Corn futures are unchanged to fractionally higher at midmorning.
· Corn futures are posting gains for the sixth straight session, though pressure on soybeans is limiting gains.
· For the week ended Aug. 29, USDA reported net corn sales reductions of 173,100 MT for 2023-24 — a marketing-year low. Net sales totaled 1.823 MMT for 2024-25, which were well above expectations. Traders expected sales to range from (100,000) to 100,000 MT for 2023-24 and 700,000 Mt to 1.4 MMT for 2024-25. Exports totaled 1.061 MMT.
· Corn plantings have begun early in Argentina despite concerns over a lack of rain and the impact of leafhoppers on the new-crop planted area.
· December corn futures pushed to an intra-day high at $4.16 before pulling back, just shy of resistance at $4.16 3/4. Initial support remains at $4.07 1/4.
Soybeans are trading mostly 11 to 12 cents lower, while soymeal futures are more than $1.00 higher. Soyoil is around 130 points lower.
· Soybeans are being led lower by corrective selling in soyoil futures.
· USDA reported net soybean sales reductions of 228,000 MT for 2023-24, a marketing-year low. Net sales totaled 1.659 MMT for 2024-25. Traders expected net sales to range from (200,000) to 200,000 MT for 2023-24 and from 800,000 MT to 2.0 MMT for 2024-25. Exports totaled 491,100 MT for the week.
· Brazilian farmers could produce 14% more soybean in the 2024-25 season, compared to the previous one, according to a Reuters poll, amid rising expectations of more rain in the last quarter of the year.
· November soybeans have retreated from the one-month high carved in early trade. Resistance remains at $10.28 3/4. Support at the 40-day moving average at $10.13 3/4 is being tested.
Winter wheat futures are a penny to 3 cents lower. HRS wheat is 6 to 7 cents lower.
· Wheat futures are favoring the downside on a pullback from recent gains.
· Net wheat sales of 340,000 MT for 2024-25 dropped 36% from the previous week and 17% from the four-week average. Traders expected net sales to range from 300,000 to 600,000 MT for 2024-25. Exports totaled 638,100 MT, a marketing-year high.
· Updated results on milling quality in this year’s rain-hit French soft wheat crop showed test weights were slightly better than previously estimated but still mostly below common market standards.
· December SRW wheat futures are trading within Thursday’s range, with resistance at $5.81 1/4, while support lies at $5.67 1/2.
Live cattle are mildly lower while feeders are slightly to moderately weaker.
· Live cattle futures continue to be pressured by fading wholesale and cash fundamentals.
· Cash cattle trade occurred at roughly $2.00 lower prices in both the Southern Plains and northern market on Thursday, which was lower than most cash sources anticipated.
· Wholesale beef prices weakened on Thursday, with Choice down 9 cents to $311.51, while Select fell $2.61 to $296.78, widening the Choice/Select spread to $14.73. Movement totaled 135 loads for the day.
· USDA reported net beef sales of 16,500 MT for 2024, down 4% from the previous week and 7% from the four-week average.
· October live cattle are pivoting around Thursday’s low. The 10-day moving average of $197.98 is solid resistance.
Hog futures are modestly lower at midsession.
· October hog futures are lower as fading wholesale values offset firming cash prices.
· The CME lean hog index is up 16 cents to $86.43 as of Sept. 4, marking a second straight daily gain.
· The pork cutout value slid another 42 cents on Thursday to $94.87, led by declines in primal hams and bellies. Movement totaled 371.3 loads.
· USDA reported net pork sales of 20,800 MT for 2024, down 51% from the previous week and 29% from the four-week average.
· October lean hogs are trading around Thursday’s low, testing initial support at $80.45.