GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: 1 to 3 cents lower.
Wheat: Steady to 2 cents lower.
GENERAL COMMENTS: Sellers continue to ignore signs of surging demand as prices push lower, with corn, soy and wheat each trading near recent lows. Outside markets are supportive this morning as front-month crude oil futures are higher and near recent highs while the U.S. dollar index is trading around 235 points lower.
USDA reported daily sales of 297,150 MT of soybeans for delivery to unknown destinations during the 2026-27 marketing year.
The top U.S. commander in the Middle East briefed President Donald Trump Thursday on military options for Iran, the Wall Street Journal reported. Described as a rare in-person visit, it comes as the U.S. weighs resuming major combat operations. The newspaper reported earlier this week that Trump officials have told Arab Gulf states to be prepared for a short but intense campaign after the midterm elections. Also this week, Vice President JD Vance reportedly sent a letter to one of Iran’s most powerful hardline leaders in an attempt to revive peace talks.
Ukraine struck an oil refinery in Russia’s Samara region early Friday, the Wall Street Journal reported, ending a two-week pause. The report noted Ukrainian forces last hit an oil refinery on Oct. 15, and hadn’t struck energy infrastructure of any kind since Oct. 20 amid repeated demands by President Donald Trump and other officials to stop hitting refineries. The Journal said the hit came despite advice from European allies for Kyiv to hold off until after the U.S. midterm elections, to reduce the recent tensions between Ukraine President Volodymyr Zelensky and Trump, noting that Zelensky has said Ukraine wants more protection for its own energy infrastructure, which Russia has been systematically destroying with missile and drone attacks ahead of winter, in exchange for halting refinery strikes.
U.S. soybean meal exports hit a record 18.6 million tons in 2025-26 and are projected to hit 20.6 MT in 2026-27 – growth of around 66% since 2020 as the nation’s share of global meal trade has risen from 18% to a projected 23% over the same period, according to North Dakota State University’s monthly Agricultural Trade Monitor. The report attributes the export boom to growing domestic crush capacity tied to renewable diesel demand. It notes that while the Philippines and Colombia remain core bulk importers, significant opportunities for growth are seen in markets like the European Union and Southeast Asia, where Northern Plains processors have a distinct cost advantage via Pacific Northwest shipping routes.
CORN: December corn are trading back below $4.50. That mark has limited selling pressure the past few sessions. Support comes in at yesterday’s for-the-move low at $4.47 1/2. Bulls are looking to overcome resistance at $4.58 1/4, the 10-day moving average, on persistent buying.
SOYBEANS: January soybeans continue to grind lower. Bulls are seeking to hold support at $11.25, with losses stopping just shy of that mark yesterday. Resistance comes in at $12.40 then $12.50 on strength.
WHEAT: December SRW wheat saw some support yesterday off $6.00 support. Additional selling finds support at $5.93 1/4. Resistance stands at $6.21 1/4 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open with a mostly firmer tone. December live cattle futures bounced off key technical support Thursday at the 40-day moving average, which is expected to support followthrough buying today. Cash cattle trade has picked up a modestly lower prices, which is likely weighing on futures. Choice beef slid $1.72 to $367.28 Thursday, extending the recent slide.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of yesterday’s strength. Futures are still oversold on the daily bar chart and additional profit-taking is possible. A near-term low is likely close at hand, with yesterday’s low standing as key support. The CME lean hog index is down another $1.00 to $67.30 as of Oct. 28, extending the seasonal decline. Pork cutout fell $1.76 to $70.69 Thursday, led by losses in bellies.