GRAIN CALLS
Corn: ½ to 1 cent higher
Soybeans: 1 to 3 cents higher
Wheat: 2 to 4 cents lower
GENERAL COMMENTS: Grains saw mixed trade overnight, with corn and soybeans making modest gains as wheat lagged behind as Canada affirmed a large crop.
USDA reported net soybean sales of 1.249 million metric tons in the week ended Oct. 30, including 232,000 MT to China, as the department continues to play catchup on weekly sales data following the government shutdown. Corn sales were 1.995 MMT, with wheat at 505,000 MT. Separately, USDA reported flash sales of 100,800 metric tons of corn for delivery to Colombia during the 2025/2026 marketing year, and 392,500 metric tons of corn for delivery to Mexico during the 2025/2026 marketing year.
Traders continue to keep a close eye on South American weather, with concerns about dryness in Argentina raising concerns around soybean and corn production. Brazil has seen favorable weather in north and central regions, while conditions in the south merit monitoring.
Statistics Canada said the country’s total wheat production rose 11.2% year over year to a record 40.0 million tons in 2025, surpassing the previous record set in 2013.
CORN: March corn futures on Tuesday closed above the 200-day moving average for the first time since Nov. 13, then finished below the important long-term trend indicator on Wednesday. It may offer renewed resistance near $4.47 ¾. Further resistance is seen at Wednesday’s high of $4.50 and then this week’s high at $4.52 ¼. First support is seen at $4.40 and then at $4.35.
SOYBEANS: January soybeans face resistance at Wednesday’s high of $11.30 ¾ and then this week’s high at $11.42 ¼. Support stands at $11.13 ¼ and then the psychologically important $11 threshold.
WHEAT: March SRW wheat is expected to find support at this week’s low of $5.29 ¾ and then $5.25, with bears aiming for a test of the contract low at $5.08 ½. Resistance is seen at $5.45 and then $5.50.
LIVESTOCK CALLS
CATTLE: Choppy/higher
HOGS: Choppy/higher
CATTLE: Live cattle futures are expected to open with a choppy to higher bias. Feeder cattle rallied Wednesday, with January hitting a four-week high after a new case of New World screwworm was reported in Montemorelos, Nuevo León, Mexico, approximately 120 miles south of the Texas border. February live cattle hit a three-week high. Higher cash trade, albeit light, has been supportive for fat cattle this week. Wholesale boxed beef cutout values were higher at midday Wednesday.
HOGS: Lean hog futures are expected to open choppy to slightly higher. Hogs were lifted alongside gains for cattle in Wednesday’s trade. The technical posture for hogs remains bearish but daily losses in the cash and CME lean hog index have started to slow. The latest CME lean hog index was down another 6 cents to $81.61. Today’s projected cash index price is up 6 cents at $81.67. Wednesday’s national direct 5-day rolling average cash hog price quote is $69.36.