GRAIN CALLS
Corn: 1 to 5 cents higher
Soybeans: 4 to 8 cents higher
Wheat: 1 to 5 cents higher
GENERAL COMMENTS: Corn and wheat futures traded slightly higher overnight, holding on to most of those gains through the session to remain 3 to 6 cents higher. Soybeans traded in a tight range most of the overnight, before pushing higher in the closing hour. West Texas crude oil futures are currently roughly $1.25 higher at $89.35, with the U.S. dollar index trading 5 to 10 points firmer at 101.65.
Some commentators tied Wednesday’s pressure on soybean futures to worries Beijing may feel less compelled to adhere to what the White House has said is a commitment to purchase 25 million metric tons of beans per calendar year. But Bloomberg reported that Chinese officials have emphasized a desire to maintain stability in relations with Washington. While Chinese social media users seized on the viral hashtag “Trump Total Defeat,” foreign ministry spokesperson Mao Ning framed the midterms as a domestic affair, emphasizing continued commitment to mutual respect and cooperation with President Donald Trump, the report said. Analysts said that despite potential legislative pressure from a hawkish Congress – such as pending export restriction bills – Beijing expects the current strategic equilibrium to hold.
Russian agricultural consultancy IKAR cut its 2026-27 wheat export forecast to 39.5 million tons from 42 million tons, Bloomberg reported, citing Russian news agency Interfax. It also lowered its estimate for total grain exports to 49.5 million tons from 52.8 million tons. The report, citing Futures International, said rail and Baltic routes, meanwhile, have limited spare capacity left while disruptions have constrained traditional Black Sea routes. Russian exporters have increasingly turned to rail, Baltic ports and containers to bypass the Black Sea due to Ukrainian attacks. The report said the planned closure of river navigation in mid-November could further pressure the country’s rail network, tightening export availability and raising shipping costs heading into winter.
Export Sales for the Week Ending October 29:
Corn: Net sales of 1.294 MMT for 2026/2027 were down 1 percent from the previous week, but up 10 percent from the prior 4-week average and within analyst expectations ranging from 800,000 MT to 1.8 MMT. Exports of 1.029 MMT were up 86 percent from the previous week, but down 4 percent from the prior 4-week average.
Soybeans: Net sales of 1.456 MMT for 2026/2027 were down 44 percent from the previous week and 11 percent from the prior 4-week average and within analyst expectations that ranged from 950,000 MT to 2.5 MMT. Increases primarily for China (873,900 MT, including 442,000 MT switched from unknown destinations. Exports of 2.530 MMT--a marketing-year high--were up 6 percent from the previous week and 46 percent from the prior 4-week average.
Wheat: Net sales of 538,000 metric tons (MT) for 2026/2027 were down 37 percent from the previous week, but up 16 percent from the prior 4-week average and within analyst expectations ranging from 300,000 MT to 650,000 MT.
CORN: December corn is attempting to continue to inch higher after weeks of a price downtrend. Support is at $4.44 1/4, then $4.40. Resistance stands at the 10-day exponential moving average of $4.51.
SOYBEANS: January soybeans will look to continue to capitalize on strength that ended the overnight session with added support from the strong exports. Technical support is at $12.02 1/2 then the overnight low of $11.98 1/4. Resistance at $12.25 then Monday’s high of $12.37 3/4.
WHEAT: December SRW wheat is enjoying spillover gains from corn and soybeans. Support comes from last week’s low close of $5.99 3/4. Resistance at 10-day exponential moving average of $6.10 1/2.
LIVESTOCK CALLS
CATTLE: Choppy/lower
HOGS: Choppy/lower
CATTLE: Live and feeder cattle futures are expected to open choppy to lower In a continuation of the downtrend seen this week. Choice boxed beef fell yesterday afternoon to $463.50, and cash trade so far this week has been even weaker than last week’s average of $223.73 which was already unfriendly to futures.
HOGS: Lean hog futures are expected to open choppy to lower today. Hogs experienced another heavy day of selling pressure yesterday. While cash fundamentals offer little support, with cutout falling $3.14 yesterday to $69.29 and the most recent CME lean hogs index down 76 cents to $64.99. Still, the market remains very technically oversold and could see a corrective bounce.