Corn is mostly a penny to 2 cents lower.
- Corn futures are facing followthrough selling amid outside market pressure and spillover pressure from soybeans, but have bounced off earlier lows.
- Ukraine’s corn harvest is likely to reach 31.3 MMT, up from 26.9 MMT in 2024-25, according to Argus Media. However, if realized, it would still lag the five-year average by 9%. Exports are expected to surge nearly 6 MMT from the previous year to 26 MMT.
- Brazil’s safrinha corn harvest is winding down and good harvest weather is expected to continue this week, with some rain to disrupt fieldwork in the south later this week. Late season harvesting in Argentina was disrupted by heavy rain during the weekend, notes World Weather Inc.
- December corn futures are facing support at the 10- and 40-day moving averages, trading at $4.13 1/2 and $4.08 1/4, while initial resistance is at $4.19 1/2.
Soybeans are mostly a nickel lower, while soymeal is 60 cents lower. Soyoil is fractionally lower.
- Soybeans are extending losses for the third straight session amid lingering trade and demand uncertainties.
- President Trump has asked the Supreme Court to uphold his global tariffs, seeking review in a case that could affect trade and give him broad new leverage over the world economy. A defeat for Trump would cut the current average U.S. effective tariff rate by at least half and could force the U.S. to refund tens of billions of dollars, according to Bloomberg Economics.
- World Weather Inc. reports a soft frost occurred this morning in parts of eastern North Dakota, nearby and central Minnesota and southwestern and central Wisconsin, with some crops likely harmed, though it was not likely widespread enough to have significant impact on total production.
- Brazil’s soy exports are seen reaching 6.75 MMT in September vs. 5.16 MMT during September 2024, according to Anec.
- November soybean futures are facing support at the 40-day moving average, currently trading at $10.22 1/2, while the 20-day moving average of $10.35 1/2 is initial resistance.
Winter wheat futures are mostly 4 to 6 cents lower, while HRS futures are 2 to 3 cents lower.
- SRW wheat futures have carved a fresh contract low amid technical selling.
- The potential of remnant moisture from Hurricane Lorena affecting the U.S. HRW region in a more substantial way has declined, though some influence on the region’s shower activity is still possible, notes World Weather.
- Rainfall in the northern Plains will be limited over the next seven days, though greater rainfall is expected in the second week of the outlook, notes World Weather. Areas of frost and some pockets of light frost are still expected Saturday and Sunday morning.
- December SRW futures have carved a new contract low, with support now serving at $5.10 3/4, while initial resistance stems from 10- and 20-day moving averages, trading at $5.27 and $5.28, respectively.
Live cattle and feeders are moderately lower at midsession.
- Nearby live cattle are weaker in consolidative trade as market participants pause amid elevated uncertainty.
- Wholesale beef edged higher on Wednesday, with Choice up $2.59 to $416.01, while Select rose $1.56 to $387.73. Movement totaled 103 loads.
- October live cattle are pivoting around the 10-day moving average of $237.93 but continues to hold an inside range. Initial support remains at $236.70, while resistance is at $239.85.
Hog futures are posting modest-to strong gains at midmorning.
- Nearby lean hogs gapped higher at the open, supported by strong technical support and easing declines in the cash index.
- The pork cutout value rose 61 cents to $114.73 on Wednesday. Movement totaled 391.2 loads.
- The projected CME cash index price for Sept. 2 is unchanged at $105.92.
- October lean hogs are holding an inside range, limited by resistance at $95.11, while support lies at the 10- and 20-day moving averages of $93.34 and $91.93.