GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 4 to 6 cents higher.
Wheat: 5 to 7 cents higher.
GENERAL COMMENTS: Corrective gains were seen across the grain and soy complex overnight, though each market is in a downtrend on the daily bar chart. The technical advantage now lies with the bears. Front-month crude oil futures continue to press higher on the daily bar chart, now trading above $105. The U.S. dollar index is down around 220 points this morning, extending the recent push lower.
USDA reported daily sales of 612,000 MT of soybeans for delivery to unknown destinations during the 2026-27 marketing year.
President Donald Trump, on the midterm campaign trail in Kansas, said USDA would provide $8 billion in relief to farmers squeezed by soaring diesel prices. In a news release, USDA will tap into Commodity Credit Corporation funds for the Harvest Fuel Relief Program. USDA said that similar to the Farmer Bridge Assistance (FBA) program, the Harvest Fuel Relief (HFR) program will provide proportional support to producers using a uniform formula to cover a portion of modeled losses during the 2026 crop year. This national loss average will be based on FSA reported planted acres, Economic Research Service cost of production estimates, and World Agricultural Supply and Demand Estimates yields and prices. USDA said commodity-specific payment rates for Title I commodities will be released in November, with payment methodology for other eligible commodities to be announced at a later date. USDA said crop insurance linkage won’t be required for participation in the HFR program, but that it strongly urges producers to take advantage of the enhanced risk management tools included in the Working Families Tax Cuts Act to protect against price risk and volatility in the future.
Pro Farmer crop consultant Dr. Michael Cordonnier raised his 2026-27 Brazil soybean estimate by 2 million tons to 182 MT, with a neutral bias, reflecting an “OK start” to planting and slightly larger soybean acreage than anticipated. Cordonnier said higher soybean prices over the last few months have encouraged an increase in plantings. Conab has soybean acreage increasing 1.4% to 49.3 million hectares, while USDA rose acreage 3% from last year to 50.0 million hectares. Cordonnier bumped up his planting estimate to 49.3 million hectares from 49.2 million for now. Conab estimates the 2026-27 Brazil soybean crop at 181.6 MT with USDA at 186.0 MT. Cordonnier also raised his 2026-27 Brazil corn production estimate by 2 MT to 140 MT with a neutral bias, reflecting increased corn acreage and a good start to the first corn crop in southern Brazil.
CORN: December corn hit a two-month low overnight. Support comes in at $4.60 1/2 on continued selling pressure. Tentative resistance stands at $4.70 1/4 with additional resistance stemming from the psychological $4.75 mark.
SOYBEANS: November soybeans found support at the psychological $12.50 mark overnight. Bulls are seeking to hold that mark while resistance stands at $12.71 3/4, the 10-day moving average, on continued strength.
WHEAT: December SRW wheat closed below 200-day moving average support Monday. Prices bounced overnight and are stalling at that resistance, currently at $6.61 3/4. Additional strength finds resistance at $6.70. Support comes in at the overnight for-the-move low of $6.52 1/2.
LIVESTOCK CALLS
CATTLE: Mixed.
HOGS: Choppy/lower.
CATTLE: Live and feeder cattle futures are expected to open with a mixed tone. Strength in futures paused with futures trading at steep premiums to the cash market. Last week’s cash cattle average surged $4.05 from the previous week. That has already been priced in somewhat, with futures well above the sideways range that capped trade from late-September, early August. Choice beef slid 73 cents to $371.58 Monday, extending the recent decline.
HOGS: Lean hog futures are expected to open with a mostly weaker tone in a continuation of Monday’s reversal lower. Cash market fundamentals continue to work lower seasonally, which could further weigh on prices. The CME lean hog index is down another 79 cents to $73.40, extending the seasonal decline. The internals of the index point to further decline. Pork cutout slid another $1.16 to $79.39.