GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 3 to 5 cents lower.
Wheat: Steady to 2 cents higher.
GENERAL COMMENTS: Soybeans continue to lead weakness, weighing on corn and wheat prices. Persistent increases in demand are doing little to drum up bullish rhetoric as funds continue to liquidate. Front-month crude oil futures are sharply lower on hopes for a deal with Iran, while the U.S. dollar index is around 275 points lower.
USDA reported daily sales of 1.730 MMT of corn for delivery to Mexico, with 1.135 MMT for delivery during 2026-27 and 594,360 MT for delivery during 2027-28. USDA also reported sales of 136,000 MT of soybeans for delivery to China.
China has bought $7.2 billion of non-soy U.S. farm goods from January to September, the lowest level over the first nine months of the year since 2019, Reuters reported. In May, the White House said Beijing had agreed to buy $17 billion of U.S. agricultural goods other than soybeans annually from 2026, with this year’s purchases to be prorated. China is seen on track to meet what the White House has said is an agreement to buy 25 million metric tons of soybeans. The report noted it’s unclear if China is in breach of its agreement because the White House hasn’t said whether the clock started on the prorated 2026 purchases in May or once China’s proposed tariff cuts are finalized.
Axios reported that President Donald Trump had a phone call with Israeli Prime Minister Benjamin Netanyahu on Saturday about talks with Iran. The report said Netanyahu is pressing Trump to strike Iran immediately after the midterm elections on Tuesday but that Trump, for now, wants to let talks play out.
Friday’s Commitments of Traders report from the Commodity Futures Trading Commission showed that funds continued shedding previously large net long positions across much of the grain and soy complex. The data showed that in the week ended Oct. 27, large speculators cut net long positions by over 90,000 contracts in corn, more than 21,500 contracts in soybeans, and nearly 35,000 contracts in soybean meal. Managed money cut 5,404 long contracts in soft red winter wheat futures and added over 18,000 short contracts, taking their net short bet to nearly 75,000 contracts.
CORN: December corn continue to toggle around the $4.50 mark. Weakness below that level finds support at the overnight for-the-move low of $4.47. Bulls are eyeing resistance at $4.56 3/4, the 10-day moving average.
SOYBEANS: January soybeans continue to bleed lower. Support lies at the Oct. 29 low of $12.26 1/2 then the psychological $12.25 mark. Resistance lies at $12.40 then the 10-day moving average at $12.48 3/4 on strength.
WHEAT: December SRW wheat continue consolidating near recent lows. Prices are in a bear flag on the daily bar chart. Support comes in at $6.00 then the for-the-move low at $5.93 1/4. Resistance comes in at $6.10 1/4 then $6.18 1/4 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/lower.
CATTLE: Live and feeder cattle futures are expected to open lower in a continuation of last week’s selling pressure. Weaker cash trade undercut futures late in the week, quickly reversing the ongoing uptrend on the daily bar chart. Cash cattle averaged $223.95 into Trade on Friday, below the previous week at $227.06. Choice beef slid another $2.62 to $364.66 Friday.
HOGS: Lean hog futures are expected to open with a mostly weaker tone in a continuation of recent selling pressure. Hog futures continue to trend lower on the daily bar chart. The cash market continues to push lower, undercutting futures, as the CME lean hog index is down another 73 cents to $66.57. Pork cutout fell 59 cents to $70.10 Friday, extending the ongoing slide.