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GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: Steady to 2 cents lower.
Wheat: 1 to 4 cents higher.
GENERAL COMMENTS: Corn and soybeans saw consolidation overnight following yesterday’s big push higher while wheat saw relative strength. Bulls are looking to followthrough on strength following the open. Outside markets are mixed this morning as front-month crude oil futures are higher on corrective strength while the U.S. dollar index is over 500 points higher.
An anomalous “polar plunge” will bring the coldest air of the season so far to much of the central and eastern U.S. beginning Wednesday night, the National Weather Service said. Meanwhile, a low pressure wave currently tracking eastward across the northern Plains is forecast to intensify and expand into a large cyclone as it reaches the Mid-Atlantic coast on Thursday. Showers and a few thunderstorms ahead of an intensifying cold front will move across the Midwest as well as the Ohio and Tennessee Valleys Wednesday to Wednesday night. Gusty northwest winds will follow behind the front from the Plains into the Midwest along with falling temperatures.
A drone attack caused a fire in the port area of Ust-Luga by the Baltic Sea in Russia’s northwest, injuring three workers, Reuters reported, citing a Telegram message from the region’s governor. He said that a power station was also cut off as a result of the attack, during which 150 drones were shot down over the Leningrad region that is also home to a major oil refinery and the city of St Petersburg, the hometown of President Vladimir Putin. Ust-Luga is a major oil, oil products and grain export outlet, along with other commodities. Reuters said it couldn’t immediately independently confirm the report.
David Perdue, the U.S. ambassador to China, told Bloomberg that the uproar around Nvidia CEO Jensen Huang’s affair with an alleged spy is posing a test to bilateral relations. “The situation with Nvidia is another reminder that we have to stay diligent,” Perdue said. “National security is part of this economic conversation because economic security is national security. And so, what we’re doing with China is bumpy right now.” President Donald Trump and Chinese leader Xi Jinping are slated to meet next week at the Asia-Pacific Economic Cooperation meeting in Shenzhen. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer late last week pressed China to meet commitments on rare earth shipments and agricultural purchases in a video meeting with China’s vice premier.
CORN: December corn is trading near the 10-day moving average, which remains a key pivot today at $4.47. Support lies at $4.40 while bulls are ultimately targeting resistance at $4.50 then $4.56 1/4.
SOYBEANS: January soybeans consolidated overnight following Tuesday’s push higher. Bulls are looking to hold prices above support at $12.17 3/4 on additional profit-taking. Resistance persists at $12.25 then the 20-day moving average at $12.35 1/4.
WHEAT: December SRW wheat continues to find headwinds at 10-day moving average resistance, currently at $6.00. That is reinforced by resistance at $6.05. Support comes in at $5.88 on a push lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Mixed.
CATTLE: Live and feeder cattle futures are expected to open with a mostly firmer tone in a continuation of recent strength, but technical sellers could limit gains after the open. Gains stopped shy of 10-day moving average resistance Tuesday, a key technical barrier. Futures are now trading above last week’s cash cattle average, indicating traders think a cash market low is near. Choice beef climbed 24 cents to $362.98 Tuesday.
HOGS: Lean hog futures are expected to open with a mixed tone. Bulls failed to followthrough on Monday’s bullish move with sellers defending technical resistance. The cash market continues to work lower as the CME lean hog index is down another 29 cents to $59.99 as of Nov. 9, though the internals of the index show some strength. Pork cutout meanwhile sunk $1.29 to $69.52 Tuesday, led by losses in loins and bellies.