GRAIN CALLS
Corn: 2 to 4 cents higher.
Soybeans: 2 to 4 cents higher.
Wheat: 1 to 3 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the upside in overnight trade, but selling pressure toward the break pulled each off overnight highs. Some corrective strength is possible to day given sharp declines recently. Front-month crude oil futures are up overnight and finding a bid above $100. The U.S. dollar index is modestly higher ahead of this afternoon’s interest rate decision.
USDA reported daily sales of 120,000 MT of soybeans for delivery to unknown destinations during the 2026-27 marketing year.
Fed funds futures traders have priced in a better-than-90% probability that the Federal Reserve will leave rates on hold when it concludes its two-day policy meeting at 1 p.m. CT this afternoon. Fed officials have signaled more tightening will be needed to get inflation back to their 2% target, but that they’re not in a hurry to deliver another hike after raising the fed funds rate a quarter of a percentage point last month. The focus will likely be on Fed Chairman Kevin Warsh’s news conference at 1:30 p.m. CT.
The U.S. told several Gulf Arab nations to prepare for a possible short, intense military campaign against Iran after the U.S. midterm elections, the Wall Street Journal reported Wednesday. The report said President Donald Trump is leaning toward a large post-election attack that would target Iranian infrastructure and nuclear sites, but hasn’t made a decision. The report said the communications through diplomatic channels are happening alongside growing indications the U.S. and Israel are preparing for a new round of heavy combat operations against Iran.
President Donald Trump said a meeting with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky would happen soon. “I think with Russia, we’re making a lot of progress with Russia-Ukraine,” Trump told reporters early Wednesday after returning from Texas, where he held two midterm election campaign rallies, Bloomberg reported. “There’ll be a meeting set up here soon,” he added, “with President Putin and President Zelenskyy.” Wheat futures have seen pressure on prospects for talks though analysts remain skeptical of a near-term breakthrough that would ease the bottlenecks that have largely choked off grain exports from the Black Sea region.
CORN: December corn found some support at the psychological $4.50 mark overnight. Additional support comes in at yesterday’s low of $4.48 3/4. Resistance comes in at $4.56 then the 10-day moving average at $4.62 1/4.
SOYBEANS: January soybeans are trading near recent lows. Bears struggled to push prices below support at $12.40 yesterday. Resistance comes in at $12.50 then $12.55 1/4 on persistent strength.
WHEAT: December SRW wheat hit a fresh low overnight. Prices are well below resistance levels which could lead to corrective buying. Support lies at the psychological $6.00 mark. Resistance stands at $6.25 then the 10-day moving average at $6.32 1/4 on strength.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open with a mostly firmer tone, supported by technical buying. December futures tested 10-day moving average support Tuesday, which capped the downside. Cash trade has been slow to develop so far this week after last week’s gain. Choice beef rose $2.78 to $372.22, extending the recent string of gains.
HOGS: Lean hog futures are expected to open with a mostly firmer tone on corrective buying. Futures slid to contract lows Tuesday and continue to trend lower on the daily bar chart, but prices are heavily oversold on the daily bar chart, which could lead to some profit-taking. The CME lean hog index is down another 70 cents to $69.36 as of Oct. 26, extending the seasonal slide. Pork cutout slid 71 cents to $73.09 Tuesday, led by losses in bellies.