Corn is mostly 3 to 4 cents higher.
- Corn futures are firmly higher ahead of USDA’s Production and Supply & Demand Reports at 11 a.m. CT.
- USDA is expected to release an average yield of 186.2 bu. per acre, according to a Reuters poll of analysts, which would be a 2.6 bu. per acre trim from August. Production is expected at 16.516 billion bu. while 25-26 ending stocks are anticipated at 2.011 billion bu., on average.
- The U.S. and India are close to resolving differences over a trade deal, according to Sergio Gor, President Trump’s pick for ambassador to India. Gor’s comments were made at a U.S. Senate confirmation hearing Thursday.
- December corn futures have wiped out the early September high but continue to face resistance from the 100-day moving average of $4.27 1/2, while support lies at $4.17, and is backed by the 20-day moving average.
Soybeans are mostly 8 to 9 cents higher, while soymeal is around $1.30 lower. Soyoil is around 70 points higher.
- Soybeans are edging higher amid a more positive tone as U.S./China trade talks are set to resume next week.
- USDA reported daily sales of 22,000 MT of soyoil to South Korea during 2025-26.
- USDA is expected to release an average yield of 53.3 bu. per acre according to a Reuters poll, which would be down 0.3 bu. per acre from August. Production is expected at 4.271 billion bu., while ending stocks are anticipated at 288 million bu.
- U.S. Treasury Secretary Bessent will meet with Chinese Vice Premier He Lifeng in Madrid, Spain next week to discuss trade, economic and national security issues in another sign that talks between the two sides are making progress.
- The National Soybean Processers Association (NOPA) is estimated to have crushed 182.857 million bushels in August, according to a Reuters poll. If realized, it would be down 6.6% from July but up 15.7% from August 2024. It would also be the largest August crush on record as NOPA membership has grown amid crush expansion in recent years. Soyoil stocks as of Aug. 31 are projected at 1.298 billion pounds.
- November soybeans have edged above the 10- and 20-day moving averages, though resistance now stands at $10.43 1/2. Meanwhile, initial support is at the 100-day moving average of $10.30 1/4.
Wheat futures are mostly 2 to 3 cents lower.
- SRW wheat futures continue to face pressure from increased global production prospects and a firmer U.S. dollar.
- Analysts expect USDA to peg 2025-26 wheat ending stocks at 865 million bu., according to a Reuters poll, which would be a 4 million bu. decline from August.
- World Weather Inc. reports Rain expected in the Canadian Prairies will slow harvest progress during the weekend and early next week. Some unharvested grain could be vulnerable to a quality decline, especially in Saskatchewan and western Manitoba which are expected to be the wettest.
- December SRW futures are trading within Thursday’s upper range, limited by resistance at the 10- and 20-day moving averages, layered from $5.22 1/4 to $5.24 3/4, while support stems from this week’s low of $5.12.
Live cattle modestly higher, while feeders are notably weaker at midsession.
- Nearby live cattle are modestly higher in corrective trade, though overhead technicals are curbing momentum.
- There was more active cash cattle trading reported by USDA Thursday at midday, with steers averaging $238.98 and heifers averaging $238.28.
- Wholesale beef values continued to erode on Thursday, with Choice down $4.85 to $400.79, while Select slipped $3.73 to $379.95. Movement totaled 112 loads.
- October live cattle are trading inside Thursday’s upper range, limited by resistance at the confluence of the 20- and 10-day moving averages, trading around $235.25, while the 140-day moving average of $230.64 continues to serve up support.
Hog futures are modestly firmer at midmorning.
- Nearby lean hogs are correctively weaker after new contract highs were scored on Thursday.
- The CME lean hog index is up 11 cents to $106.04.
- The pork cutout value dove $1.60 on Thursday to $113.17, led by a $10.00-plus drop in primal bellies. Movement totaled 292.5 loads.
- October lean hogs are holding an inside pattern, limited by resistance at this week’s contract high of $98.45, while initial support lies at $97.28 and is backed by the 10-day moving average.