Corn is mostly 3 to 4 cents lower.
- Corn futures are weaker for the third straight session amid general selling across the grain complex.
- Waves of rainy weather in the northern and central Corn Belt and additional moisture in west-central production areas will help fix long-term moisture deficits, but will delay crop maturation and harvest progress, notes World Weather Inc.
- The condition of the French corn crop worsened last week to hit another record low, according to FranceAgriMer, as hot, dry weather persisted in the European Union’s biggest grain producer. By September 14, 23% of the corn crop was in good to excellent condition, down from 23% a week earlier.
- December corn futures are being limited by resistance at the 10- and 20-day moving averages, each trading around $5.32, while support lies at $5.26 and $5.21 1/2.
Soybeans are 17 to 18 cents lower, while meal is more than $13.00 lower. Soyoil futures are around 50 points lower.
- Soybeans are lower in tandem with meal futures lower, which are facing heavy corrective selling.
- USDA reported daily sales of 111,000 MT of soybeans to China during 2026-27.
- Brazil’s soybean exports are expected to total 115 MMT, according to Abiove earlier today, down 400,000 MT after China, the world’s largest importer, ramped up U.S. soybean purchases.
- Brazil’s center west rainfall will be sporadic and light over the next week to ten days, possibly delaying some early season soybean planting and raising the need to replant some of the early seeded crop, notes World Weather Inc.
- November soybeans are testing the 10-day moving average, though psychological support at $13.00 and the 20-day moving average, trading at $12.94 are serving up support. Resistance stands at $13.21, then at the Sept. 11 high of $13.35 1/4.
Winter wheat futures are 12 to 13 cents lower, while HRS futures are mostly 9 cents lower.
- Winter wheat futures are facing technical selling and pressure from a firmer U.S. dollar.
- Far southern Brazil will see frequent rain over the next ten days, resulting in some concern over wheat quality and potential delay to early season corn and rice planting, according to World Weather Inc.
- India is on course for its driest monsoon in 17 years as a strengthening El Niño curbs rainfall, threatening crop yields and raising food-price risks, said a Bloomberg report. Cumulative rainfall during the June to September monsoon season is 15% below the long-term average so far, according to the India Meteorological Department.
- December SRW wheat are facing resistance at the 10- and 20-day moving averages, layered at $7.29 ½ and $7.38 ¾. Meanwhile, the 40-day moving average, trading at $7.06, continues to serve as initial support.
Live cattle and feeders are lower at midsession.
- Cattle futures are weaker ahead of USDA’s Cattle on Feed Report, due out this afternoon.
- The U.S. is reopening its biggest port for Mexican live cattle shipments, “marking a significant step in the Trump administration’s efforts to ease the pressures of a domestic cattle shortage,” said aBloomberg report. The port in Santa Teresa, New Mexico, is the second to reopen, after the U.S. in late 2024 stalled livestock shipments from Mexico in order to prevent the spread of the deadly New World screwworm.
- Boxed beef fell on Thursday, with Choice down $3.66 to $372.15 and Select down $2.69 to $351.88.
- October live cattle have tested support at the 20-day moving average, trading at $215.16, which is backed by support at $214.06 and the Aug. 26 low. Resistance stands at the 10-day moving average of $217.59, which is backed by the 40-day moving average.
Hog futures are weaker at midmorning.
- October lean hogs are weaker in narrow, consolidative trade.
- The CME lean hog index is down 79 cents to $85.02 as of Sept. 16.
- The pork cutout value firmed $1.19 to $87.54, led by gains in primal butts and picnics. Movement totaled 278.00 loads.
- October lean hogs are facing resistance at $79.36, while support lies at Thursday’s low of $78.275.