GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 1 to 3 cents higher.
Wheat: 1 cent lower to 1 cent higher.
GENERAL COMMENTS: Corn saw a continuation of yesterday’s strength, a close higher is necessary to confirm a near-term reversal. Soybeans favored the upside as well, while wheat struggles to garner much bullish momentum. Front-month crude oil futures are higher this morning and trading near $100. The U.S. dollar index continues to consolidate near support.
USDA reported daily sales of 200,000 MT of soybeans for delivery to China during the 2026-27 marketing year.
The U.S. and Israel have developed detailed plans for renewed strikes against Iran following next month’s midterm U.S. elections, the New York Times reported. Meanwhile, strikes on Saudi Arabia by Iran-backed Houthies continued, with three people killed in two attacks on an Aramco oil field and an airport in Saudi Arabia’s Eastern Province, Bloomberg reported. In the meantime, the U.S. State Department issued an ordered departure for non-emergency government employees and family members in Saudi Arabia. Iran’s foreign minister Abbas Araghchi wrote in a Financial Times guest column Wednesday that there was little reason to expect progress, dampening hopes for a near-term solution, said Jim Reid, macro strategist at Deutsche Bank, leading traders to price in “a longer period of high oil prices extending well into 2027.”
Temperatures will be below average in the West thanks to the unsettled weather, the National Weather Service said. An amplifying upper-level ridge will promote above average to well above average temps with some record minimums possible over parts of the Northern/Central Plains and Upper Midwest. Surface high pressure over the East will support clear skies as well as average to below average temperatures through this weekend. Freeze and frost are possible for many areas given the clear skies overnight.
Export sales for the week ended Oct. 15:
Corn: Net sales of 1.527 MMT for 2026-27, up 36% from the previous week and 87% from the four-week average. Mexico and unknown destinations sales. Sales were above expectations ranging from 700,000 MT to 1.5 MMT.
Soybeans: Net sales of 2.841 MMT for 2026-27, noticeably from the previous week and four-week average. Sales were primarily for China and Mexico. Sales were in the upper end of expectations ranging from 1.8 to 3.0 MMT.
Wheat: Net sales of 239,600 MT for 2026-27, down 25% from the previous week and 28% from the four-week average. Mexico and unknown destinations led sales. Sales were below expectations ranging from 250,000 to 550,000 MT.
CORN: December corn are seeing a continuation of yesterday’s strength. Resistance comes in at $4.70 on continued strength. Support lies at $4.62 then yesterday’s for-the-move low of $4.53 1/2 on resurgent selling.
SOYBEANS: November soybeans bounced off support overnight. The 100-day moving average remains bulls’ line in the sand at $12.40 1/2. Bulls are eyeing resistance at $12.50 then $12.62 1/2 on continued strength.
WHEAT: December SRW wheat traded in a tight range overnight. Bulls are looking to overcome resistance at $6.40 on strength. Support stands at yesterday’s for-the-move low of $6.21 on persistent selling.
LIVESTOCK CALLS
CATTLE: Mixed.
HOGS: Choppy/lower.
CATTLE: Live and feeder cattle futures are expected to open mixed as futures could see consolidation following strong recent gains. Cash cattle trade has yet to initiate this week, providing little direction to futures. Traders anticipate another week of cash strength, but trade has been slow ahead of tomorrow’s Cattle on Feed report. Choice beef slid 71 cents to $372.59 Wednesday, consolidating near recent lows.
HOGS: Lean hog futures are expected to open with a mostly weaker tone in a continuation of recent selling pressure. December futures hit a contract low Wednesday, negating strength earlier in the week. The CME lean hog index is down another 20 cents to $72.82 as of Oct. 20, extending the seasonal slide. Pork cutout fell $4.03 to $74.50 Wednesday, hitting a fresh multi-year low.