Corn is mostly 2 to 3 cents lower.
- Corn futures are weaker for the third straight session amid technical selling.
- Crop areas west of the Mississippi River will see wet weather into Oct. 3 that will slow fieldwork with multiple rounds of heavy rain from eastern Nebraska and eastern Kansas into Iowa and northern Missouri, according to World Weather Inc.
- French corn ratings held steady during the week ended Sept. 21, rated 23% good to excellent, according to farm office FransAgriMer. However, that’s down from 62% a year ago. Harvest was estimated to be 45% complete.
- December corn futures are being limited by the 10- and 20-day moving averages, trading at $5.31 3/4 $5.34 1/2.
Soybeans are 8 to 9 cents lower, while meal is around $3.70 lower. Soyoil futures are around 10 points lower.
- Soybeans are weaker but continue to hold a sideways pattern that’s held since Sept. 1.
- Bloomberg reports “President Trump’s fete for China’s Xi Jinping has been heavy on pageantry and platitudes but light on substantive announcements,” said the report. “Through Thursday evening in Washington, the most significant news tied to the gathering was announced before it even began, when Treasury Secretary Scott Bessent said just as Xi’s plane landed that the two sides had extended a trade truce for another two months. Anticipated agreements on tariff cuts and a new line of communication on artificial intelligence have yet to be announced, and Chinese stocks in Hong Kong declined, suggesting traders saw a lack of progress.”
- Soybean processors in the western Midwest are offering hefty premiums for immediate deliveries as persistent rains delay early harvest, tightening supplies and forcing some plants to scale back production.
- November soybeans are being pressured by resistance at the Sept. 11 high of $13.35 1/4, while support lies at $12.91 1/4.
Winter wheat futures are mostly 6 to 8 cents lower, while HRS futures are mostly 2 to 8 cents lower.
- Winter wheat futures are weaker amid technical pressure but are trading well off session lows.
- Turkish President Tayyip Erdogan said Turkey had stepped up efforts to reestablish the Black Sea grain corridor. Erdogan said he had discussed the issue again with Ukrainian President Volodymyr Zelensky and received a positive response.
- Ukraine’s grain stocks totaled 24.6 MMT as of Sept. 1, up 10 MMT from the same date a year ago, according to analyst APK-Inform.
- December SRW wheat are facing resistance at the 40-, 10- and 20-day moving averages, layered from $7.09 1/2 to $7.35 1/2. Support lies at the 100-day moving average of $6.75 1/4.
Live cattle are lower while feeders are mixed at midsession.
- Cattle futures are modestly weaker amid technical and wholesale pressure.
- The U.S. has asked Paraguay to ship more of its beef to cool elevated prices at home, but hasn’t provided the South American nation with an export quota, President Santiago Peña told Bloomberg earlier today.
- Cash cattle trade so far this week has averaged $221.53, down slightly from last week.
- Choice boxed beef fell $1.19 on Thursday to $376.12 while Select fell 24 cents to $352.10. Movement totaled 116 loads.
- October live cattle are facing resistance at the 40- and 10-day moving averages, layered at $218.80 and $219.11, while support lies at $217.76, which is backed by the 20-day moving average, trading at $216.72.
Hog futures are lower at midmorning.
- Lean hog futures are weaker amid technical selling and fading wholesale fundamentals.
- The CME lean hog index is down 27 cents to $82.20 as of Sept. 23.
- The pork cutout value fell 72 cents to $86.10 on Thursday, led by a $3 decline in primal bellies. Movement totaled 254.3 loads.
- October lean hogs are facing support at $68.475, which is backed by the Sept. 18 low $68.275. Resistance stands at $70.225, then at $70.975, which are backed by the 20- and 40-day moving averages, layered at $71.82 and $72.38.