GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 5 to 7 cents lower.
Wheat: Steady to 2 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each spiked to fresh lows overnight but have since recovered most of those losses. Funds remain on the sell side of the market, with soybeans closing lower for seven consecutive sessions. Front-month crude oil futures are trading lower this morning and at recent lows while the U.S. dollar index is down over 500 points.
USDA reported daily sales of 167,000 MT of soybeans for delivery to Spain during the 2026-27 marketing year.
Democrats on Tuesday won control of Congress in a stunning manner, flipping seats in districts and states previously viewed as solidly Republican. Several key farm-state races broke Democratic, with the party winning Senate seats in Michigan, Texas, Iowa, Ohio, South Carolina, North Carolina. In Kansas, challenger Adam Hamilton was the first Democrat to be elected to the Senate since 1932. With some races still too close to call, Democrats are seen holding at least 225 seats – 218 are needed for a majority. With races in Mississippi and Alaska yet to be determined, Democrats so far hold a 54-44 edge in the Senate. The vote was widely seen as a rebuke to President Donald Trump amid frustration over the Iran war and surging fuel prices, as well as other affordability issues.
Democrats are seen as likely to want to hold off on working on the farm bill during a lame duck session. The House passed a farm bill earlier this year while Senate legislation has cleared the chamber’s ag committee but hasn’t advanced to the floor. Senate Democrats, who have insisted on a two-year delay to SNAP cost-sharing requirements for states, may feel inclined to wait until the next Congress when they have more leverage. Also, getting a farm bill over the line in a time-constrained lame duck session may simply be too tall of a task, experts say.
Iran’s chief negotiator on Wednesday said the U.S. midterm results underline U.S. voters’ rejection of the war, CBS News reported. Trump on Tuesday again said he didn’t plan to resume intensified attacks on Iran as both sides have emphasized prospects for talks. But despite the diplomatic push, ships have continued to come under fire in the Strait of Hormuz, CBS noted, with Iran’s Islamic Revolutionary Guard saying that four oil tankers caught fire after hitting mines in the waterway
CORN: December corn slid to fresh lows overnight. Support lies at $4.40 then $4.38 1/2 on persistent weakness. Bulls are eyeing resistance at the psychological $4.50 level on a bounce.
SOYBEANS: January soybeans spiked below the 200-day moving average. That remains a key pivot at $12.12 3/4. Support lies at the overnight low of $11.98 3/4. Bulls are eyeing resistance at $12.25 on strength.
WHEAT: December SRW wheat spiked to a fresh low overnight before recovering. Resistance comes in at $6.12 3/4 on persistent strength. Support comes in at $6.00 then $5.91 on a reversal lower.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live and feeder cattle futures are expected to open with a mostly weaker tone in a continuation of recent selling. December fats have closed lower for six consecutive sessions, undercut by weaker cash cattle values. Trade has been slow to develop this week but lower prices are expected. Choice beef rose 19 cents to $365.23 Tuesday.
HOGS: Lean hog futures are expected to open with a mostly firmer tone. Futures spiked to a fresh contract low Tuesday before reversing course and closing higher. That strength could lead to followthrough buying today. The CME lean hog index is down another 76 cents to $64.99 as of Nov. 2, extending the seasonal slide. Pork cutout rose 15 cents to $72.43 Tuesday, led by gains in picnics and bellies.