Corn is unchanged to a penny firmer.
- Corn futures have turned modestly firmer in rangebound trade.
- USDA rated the corn crop as 57% good to excellent as of Sunday, up one percentage point. The Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect), the crop rose 0.5 point on the week to 350.43. Corn harvest was estimated to be 8% complete, up two percentage points from the five-year average.
- Conab increased Brazil’s 2025-26 corn production to 144.01, up 2.15 MMT, but also cut exports by 2.58 MMT, due to stronger ethanol demand.
- World Weather Inc. said in a special report that many areas in France, the southern part of England and northeastern Spain as well as Hungary and a small part of western Ukraine have received no more than 50% of normal precipitation since mid-March, with a part of central France seeing less than 25% of normal precip.
- December corn is trading between the 10- and 20-day moving average, trading at $5.36 and $5.27. Greater resistance/support are at the Sept. 2 high of $5.49 ¾ and the psychological $5.00 level.
Soybeans are 8 cents higher, while meal is around $8.50 higher. Soyoil futures are fractionally weaker.
- Soybeans are being led higher by a surge in meal futures.
- USDA rated the soybean crop as 58% good to excellent, unchanged on the week. On our CCI, the crop faded 0.66 points to 354.69. Soybean harvest was estimated to be 6% complete, three-points ahead of the five-year average.
- Conab
- “The American Soybean Association and Wisconsin Soybean Association applaud CHS Inc.’s announcement that it will break ground on a soybean-processing facility near Evansville, WI,” said an ASA press release Monday. The approximately $700 million facility will be capable of processing 80 million bushels of soybeans annually.
- November soybeans are being limited by the 10-day moving average, trading at $13.12 ¼, while support lies at $12.94 ¼, which is backed by the 20-day moving average.
Winter wheat futures are 4 to 10 cents higher.
- Winter wheat futures are firmer but remain limited by technical resistance and a firmer U.S. dollar.
- USDA estimated winter wheat plantings were 8% complete as of Sept. 13, which trailed the five-year average by four percentage points.
- Ukraine said it hit the Syzran refinery in Russia’s Volga region overnight as the two nations continued attacks on each other’s critical infrastructure despite President Trump’s claim of an energy truce. “Russia hasn’t stopped striking our energy sector, conventional logistics and critical infrastructure. And our responses to them for this are tangible,” Ukraine’s President Volodymyr Zelenskyy said on Telegram on Tuesday, Bloomberg reported.
- December SRW wheat are facing initial resistance at the 20- and 10-day moving averages, trading at $7.34 and $7.43, while the 40-day moving average, trading at $7.05 is initial support.
Live cattle and feeders are lower at midsession.
- Cattle futures are weaker in corrective trade following strength over the past three sessions.
- Cash cattle trade averaged $222.82 last week, up $3.76 from the previous week.
- Choice boxed beef fell 63 cents on Monday to $375.31, while Select rose $1.42 to $354.55. Movement totaled 97 loads.
- October live cattle are facing initial resistance at $223.25, while initial support lies at $220.575, which is backed by the 40-day moving average.
Hog futures are lower at midmorning.
- October lean hogs are modestly firmer while deferred contracts are under pressure.
- The CME lean hog index is down 73 cents to $87.21 as of Sept. 11.
- The pork cutout value fell 2 cents to $89.78 on Monday with gains in most cuts offsetting declines in primal bellies and hams.
- October lean hogs are trading within Monday’s lower range, with support at the previous session low of $71.175 then at $78.725. Resistance stands at $80.05 then at $80.925, which is backed by the 20-day moving average.