Corn is mostly 3 cents lower.
- Corn futures are posting losses for the fourth straight session, despite support from a weaker U.S. dollar and corrective strength in crude oil.
- President Donald Trump issued an executive order earlier today, imposing an additional 25% tariff on goods from India, due to direct or indirect imports of Russian oil.
- Mosaic Co., the world’s leading producer of two key crop fertilizers, said U.S. tariffs are limiting shipments to the U.S. Phosphate deliveries to the U.S. are “tracking well below last year,” with levies applicable to most sources of the fertilizer, the company said in its earnings release. Demand elsewhere in the world is absorbing some of the volumes no longer bound for the U.S., Mosaic said. The company posted an $8 million loss in its phosphate earnings in the second quarter.
- Ethanol production during the week ended Aug. 1 averaged 1.081 million barrels per day (bpd), down from 1.096 bpd in the previous week, but up from 1.067 million bpd a year-ago. Ethanol stocks fell 4% to 23.76 million barrels, falling below year-ago levels for the first time since May.
- September corn futures have forged a fresh for-the-move and contract low, with support now serving at $3.76 1/2, while resistance stands at $3.82 3/4.
Soybeans are 5 to 7 cents lower, while soymeal is $4.50 lower. Soyoil is fractionally higher.
- Soybeans are being led lower by corrective selling in meal and continued weakness in corn.
- Malaysian palm oil futures fell around 1% to below MYR 4,250 per MT as traders took profits after a 2.5% rally on Tuesday.
- Chinese crushers sold nearly 2 MMT of soymeal to local feed mills on Tuesday, which marked the biggest single-day sale of 2025. Local feed mills booked around 1.9 MMT of soymeal for delivery between October and January as a lack of progress on U.S.-China trade talks raised concerns over supplies during the peak U.S. soybean marketing season in the fourth quarter.
- Trump said the U.S. is “very close to a deal” with China to extend a trade truce, but would impose tariffs on additional countries, including China, if necessary.
- November soybean futures are testing support at $9.86, with additional support at $9.81 1/2. Initial resistance is at $9.94 1/4.
SRW wheat is 2 to 3 cents lower, while HRW futures are mostly 2 cents higher. HRS wheat is chopping around unchanged.
- SRW wheat futures continue to face notable technical selling despite a weaker dollar.
- Luhansk, one of four regions of Ukraine that Russia has claimed as its own, since the conflict began in 2022 between the two countries, expects to double its wheat harvest this year and send some for export, according to local officials.
- Rain in Saskatchewan and Manitoba this week and weekend should translate into some improvement for a part of the small grain crop, though most of the precip will fall to late in the driest areas to seriously change production, according to World Weather Inc. Ontario and Quebec production has been good this year, notes the forecaster.
- December SRW futures have carved a fresh contract low and have edged to the lowest level since Aug. 27 on the continuous chart, with support serving at $5.20 3/4. Initial resistance stands at $5.31.
Live cattle and feeders are firmer at midsession.
- Nearby live cattle are modestly higher but are being limited by resistance at Tuesday’s high.
- China’s investigation on beef imports has been extended into November, after originally being slated to end this month, according to Bloomberg. China is the world’s top buyer of beef, which means its imports are tracked closely by the global market.
- Wholesale beef values soared on Tuesday, with Choice up $4.15 to $369.94, while Select rose $4.35 to $345.94. Movement totaled 105 loads.
- August live cattle are trading within Tuesday’s upper range limited by resistance at this week’s high of $235.025, while initial support lies at $233.48.
Hog futures are mixed at midmorning.
- Nearby lean hogs have turned from earlier highs amid pressure from persisting cash weakness.
- The CME lean hog index is down another 43 cents to $109.56.
- The pork cutout value rose 33 cents to $118.12, with gains in primal bellies and hams offsetting declines in all other cuts. Movement totaled 274.1 loads.
- August lean hogs have notched a for-the-move high, though resistance stands at 10936. Initial support lies at $108.73.