Corn futures are 2 to 3 cents lower at midmorning.
· Corn futures are pressing lower for the fifth straight session ahead of USDA’s August crop reports.
· USDA’s Crop Production Report at 11:00 a.m. CT will feature the first survey-based corn crop estimate. NASS will also incorporate FSA certified acreage data into its crop estimate. Click here to view analysts’ pre-report expectations.
· USDA reported daily corn sales of 165,000 MT to unknown destinations during 2024-25.
· USDA reported corn export inspections of 974,677 MT (38.4 million bu.) for the week ended Aug. 8, down 297,450 MT but within the pre-report range of expectations from 800,000 MT to 1.3 MMT.
· Most of the western Corn Belt is forecast to receive some rainfall this week, while eastern areas of the region as well as portions of Kentucky, the lower Delta and interior southeastern states should be mostly dry through Friday. Rains are expected across the eastern Corn Belt during the upcoming weekend and early next week.
· December corn futures posted a contract low, with next support at $3.90, while initial resistance stands at $3.95 3/4.
Soybeans are mostly 6 to 7 cents lower, while soymeal futures are mostly around $2.00 lower. Soyoil is mostly 40 to 60 points weaker.
· Soybeans are lower in step with soymeal despite additional export activity.
· USDA reported daily soybean sales of 300,000 MT to unknown destinations. Of the total, 100,000 MT is for 2023-24 and 200,000 MT for 2024-25.
· USDA reported soybean export inspections of 326,546 MT (12.0 million bu.) for the week ended Aug. 8, up 59,663 MT from the previous week and within the pre-report range of expectations from 250,000 to 400,000 MT.
· China’s ag ministry raised its 2023-24 soybean import forecast by 2.27 MMT to 98.37 MMT, as falling global soybean prices spurred importers to book more arrivals for the final months of the marketing year.
· This morning, the Argentine government ordered two oilseed workers unions to suspend a strike for 15 days, which has paralyzed the nation’s top grains ports. The strike began last Tuesday as workers demanded that salaries stay ahead of high inflation.
· November soybeans have forged a fresh near-term low, with support at the session low of $9.92, while initial resistance stands at $10.06 1/2.
Wheat futures are mostly 7 to 10 cents lower.
· Wheat futures are favoring the downside amid a pullback following recent gains.
· USDA reported wheat export inspections of 649,199 MT (23.9 million bu.), up 178,717 MT from the previous week and above analysts’ expected range of 300,000 to 525,000 MT.
· APK-Inform increased its forecast for Ukraine’s grain production by 2.24 MMT to 55 MMT, citing larger wheat and corn crops. The consultancy raised its 2024-25 grain export forecast by 2.64 MMT to 38.8 MMT, including 23 MMT of corn and 13.4 MMT of wheat.
· December SRW wheat breached support at the 10-day moving average of $5.59 1/2, with additional support at $5.52 being challenged.
Live cattle are slightly lower, while feeders are posting moderate to sharp losses at midmorning.
· Cattle futures are weaker as technical resistance limits buyer interest to begin the week.
· Futures remain at steep discounts to the cash market, which is likely to limit seller interest, though negative packer margins and hesitance to pay up for cash cattle could weigh on prices over time.
· Choice boxed beef prices firmed 59 cents to $312.71 and Select rose 56 cents to $298.59 on Friday, ending a three-day skid in wholesale prices. Movement slowed to 108 loads.
· October live cattle were turned back by resistance at the 100-day moving average of $181.21, which is backed by the 10-day moving average of $181.71. Initial support lies at $179.975.
Hog futures are mostly lower at midsession.
· August hog futures are holding near unchanged as fading cash fundamentals limit buyer interest despite the discount to the cash index.
· The CME lean hog index is down 90 cents to $91.90 as of Aug. 8. That’s the fifth straight daily decline and the biggest drop since September of last year.
· The pork cutout value rose 43 cents on Friday to $98.86, ending a four-day string of losses.
· October lean hogs failed to find sustained buying above the previous session high of $74.375, which is backed by the 40-day moving average of $74.63. Initial support is at $73.075.