GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: 4 to 6 cents lower.
Wheat: 3 to 5 cents lower.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the downside in overnight trade as prices consolidate following recent bullish moves. Corn is near key support, which needs to be maintained else a trip to new lows seems likely. Front-month crude oil futures are trading near unchanged this morning while the U.S. dollar index is around 30 points higher. Stocks are under pressure following reports of Jensen Huang stepping down as Nvidia’s CEO, further pressuring the company’s stock to a 17 month low.
USDA reported daily sales of 136,000 MT of soybeans for delivery to China during the 2026-27 marketing year.
The scandal surrounding Nvidia CEO Jensen Huang’s affair with a suspected Chinese spy matters for ag commodities because it poses a risk to U.S.-China trade relations. News reports said Nvidia’s board was weighing whether to oust Huang. Meanwhile, Bloomberg reported that preparations for Chinese leader Xi Jinping’s third summit meeting of the year with President Donald Trump were going off course due to the spy allegations. The accusations, which China denies, have given Washington lawmakers ammunition to tighten curbs on exports of semiconductors days before the leaders are set to meet at the Asia-Pacific Economic Cooperation gathering in Shenzhen. Trump and Xi in September extended a trade truce reached in South Korea last year until January.
The stage is set for a polar air mass over eastern Canada to plunge into the eastern half of the U.S. through the next few days as an anomalous shift in the weather pattern takes place across North America, the National Weather Service said. In the meantime, a low pressure system being energized by this weather pattern is bringing scattered thunderstorms and gusty winds across the Ohio and Tennessee Valleys early this morning, the forecast said. High temperatures will run well below normal by Friday, and overnight lows will fall into the 20s across much of the central U.S., the NWS said. Below freezing temperatures are forecast to reach the Deep South by Saturday morning, setting the stage for a widespread frost and freeze across the South and Southeast this weekend.
U.S. envoys Jared Kushner and Steve Witkoff arrived in Moscow for talks with Russian President Vladimir Putin, the BBC reported, a day after U.S.-mediated talks aimed at ending the war in Ukraine concluded in Abu Dhabi. The U.S. negotiators were due to meet Putin at midday in Moscow on Thursday and were then scheduled to fly to Dublin to speak with Ukrainian President Volodymyr Zelensky. Kushner on Tuesday said the U.S. had seen “some openings and some opportunities” and that they would attempt to make progress in their meeting with Putin.
CORN: December corn are trading near 10-day moving average support at $4.47. A push below that mark finds support at $4.43 1/4. Resistance lies at $4.50 then the 20-day moving average at $4.55 1/2 on a surge higher.
SOYBEANS: January soybeans are consolidating near recent highs. Bulls look to close prices above 20-day moving average resistance at $12.35, which capped gains yesterday. Support lies at $12.25 and the 10-day moving average at $12.20 on a push lower.
WHEAT: December SRW wheat found staunch resistance at the 10-day moving average and psychological $6.00 mark. Additional resistance stands at $6.10. Support comes in at $5.90 then $5.85 on persistent selling.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open with a mostly firmer tone. Futures saw mixed action Wednesday as December fats futures encountered headwinds at the 10-day moving average. Deferred futures were able to work higher despite nearby futures facing selling. Cash cattle trade has had a slow start to the week with no reported trade taking place. Choice beef slid $2.72 to $360.26 Wednesday as is near recent lows.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of Wednesday’s strength. Futures continue to trend lower on the daily bar chart. The CME lean hog index is down another 21 cents to $59.78 as of Nov. 10, extending the seasonal slide. Pork cutout fell 18 cents to $69.34 Wednesday, led by losses in ribs.