Corn is mostly 2 to 3 cents lower at midmorning.
- Corn futures are pausing after Wednesday’s push to fresh highs, though strength in wheat futures are limiting seller interest.
- USDA reported weekly corn sales of 31,200 MT for 2025-26, a marketing year low, during the week ended Aug. 20, down 87% from the previous week and 89% from four-week average. Net sales of 1.067 MMT for 2026-27.
- China is expected to ship at least 1.2 million tons of a key fertilizer variety to India, marking a ramp-up in sales from the world’s top producer after Beijing loosened export controls earlier this year. The shipments are part of India’s most recent tender for urea, a widely used nitrogen fertilizer, with the volume accounting for at least two-thirds of the total quantity booked,” said a Bloomberg report.
- December corn futures are facing resistance at Wednesday’s high of $5.38 3/4, while initial support lies at $5.25 1/2.
Soybeans are mostly 2 to 3 cents higher, while meal is around $1.30 higher. Soyoil futures are around 90 point higher.
- Soybeans are trading well off of earlier lows, though Wednesday’s high is curbing buyer interest.
- USDA reported weekly soybean sales of 104,700 MT during the week ended Aug. 20, up 13% from the previous week and 28% from the four-week average. Net sales of 322,800 MT were reported for 2026-27.
- Soybean planting in Mato Grosso begins Sept. 16 and producers may wait for additional rain and increases in soil moisture before planting as there is often a period of hot and dry weather in September that may evaporate much of the coming rain, notes World Weather Inc.
- November soybeans are facing resistance at Wednesday’s high of $12.70, which is backed by resistance at $12.80. Support lies at $12.56, then at $12.42, which are backed by the 10-day moving average.
Wheat futures are mostly 9 to 15 cents higher.
- SRW wheat futures are extending Wednesday’s gains and have marked a fresh-for-the-move high as Black Sea supply constraints continue to hover over the marketplace.
- USDA reported weekly wheat sales of 402,500 MT for 2026-27 during the week ended Aug. 20, up 2% from the previous week and 41% from the four-week average.
- Argentina’s wheat establishment has likely advanced well, notes World Weather, though some rain is needed in western production areas. Southern Brazil wheat is rated in favorable condition, along with wheat in northern Brazil, where harvest has begun. There is concern tattoo much rain will negatively impact southern Brazil crop later this spring.
- December SRW futures are facing resistance at $7.64 then at $7.79 3/4. Initial support is at $7.32 1/2.
Live cattle and feeders are higher at midsession.
- Cattle futures are posting solid corrective gains, with feeders leading the charge.
- President Trump on Wednesday indicated he was open to changing federal beef-processing regulations, saying a loosening “could be a very good call for ranchers or farmers – no, for the country,” Bloomberg reported. Trump, in an interview with conservative radio host Glenn Beck, didn’t provide details on what regulatory changes he might consider.
- Boxed beef slid on Wednesday, with Choice down $3.40 to $385.13 and Select down $6.30 to $362.68. Movement totaled 119 loads.
- USDA reported weekly beef sales of 9,200 MT for 2026, down 1% from the previous week and 38% from the four-week average.
- October cattle futures gapped higher at the open, and are facing support at $210.82, which is backed by Wednesday’s low of $209.525. Initial resistance stands at the 10-day moving average, trading at $215.83.
Hog futures are mixed at midmorning.
- October lean hogs are modestly weaker, with pressure from cash and wholesale weakness and looming technical challenges.
- The pork cutout value fell $2.12 to $95.55 on Wednesday, led by declines in all cuts aside from primal butts. Movement totaled 273.8 loads.
- USDA reported weekly pork sales of 38,700 MT for 2026, up 42% from the previous week and 23% from the four-week average.
- October lean hogs continue to face resistance at the 10-day moving average, trading at $81.00, which is backed by the 20-day moving average. Initial support lies at $80.32, then at last week’s low of $79.675.