GRAIN CALLS
Corn: unchanged to 2 cents higher.
Soybeans: 3 to 5 cents higher.
Wheat: 1 to 4 cents lower.
GENERAL COMMENTS: Persisting SRW wheat weakness kept corn futures at bay overnight, while soybeans posted modest gains. Today marks the final day of the Pro Farmer Crop Tour, with final yields and national estimates set for release this afternoon at 1:30 pm CT. Outside markets are generally supportive amid followtrhough strength in crude oil and a slightly weaker U.S. dollar.
USDA reported daily sales of 120,000 MT of soybeans for delivery to unknown destinations during 2024-25.
Scouts on day 4 of the Pro Farmer Crop Tour on Thursday calculated an average corn yield of 192.79 bu. per acre in Iowa, up from 182.80 bu. per acre last year but down from the three-year average of 185.79 bu. per acre. Soybean pod counts in a 3’x3’ square averaged 1,312.31 for Iowa, up from 1,190.41 last year and the three-year Tour average of 1,191.21.
For Minnesota, the Tour found an average corn yield of 164.9 bu. per acre, down from 181.34 bu. per acre last year and the three-year average of 183.06 bu. per acre. Soybean pod counts in a 3’x3’ square averaged 1.036.59 in Minnesota, down from last 984.39 year and the three-year average of 1,037.70.
Pro Farmer’s U.S. corn and soybean crop estimates will be released today at 1:30 p.m. CT.
Canada’s federal government ordered its two largest railways to enter binding arbitration with its workers’ union, swiftly ending a shutdown that business groups warned would have “devastating” economic consequences across North America. This decision was made after it became clear that negotiations were unlikely to succeed without intervention.
Fed Chairman Jerome Powell is slated to speak at the gathering of central bank officials at 9:00 a.m. CT, giving some guidance on the size of an expected U.S. interest rate cut in September. Traders will closely watch his comments for hints in future monetary policy.
CORN: December corn futures are trading within Thursday’s lower range, with initial support serving at the previous session low of $3.93 and is backed by support at $3.91 1/4 and last week’s low of $3.90. Tehe 10-day moving average of $3.97 1/4 continues to serve up initial resistance and is backed by the 20-day, currently trading at $3.99 3/4.
SOYBEANS: November soybean futures are hovering just below the 20-day moving average of $9.96 1/4 in narrow trade, with support serving at Thursday’s low of $9.60, and is backed by the recent low of $9.55.
WHEAT: December SRW futures are trading narrowly within Thursday’s lower range, with support serving at $5.25 1/4 and then this week’s low of $5.26 1/4. Initial resistance stands at the 10- and 20-day moving averages, currently trading at $5.49 and $5.54 1/4, respectively.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Higher.
CATTLE: Live cattle futures and feeders are expected to open mostly higher, stabilizing ahead of this afternoon’s USDA Cattle on Feed Report. Live cattle futures showed relative strength on Thursday, reversing from recent lows and technical support. That strength is expected to continue today, reducing some of the big discounts to the cash market. Wholesale beef prices continue to stabilize, with Choice cutout firming 78 cents to $315.99 and Select rising 95 cents to $302.03 on Thursday.
HOGS: Lean hog futures are expected to open higher in a continuation of Thursday’s strength. October futures broke out of the recent sideways range, surging to a two and a half month high on Thursday. Some strength returning to the wholesale market likely lent some support, as pork cutout rose $1.88 to $96.43 with all cuts except picnics posting gains on the day. The CME lean hog index sunk another 38 cents to $88.83 as of Aug. 21.