Corn futures are 1 to 2 cents higher at midmorning.
· Corn futures are extending Wednesday’s gains on support from wheat and soybeans.
· USDA reported daily corn sales of 115,000 MT to Mexico for 2024-25.
· USDA reported weekly corn sales of 535,100 MT for the week ended Sept. 19. Net sales were below analysts’ pre-report range from 600,000 MT to 1.3 MMT for 2024-25. Exports of 1.104 MMT were primarily for Mexico.
· BNSF Railway and Union Pacific Railroad have suspended grain shipments to Mexico due to Ferromex’s inability to handle rising demand. The embargoes, driven by Mexico’s rail network congestion, have caused delays at key Texas border crossings.
· Helene will make landfall this evening in the northern Apalachee Bay south of Tallahassee, Florida, as Category 3 hurricane, with potential to become a Category 4 storm. As it moves northward inland, Helene may experience the Fujiwara Effect, when two low pressure systems collide and rotate around each other and then merge.
· December corn has moved above resistance at $4.17 1/2, with next resistance at $4.20. Support remains at the 10-, 20- and 40-day moving averages, currently trading at $4.11 1/2, $4.08 1/2 and $4.03.
Soybeans are mostly 3 cents higher, while soymeal futures are around $1.00 higher. Soyoil is mostly 30 to 60 points lower.
· Soybeans are higher for the fourth straight session with strong export data and soymeal strength providing support.
· USDA reported weekly soybean sales of 1.575 MMT for 2024-25, within the expected pre-report range of 900,000 MT to 2.0 MMT. Exports during the week totaled 518,000 MT.
· A widespread drought in Brazil has halted the transport of grains through the Madeira River, an important northern waterway linking key croplands with the country’s ports, regional port terminals association Amport said. The river is a key corridor for shipping products from Rondonia and parts of Mato Grosso, Brazil’s top soy producer, to export terminals located in the country’s northern states.
· November soybeans have tested resistance at $10.61 1/2 for the second straight session, with additional resistance at $10.69 1/2. Initial support lies at $10.46 1/4.
Wheat futures are mostly 3 to 7 cents higher.
· Wheat futures are building on Wednesday’s gains, with support from global supply concerns and technical buying.
· USDA reported weekly wheat export sales of 158,900 MT for 2024-25 — a marketing-year low, down 36% from the previous week and 60% from the four-week average. Net sales missed the pre-report range of 200,000 to 600,000 MT. Exports during the week totaled 710,500 MT, the second highest for the marketing year.
· Severe frosts have threatened wheat fields in Australia’s south and southeast, compounding concerns over dryness in western regions. Temperatures this month fell to negative 2C (28F) across almost 1.2 million hectares of wheat fields that were mostly located in New South Wales, according to crop forecaster Digital Agricultural Services.
· IKAR agricultural consultancy cut its forecasts for Russia’s wheat crop to 81.8 MMT from 82.2 MMT.
· Russiais expanding its Baltic Sea ports as it aims to boost agricultural exports by 50% by 2030 while reducing dependence on traditional Black Sea routes, officials said.
· December SRW wheat futures are testing resistance at $5.95 3/4, which is backed by the Sept. 13 high of $5.98 3/4. Initial support lies at $5.78 1/4.
Live cattle are slightly lower, while feeders are marking slight to moderate losses.
· Nearby live cattle are mildly weaker amid a fading outlook for cash fundamentals.
· Wholesale beef prices faced heavy pressure on Wednesday, with Choice down $3.72 to $298.17 and Select $3.59 lower to $283.28. That’s the lowest Choice price since May 10. Movement stayed strong at 171 loads, indicating strong retailer demand under the market.
· USDA will detail frozen meat stocks at the end of August. The five-year average is a 5.1-million-lb. increase in beef stocks.
· October live cattle are facing initial support at $182.22, which is backed by the 100-day moving average of $181.48. Initial resistance remains at $183.33.
Hog futures are posting moderate to sharp losses at midsession.
· October hog futures are notably lower amid continued wholesale weakness and ahead of this afternoon’s Hogs & Pigs Report.
· The CME lean hog index is down another 16 cents to $84.05 as of Sept. 24.
· Analysts expect USDA’s Hogs & Pigs Report this afternoon to show the U.S. hog herd grew 0.2% from year-ago to 76.285 million head as of Sept. 1. Market hog inventories are expected to be up 0.4%, while the breeding herd is anticipated to be down 2.1%.
· USDA will detail frozen meat stocks at the end of August. The five-year average is a 5.3-million-lb. rise in pork stocks during the month.
· October lean hogs are testing support around the 200- and 10-day moving average of $81.46 and $81.43, while resistance remains at $82.79.