Corn is mostly 3 cents lower.
- Corn futures are correctively weaker as technical pressure and traders pause ahead of the Federal Reserve’s interest rate decision this afternoon.
- The Federal Reserve this afternoon is expected to raise the target range for the federal funds rate by 25 basis points to 3.75%-4.00%, marking the first rate hike since 2023, as inflation remains well above target and the energy shock stemming from the war with Iran continues to weigh on the outlook.
- Wetter weather in the northern Corn Belt and additional moisture in the west-central production areas will help fix long-term moisture deficits, but will delay crop maturation and harvest progress, notes World Weather Inc.
- This year’s dryness in France, the U.K. and southeastern Europe has cut into summer crop production. Some of that dryness has extended into Russia’s Southern region as well, reports World Weather.
- December corn futures continue to face resistance at the 10-day moving average of $5.36, which is backed by the Sept. 2 high of $5.49 ¾. Initial support lies at the 20-day moving average of $5.27.
Soybeans are a penny lower, while meal is around 70 cents lower. Soyoil futures are around 70 points lower.
- Soybeans have backed off overnight highs as resistance stands at last week’s high.
- Prospects for an extension to the U.S.-China trade truce are solidifying as the two sides discuss slashing tariffs on goods including American energy and agricultural products ahead of the leaders’ summit next week, Bloomberg reports. “Treasury Secretary Scott Bessent said Tuesday he’ll meet this weekend with his Chinese counterpart, He Lifeng, ahead of the summit between President Trump and Xi Jinping set for Sept. 24 in Washington.
- Palm oil output in the major producing region of Kalimantan in Indonesia could fall by 12% to 15% in the fourth quarter, with plantations hit by prolonged dry weather and widespread fires, according to Reuters.
- November soybeans are facing support at the Sept. 11 high of $13.35 1/4, while support lies at $12.85 1/2, which is backed by the 20-day moving average.
Winter wheat futures are unchanged to 2 cents lower, while HRS is modestly firmer.
- Winter wheat futures are modestly weaker amid technical pressure.
- Ukrainian farmers have started the winter wheat sowing for the 2027 harvest, however the winter wheat sowing area could decrease to about 4.5 million hectares, down from 4.7 million in 2026, according to agriculture ministry data.
- FranceAgriMer sharply reduced its forecast for French soft wheat exports this season earlier today, now down 10% on the year. A shift in wheat demand towards animal feed to replace corn is also expected, with the corn smallest corn crop since the 1970’s due to heat and drought.
- December SRW wheat are trading mostly between resistance at the 20-day moving average of $7.34 1/2 and the 40-day moving average, trading at $7.05 1/4. Additional resistance stands at the 10-day moving average of $7.44, while the psychological $7.00 serves as additional support.
Live cattle and feeders are lower at midsession.
- Cattle futures are correctively weaker despite improving cash and wholesale fundamentals.
- Cash cattle trade is slow to develop this week ahead of USDA’s Cattle of Feed Report on Friday.
- Boxed beef improved on Tuesday, with Choice up 77 cents to $376.08, while Select rose $1.81 to $356.36. Movement totaled 101 loads.
- October live cattle testing support at the 40-day moving average, trading at $219.46, with additional support at $218.35 and the 10-day moving average, trading around $217.00.
Hog futures are mixed at midmorning.
- October lean hogs continue to face selling amid notable technical and fundamental pressure.
- The CME lean hog index is down 61 cents to $86.60 as of Sept. 14.
- The pork cutout value slid $2.28 on Tuesday to $87.50, led by declines in all cuts aside from primal hams. Movement totaled 274.0 loads.
- October lean hogs have carved a fresh near-term low, though support remains at $78.61, which is backed by today’s low of $78.525. Resistance stands a t $79.34, $79.81 and $80.54.