Corn is mostly unchanged but modestly favoring the upside.
- Corn futures are mostly unchanged amid pressure from rising global production prospects and lackluster sales for the first week of the new marketing year.
- USDA reported weekly new-crop export sales of 539,900 MT for the week ended Sept. 4. The new marketing-year began Sept. 1. Net sales were well below analysts’ pre-report expectations of 900,000 MT to 2.4 MMT.
- Conab reported Brazilian farmers harvested a record 139.67 MMT of corn in the 2024-25 season in its final grain production report, marking a 2.67 MMT jump from August.
- December corn futures are facing resistance at the 10-day moving average of $4.05 3/4, while initial support lies at $4.15 3/4, which is backed by the 20- and 10-day moving averages, each trading around $4.12.
Soybeans are mostly 8 to 9 cents higher, while soymeal is around $2.80 cents higher. Soyoil is around 30 points higher.
- Soybeans are reclaiming most of this week’s losses, with unified support from meal and soyoil.
- USDA reported 541,100 MT for the 2025-26 crop year, which began Sept. 1. Net sales were within the pre-report range of 400,000 MT to 1.6 MMT.
- Conab reported Brazil’s 2024-25 soybean harvest was a record at 171.47 MMT, up 1.82 MMT from August.
- Argentina’s estimated soybean planted area for 2025-26 is expected to fall 4.3% from the previous year to 17.6 hectares, according to the Buenos Aires Grains Exchange.
- November soybeans have found support around $10.22, while resistance remains at the 10- and 20-day moving average, trading at $10.35 3/4 and $$10.39 3/4.
SRW wheat futures are mostly a penny to 2 cents higher, while HRW and HRS futures are mostly unchanged to a penny lower.
- SRW wheat futures have turned steadily from overnight lows, with support from a weaker U.S. dollar.
- USDA reported net wheat sales of 305,400 MT for 2025-26, down 2% from the previous week and 43% from the four-week average. Net sales were near the low end of pre-report expectations, ranging from 300,000 to 650,000 MT.
- This year’s European Union wheat crop is expected to have reached a record high of 136.1 MMT, according to commodities research company Expana earlier today. The estimate is up 19.8% from 2024-25 and eclipses the previous record of 135.6 MMT in 2015.
- December SRW futures have carved a new contract low, though initial support now lies at $5.12 1/2, while resistance continues to stem from the 10- and 20-day moving averages, layered from $5.22 3/4 to $5.24 3/4.
Live cattle are notably higher, while feeders are posting stronger gains at midsession.
- Nearby live cattle are firmly higher, as technical support and supply fundamentals curb followthrough selling.
- Wholesale beef values slid on Wednesday, with Choice down $2.03 to $4.05.64, while Select fell $3.28 to $383.68. Movement totaled 136 loads.
- USDA reported net beef sales of 12,100 MT for 2025, down 27% from the previous week but up 8% from the four-week average.
- October live cattle continue to find support at the 40-day moving average of $230.08, while resistance stems from the 20- and 10-day moving averages, currently trading at $235.01 and $235.82.
Hog futures are mixed at midmorning.
- Nearby lean hogs are higher amid continued wholesale support and firmer cash fundamentals.
- The CME lean hog index is up 6 cents to $105.93 as of Sept. 9.
- The pork cutout value rose 66 cents to $114.77, with gains in primal bellies and hams offsetting losses in all other cuts. Movement totaled 322.9 loads.
- USDA reported net pork sales of 17,300 MT for 2025, down 27% from the previous week and 35% from the four-week average.
- China’s government has summoned its biggest hog producers to discuss measures to cut pork production in its latest move to tackle oversupply and bolster pork prices, according to Bloomberg.
- October lean hogs have notched a new contract high of $97.975, though resistance continues to serve at $97.67, which is backed by resistance at $98.71. Meanwhile, initial support lies at $96.81.