Corn is mostly unchanged to a penny higher.
- Corn futures are modestly firmer in narrow trade ahead of USDA’s quarterly Grain Stocks report.
- USDA will release its quarterly Grain Stocks report at 11 a.m. CT. On average, analysts expect Sept. 1 corn stocks at 1.918 billion bu., which would represent a six-year high and a 24% annual increase. However, the estimate is below USDA’s projected 2025-26 ending stocks of 1.922 bu. In the September WASDE report.
- Additional waves of rain coming to the western Corn Belt into the weekend will delay fieldwork, though World Weather Inc. forecasts a much drier pattern will occur Friday into Oct. 14.
- December corn futures are trading within Tuesday’s range, limited by resistance at the 10- and 20-day moving averages, trading at$5.43 and $5.36 ½, while support is at $5.33, which is backed by the 40-day moving average.
Soybeans are 7 to 8 cents higher, while meal is around $4.50 higher. Soyoil futures are fractionally higher.
- Soybeans are posting followthrough gains, with support from meal futures.
- USDA reported daily soybean sales of 105,000 MT to unknown destinations during 2026-27.
- On average, analysts expect USDA to peg Sept. 1 soybean stocks at 324 million bu., down slightly from year ago and below the 325 million bu. Projected for 2025-26 in the Sept. 11 WASDE.
- November soybeans are facing initial support at $12.86 ½, which is backed by the 40-day moving average. Meanwhile, resistance stands at the 20- and 10-day moving averages, each trading around $13.14.
Wheat futures are 2 to 5 cents lower.
- Wheat futures are facing technical selling, though support at the 100-day moving average is limiting seller interest.
- On average, analysts expect USDA to peg Sept.1 wheat stocks at 1.872 billion bu. If realized, it would be down 12.3% from year ago and would represent the smallest Sept. 1 wheat stocks figure since 2023. Meanwhile, analysts expect USDA to peg all wheat production for 2026-27 at 1.524 billion bu., with winter wheat production at 988 million bu.
- Sovecon cut its forecast for Russia’s 2026-27 grain exports to 44.7 MMT, d brown from 49.4 MMT, and warned that Azov and Black Sea ports will remain shut until 2027.
- December SRW wheat futures are being supported at $6.85 ¾, which is backed by the 100-day moving average of $6.76. Resistance is at $6.97 ¼, which is backed by the psychological $7.00 level and the 40- and 10-day moving averages.
Live cattle are lower while feeders are higher at midsession.
- Cattle futures have carved for-the-move highs amid support from technical buying and wholesale strength.
- Boxed beef edged higher on Tuesday, with Choice up $2.18 to $382.66 and Select up $6.25 to $364.48. Movement totaled 112 loads.
- China will start collecting an additional 55% tariff on Brazil beef shipments on Oct. 1 after the South American country reached its annual quota of 1.1 MMT, the commerce ministry said earlier today.
- Japan has opened its market to Argentine beef after 20 years, Argentina’s economy minister Luis Caputo said earlier today. The two countries had reached an agreement after sanitary requirements were set for beef imports to come from zones in Argentina free of foot-and-mouth disease, where vaccinations are used, according to a post on X.
- December live cattle are facing support at the 10-, 20- and 40-day moving averages, layered from $220.54 to $219.32. Resistance stands at $224.68 and is backed by the 100- and 200-day moving averages.
Hog futures are lower at midmorning.
- Lean hog futures are weaker in narrow trade amid technical pressure and weak cash and wholesale fundamentals.
- The CME lean hog index is down 27 cents to $80.94 as of Sept. 28.
- The pork cutout value fell 3 cents on Tuesday to $87.77. Movement totaled 327.13 loads.
- December lean hogs are facing resistance at $70.45, which is backed by the 20- and 40-day moving averages, while support lies at $68.60 and is backed by this week’s low of $68.175.