GRAIN CALLS
Corn: 2 to 4 cents lower.
Soybeans: 1 cent lower to 1 cent higher.
Wheat: 1 cent lower to 1 cent higher.
GENERAL COMMENTS: Corn led weakness overnight as prices are working lower for the fifth straight session. Bears hold the technical advantage as harvest progresses across the Corn Belt. Front-month crude oil futures are modestly lower this morning but are trading above the psychological $100 mark. The U.S. dollar index is up around 40 points on corrective strength.
USDA reported daily sales of 114,000 MT of soybeans for delivery to China and 261,000 MT of soybeans for delivery to unknown destinations during the 2026-27 marketing year.
Russian President Vladimir Putin proposed a summit with President Donald Trump and Chinese leader Xi Jinping in an attempt to negotiate an end to the war with Ukraine that would favor Moscow, the Wall Street Journal reported. The summit would exclude Ukrainian President Volodymyr Zelensky. The report said Putin floated the idea in an Oct. 9 phone call with Trump that also produced a deal for the U.S. to buy Russian diesel and facilitate its sale on the global market, the report said. A senior U.S. official told the Journal that Trump hadn’t agreed to a summit but could be receptive to the idea.
Trump on Friday waived new sanctions on Russia that were due to go into effect under the Graham Act he signed in September, further easing pressure on Moscow and drawing bipartisan objections. The Wall Street Journal reported the diesel deal and sanctions waivers are creating headaches for Republican candidates ahead of next month’s midterm elections. “I don’t think we can give Putin an inch,” said Mike Rogers, the Republican Senate candidate in Michigan. Iowa GOP Senate candidate Ashley Hinson said in a debate last week that Trump should consider alternative measures to lower energy prices at home. “We need to lower gas prices in this country. We need to lower diesel prices, but I don’t think we need to be making a deal with Russia to do it.” Bloomberg reported that House Speaker Mike Johnson, in a rare sign of disagreement with Trump, said Sunday he asked for consultations with the White House, calling Putin someone who “cannot be trusted.” Trump said the waivers were “in the national interests of the United States.”
World Weather Inc. said late Sunday that U.S. crop weather is expected to be dry in the Delta, lower eastern Midwest and southeastern states for the next 10 days. Hard red winter wheat areas will get some rain at the end of the week and into the weekend, but bigger rain is expected next week that will also affect the western and northern Midwest. Harvest has picked up at a rapid pace across the Midwest, making up for the slow pace seen early on.
CORN: December corn is trading lower for the fifth straight session. Support comes in at the Oct. 9 report driven low of $4.70 1/4. Initial resistance stands at the psychological $4.75 level, with reinforcement from the 10-day moving average at $4.84 3/4.
SOYBEANS: November soybeans continue to trend lower. Support stems from Friday’s low of $12.53 1/4 then the psychological $12.50 mark on persistent selling. Resistance stands at $12.75 on a reversal higher.
WHEAT: December SRW wheat losses are stalling below 200-day moving average support. That remains a key pivot at $6.61 3/4. Support comes in at $6.56 1/4 on a push lower. Bulls are looking to overcome resistance at $6.73 on strength.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open higher in a continuation of recent strength. Bulls are in full control of the near-term technical advantage. Cash cattle trade picked up late last week with trade looking to see the second consecutive week of higher cash trade. Trade into Friday averaged $222.37, up from $220.14 the previous week. Choice beef slid $1.67 to $372.31 Friday, extending the recent slide.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of recent strength, but persistent weakness in the cash market could undercut gains after the open. Futures saw two consecutive days of gains but a waning cash market could spark fresh selling. The CME lean hog index is down another 90 cents to $74.19 as of Oct. 15. Pork cutout firmed $3.00 to $80.55 Friday amid gains seen across all cuts.