Corn is mostly 2 cents higher.
- Corn futures are extending last week’s short-covering strength with support from crude oil gains.
- USDA reported weekly export inspections of 1.31 MMT (51.4 million bu.) for the week ended Aug. 21, up 253,630 MT and near the upper-end of the pre-report range of 990,000 MT to 1.4 MMT.
- Pro Farmer estimated a national average corn yield of 182.7 bu. per acre, based on in-field observations and sampling. This compares to USDA’s current yield projection of 188.8 bu. per acre.
- Farmers in Brazil’s center-south harvested 98% of their 2025 second corn crop as of last Thursday, according to AgRural.
- December corn futures are up against resistance at Friday’s high of $4.16 1/2, while the 40-day moving average of $4.13 3/4 now serves as initial support.
Soybeans are mostly 4 to 6 cents lower, while December soymeal is around 30 cents higher. Soyoil is fractionally weaker.
- Soybeans are modestly weaker, though meal futures are limiting sellers.
- Pro Farmer estimated a national average soybean yield of 53.0 bu. per acre, with total production at 4.246 billion bu. USDA projects a national soybean yield of 53.6 bu. per acre and production at 4.29 billion bu.
- Mild temps during the next week will reduce increases in stress and at least some rain Sep. 2-5 will induce some benefit to soybeans, but the rain should come too late to induce significant increases in yield, according to World Weather Inc.
- USDA reported export inspections of 382,806 MT (14.1 million bu.), down 119,988 MT from the previous week but within the pre-report range of 200,000 to 500,000 MT.
- Late last week, the EPA announced plans to issue a supplemental Renewable Volume Obligation (RVO) proposal for 2026-27.
- November soybean futures continue to find support at $10.52 3/4, while resistance stands at $10.63 1/2 and is backed by the June 20 high of $10.74 1/4.
SRW wheat is mostly 5 to 7 cents higher, while HRW futures are 3 to 4 cents higher. HRS futures are around 2 to 3 cents higher.
- SRW wheat futures have scored a new for-the-move high amid an improved near-term technical posture.
- USDA reported weekly export inspections of 946,472 MT, up 546,245 MT from the previous week and well above the pre-report range of 350,000 to 550,000 MT.
- Rain in U.S. HRW wheat areas in the coming week to tendays will soak the ground for planting, although initial fieldwork will be delayed because of the rain, notes World Weather.
- December SRW futures are testing the 20-day moving average, currently trading at $5.32 3/4, for the first time in over a month. Additional resistance stands at $5.34, while support lies at the 10-day moving average of $5.27 3/4, then at $5.25 1/4.
Live cattle and feeders are notably lower at midsession.
- Nearby live cattle are correctively weaker in the wake of Friday’s surge to fresh all-time highs.
- Friday afternoon, USDA reported cattle and calves on feed for the slaughter market in feedlots with capacity of 1,000 or more head totaled 10.9 million head on August 1. That’s 2 percent below August 1, 2024. Placements in feedlots during July totaled 1.60 million head, 6 percent below 2024.
- Wholesale beef continued to firm, with Choice up 5 cents on Friday to $407.91, while Select rose 6 cents to $383.66. Movement totaled 118 loads.
- October live cattle are trading within Friday’s lower range with support layered at the previous session low of $234.30, then $232.71. Initial resistance is at $236.71 then at last week’s all-time high of $238.13.
Hog futures are mostly firmer at midmorning.
- Nearby lean hogs are modestly firmer amid technical support despite weakening cash and wholesale fundamentals.
- The pork cutout value slipped 36 cents on Friday to $112.96, led by an $11-gain in primal picnics. Movement totaled 278.0 loads.
- The CME lean hog index is down another 48 cents to $107.84 as of Aug. 21.
- October lean hogs are trading within Friday’s upper range, limited by resistance at $92.15, while the 40-, 20- and 10-day moving averages, layered from $90.88 to $90.60, serve as initial support.