GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: Steady to 2 cents lower.
Wheat: SRW 6 to 8 cents lower; HRW 8 to 10 cents lower; HRS 8 to 10 cents lower.
GENERAL COMMENTS: Wheat saw relative weakness overnight with corn and soybeans following modestly to the downside. Each saw an increase in buying interest this morning. Outside markets are favorable this morning as front-month crude oil futures are modestly higher and the U.S. dollar index is around 200 points lower.
USDA reported daily export sales of 132,000 MT of soybeans for delivery to unknown destinations during the 2024-25 marketing year.
Temps will run above normal across the Corn Belt, Plains and Delta over the next week to 10 days. Dry conditions are expected from the lower Midwest through the Tennessee River basin, while there will be rain chances late this week for the upper Midwest and Southern Plains. Potential tropical storm eight could bring heavy rains to areas of the Southeast.
Analysts expect the National Oilseed Processors Association (NOPA) to report its members crushed 171.3 million bu. of soybeans in August, according to a Reuters survey. That would be down 6.3% from July but up 6.1% from last year and a record for the month. Soyoil stocks at the end of August are expected to total 1.356 billion pounds.
Former President Donald Trump is unharmed after Secret Service agents opened fire on a gunman at his West Palm Beach golf club, marking the second apparent assassination attempt against him. The suspect, 58-year-old Ryan Wesley Routh, fled the scene but was arrested soon after. Trump assured supporters he is “safe and well” and remains undeterred.
Statistics Canada estimated Canadian wheat production at 34.3 MMT, up 4.1% from last year. It estimated Canadian canola production down 1.1% to 19.0 MMT.
CORN: December corn futures saw modest profit-taking overnight. Resistance stands at $4.14, Friday’s high, then $4.20. Further profit-taking finds support at the 40-day moving average at $4.07 3/4 then $4.04 1/2.
SOYBEANS: November soybean futures saw relative strength overnight. Prices continue to struggle against downtrend resistance from the early Sept. high at $10.07. Further resistance stands at last week’s high of $10.21. Support lies at the psychological $10.00 mark then $9.95 1/2.
WHEAT: December SRW futures led losses overnight. Prices pulled back from Friday’s two-month high overnight. Support comes in at $5.82 3/4 then the 10-day moving average at $5.75 1/2. Bulls are looking to overcome 100-day moving average resistance at $5.93 1/2 before tackling the psychological $6.00 mark.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/lower.
CATTLE: Live cattle futures and feeders are expected to open with a mostly weaker tone, driven lower by technical selling. October live cattle futures confirmed downtrend resistance stemming from the mid-August peak, which is likely to lead to more downside today. Cash cattle prices are poised to fall for the seventh consecutive week, which continues to weigh on futures as well. Wholesale beef prices fell $2.27 for Choice to $304.91 and $1.47 for Select to $294.17 on Friday. While movement has remained strong, averaging 148.8 loads last week, Choice beef dropped to the lowest level since mid-May.
HOGS: Lean hog futures are expected to open with a mostly weaker tone, driven lower by seasonal weakness in the cash markets. Technical support could limit selling after the open, as October futures closed on Friday just above uptrend line support. The CME lean hog index is down another 48 cents to $84.87 as of Sept. 12, down $8.77 from the seasonal peak on Aug. 1. Pork cutout dropped 28 cents to $93.90 on Friday, led lower by bellies, loins and butts, though movement remains quite firm, averaging 351.9 loads last week.