are facing support at $5.36 ½ and the 10-day moving average, while resistance is at this week’s high of $5.49 3/4.
Soybeans are mostly 4 to 5 cents higher, while meal is around $5.80 higher. Soyoil futures are over 100 points lower.
- Soybeans have erased early weakness to post moderate gains, with meal futures leading the charge.
- USDA reported daily sales of 192,000 MT of soybeans to China during 2026-27.
- USDA reported net sales reductions of 94,200 MT for 2025-26. Net new-crop sales totaled 1.948 MMT. Analysts expected old-crop sales to range from net reductions of 200,000 MT to 200,000 MT and new-crop sales from 1.4 to 2.5 MMT.
- A disagreement between Chinese and U.S. officials at a Group of 20 finance chiefs meeting in North Carolina this week revolved around a dispute over the phrase “non-market” in a sentence addressing trade imbalances. The U.S. side attributed the impasse to disagreements on language spanning issues from critical minerals to debt restructuring, while Chinese officials saw the term as a veiled attack on state-owned companies.
- November soybeans are facing support at $12.98 3/4 and $12.87 ½, while resistance stands at Wednesday’s high of $13.24.
Wheat futures are mostly 19 to 22 cents lower.
- SRW wheat futures are under pressure as traders pause in the wake of recent talks of peace in the Black Sea.
- USDA reported weekly wheat sales of 313,500 MT during the week ended Aug. 27, down 22% from the previous week and 7% from the four-week average. Net sales were short of analysts’ pre-report range of expectations from 350,000 to 650,000 MT.
- Wheat has turned lower following comments from Russian President Vladimir Putin, which cited the possibility of a peace deal with Ukraine. He also noted that restarting talks is harder after Ukrainian attacks on SHipping.
- Asian wheat importers have purchased at least a half million metric tons of Australian and Argentinian wheat in recent deals, as buyers scramble to replace Black Sea cargoes amid attacks on vessels and grain export infrastructure, according to Reuters who cited trade sources.
- December SRW futures are facing support at the 10-day moving average of $7.47 1/4, then at $7.30 1/4. Initial resistance is at $7.77 3/4, then at this week’s high of $7.95.
Live cattle and feeders are solidly higher at midsession.
- Cattle futures are solidly higher in corrective trade.
- Choice boxed beef fell 97 cents on Wednesday to $378.78, while Select fell $6.87 to $353.58. Movement totaled 95 loads.
- USDA reported net beef sales totaled 12,900 MT for 2026 during the week ended Aug. 27. Net sales were up 41% from the previous week but down 2% from the four-week average.
- October cattle futures are now facing initial resistance at the 20-day moving average of $217.60, while support lies at Wednesday’s close of $210.175.
Hog futures are firmer at midmorning.
- October lean hogs are firmer but continue to be limited by technical resistance.
- The pork cutout value fell $2.28 on Wednesday to $95.62, led by a $7.50 decline in primal bellies. Movement totaled 227.5 loads.
- USDA reported net pork sales totaled 35,000 MT for 2026 during the week ended Aug. 27, down 10% from the previous week but up 8% from the four-week average.
- October lean hogs are up against resistance at the 40-day moving average of $84.05, which is backed by the 100-day moving average of $85.44. Support lies at $83.18 then at $82.59, which is backed by the 10- and 20-day moving average.