GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: Steady to 2 cents lower.
Wheat: Steady to 2 cents lower.
GENERAL COMMENTS: The grain and oilseed complex traded in a tight range overnight ahead of today’s USDA reports. Prices have consolidated near recent lows the past few sessions, awaiting today’s report. Outside markets are unfavorable this morning as front-month crude oil futures continue to work lower while the U.S. dollar index is up around 360 points.
USDA reported daily sales of 312,700 MT of corn and 150,000 MT of soybeans for delivery to Mexico during the 2026-27 marketing year.
Traders are awaiting the November Crop Production and WASDE reports due at 11 a.m. CT, with traders looking for a bump up in soybean production and a trim to corn. Hedge funds and other large speculators have erased huge net long positions in corn and are now short, though lingering soybean longs could lead the market vulnerable to further liquidation if the report reads bearish. See: Managed money flips net short corn: What to watch ahead of Tuesday’s USDA data.
The Consumer Price Index (CPI) rose 0.4% month-over-month in October, below a 0.6% increase om September but above estimates of 0.3%. Shelter costs led inflation alongside grocery costs. Higher energy costs are working the way down the supply chain. Core CPI, which removes food and energy costs, rose 0.3%, matching the pace from the past two months and above expectations of 0.2%. BLS did not release year-over-year figures due to the Oct. 2025 government shutdown.
A new round of talks between Russian and Ukrainian officials got under way in Abu Dhabi Tuesday, with U.S. negotiators Steve Witkoff and Jared Kushner, President Donald Trump’s son in law, leading mediation efforts, Bloomberg reported. Anticipation of the talks served in recent weeks to evaporate much of the geopolitical risk premium seen in wheat futures tied to export bottlenecks in the Black Sea. Bloomberg noted that the diplomatic push comes with little sign of de-escalation with Russia’s full-scale invasion deep into its fifth year.
CORN: December corn are consolidating ahead of today’s USDA reports. Support comes in at the recent for-the-move low of $4.39 1/4, which is reinforced by support at $4.34 1/4. Resistance lies at $4.45 3/4 on a bullish move.
SOYBEANS: January soybeans are near for-the-move lows. Support lies at $11.85 then $11.80 on further selling. Resistance stands at $12.00 on a bounce.
WHEAT: December SRW wheat is trading near recent lows. Support comes in at $5.85 then $5.80. Bulls are eyeing resistance at $5.92 then the psychological $6.00 mark on report driven strength.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open with a mostly weaker tone. While futures rose Monday, bears reinforced resistance at the 10-day moving average, which spurred sellers, closing prices well off intraday highs. Last week’s cash cattle average plunged $8.30 from the prior week to $215.43, just below Monday’s close in December futures. Choice beef rose $1.95 to $362.74 Monday, rebounding from recent losses.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of Monday’s strength. Bulls closed prices nearer session highs. The CME lean hog index continues to work lower seasonally, falling another $1.29 to $60.28 as of Nov. 6. Pork cutout firmed 16 cents to $70.81 Monday, led by strength in loins and ribs.