GRAIN CALLS
Corn: 3 to 5 cents higher.
Soybeans: 13 to 15 cents higher.
Wheat: 12 to 15 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the upside in overnight trade, rebounding from last week’s losses. All have key resistance near current price levels, how prices react after the open will be key. Front-month crude oil futures are modestly weaker but are still above $90.00. The U.S. dollar index is up around 325 points.
USDA reported daily sales of 129,450 MT of corn for delivery to Mexico and 104,000 MT of soybeans for delivery to Mexico, each during the 2026-27 marketing year.
Brazil’s presidential election is headed to a run-off after Flavio Bolsonaro, an ally of President Donald Trump and the son of former President Jair Bolsonaro, outperformed expectations in first round voting Sunday. He will face incumbent President Luiz Inacio Lula da Silva in an Oct. 25 runoff. Both candidates fell short of the majority required for an outright first-round win. The country’s electoral court said Bolsonaro had just over 56 million votes, or 47% of the ballots, to Lula’s 53.7 million, or 45%, the Associated Press reported. A Bolsonaro administration would be expected to seek to weaken the Amazon Soy Moratorium, a zero-deforestation agreement established in 2006 under which major international commodity traders agreed not to purchase soybeans grown on land cleared after 2008.
The ICE U.S. Dollar Index, a measure of the currency against a basket of six major rivals, was sharply higher, hitting its highest level since April 2025 largely due to a sharp selloff for the euro, which represents 58% of the DXY basket. The euro is under pressure as a global surge in government bond yields has reignited fears over French borrowing costs. That may limit the ability of the European Central Bank (ECB) to continue raising interest rates. Meanwhile, “core support for the dollar should continue to come from the fact that expectations for the monetary policy tightening cycle remain far more resilient for the Fed than for overseas central banks – especially the ECB,” said Chris Turner, forex strategist at ING, in a note.
Massive Russian airstrikes targeted industrial and port infrastructure in Ukraine’s Odessa region,Reuters reported Monday, citing comments by the region’s governor. Russia’s defense ministry said on Telegram that it hit Vylkove port, fuel depot facilities in Chornomorsk and cargo vessels, all in the Odessa region, as well as a power station in the Kharkiv region, the report said. Russia and Ukraine have mutually targeted ports and grain transportation infrastructure facilities in the Black Sea region in escalated fighting since July, sharply curtailing transport of wheat, corn and other commodities out of the region during the height of the export window.
CORN: December corn are trading near the key psychological $5.00 mark. Bulls are eyeing resistance at $5.05 on a continued bounce, while support stands at $4.95 3/4 on a turn lower.
SOYBEANS: November soybeans bounced off 40-day moving average support at $12.77 3/4. Additional support stands at $11.73 1/4. Bulls are looking to overcome resistance at $12.96 1/4 then the psychological $13.00 mark.
WHEAT: December SRW wheat are working higher for the third consecutive session. Bulls are looking to overcome resistance at $7.00 then $7.05 1/4, the 40-day moving average, on continued strength. Support comes in at $6..83 1/2 on a turn lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live and feeder cattle futures are expected to open with a mostly firmer tone. December cattle futures have been chopping between $221.00 and resistance at $223.00. That range has capped price action for most of the last two weeks. Cash cattle saw another decline last week, falling below $220.00 into trade on Friday. Choice beef fell $2.60 to $374.19 Friday.
HOGS: Lean hog futures are expected to open with a mostly weaker tone amid technical selling but a continuation of Friday’s strength can’t be ruled out. Futures remain in a downtrend on the daily bar chart. Losses in the CME lean hog index could weigh on futures as well, as the CME lean hog index is down another 51 cents to $80.20, extending the seasonal slide.