GRAIN CALLS
Corn: 1 to 5 cents higher
Soybeans: 4 to 7 cents higher
Wheat: 6 to 10 cents higher
GENERAL COMMENTS:
China is seeking to buy U.S. wheat in what would be the first purchase in more than a year, following last week’s trade truce between the two nations, Bloomberg reported. A major grains importer in China made inquiries over the weekend for U.S. wheat cargoes loading from December to February, according to people familiar with matter, who asked not to be named as they aren’t authorized to speak to media. China hasn’t bought any U.S. wheat since early October of last year, according to USDA data, and the inquiries come after the Asian nation resumed purchases of U.S. soybeans last week. China will suspend all levies announced since March 4 on U.S. agricultural products, according to a White House fact sheet released over the weekend. The fact sheet is the most detailed account yet regarding the U.S.-China trade truce made during the summit meeting between Presidents Trump Xi Jinping last week. The apparent renewed interest in U.S. wheat comes as China’s overall imports of wheat have fallen to less than a third in the first nine months of this year from the same period in 2024 as Beijing moved to bolster domestic prices due to sluggish demand and ample supply.
As the U.S. government shutdown is in its 34th day, which ties a record for the longest ever, USDA’s National Agricultural Statistics Service (NASS) on Friday announced the following data releases will occur regardless of the shutdown continuing or not:
—Milk Production – November 10, 2025 (previously scheduled for October 22, 2025)
—Crop Production – November 14, 2025 (previously scheduled for November 10, 2025)
—Cattle on Feed – November 21, 2025 (as previously scheduled)
—Milk Production – November 21, 2025 (as previously scheduled)
—The World Agricultural Outlook Board will release the World Agricultural Supply and Demand Estimates (WASDE) in conjunction with the Crop Production release on November 14th.
OPEC-plus will pause its collective crude oil output increases during the first quarter of 2026 after making another modest hike next month as the group balances its push for market share against signs of an emerging surplus, Bloomberg reported. “The pause from January to March reflects an expectation for a seasonal slowdown and comes during a period of uncertainty for oil traders due to sanctions on Russia and a potential glut. The decision to pause output increases is seen as a prudent one given the supply picture uncertainty for the first quarter, with OPEC+ taking a break from adding barrels for the first time since they began restoring halted supplies in April,” said the Bloomberg report.
CORN: December corn remains in a small, but relatively steady near-term uptrend which may give strength to a bullish mentality early in the week. The 10-day moving average of $4.28 1/4 offers initial support, with firmer support in the $4.19 area and the 100-day moving average. Resistance is encountered at the $4.36 1/2 mark, which corn encountered multiple times last week.
SOYBEANS: January soybeans continue their price uptrend since the U.S. struck a deal with China. The next important psychological resistance for soybeans to pass is $11.25. Beans find support at the 10-day moving average of $10.83 3/4 and at last week’s low of $10.70 1/2.
WHEAT: December SRW broke out higher overnight on news China showed interest in U.S. wheat, leading gains in the grains complex. This move pushed the contract to it’s highest value since August 1st. Initial support is seen at the 100-day moving average of $5.37, with lower support in the area of $5.22. Resistance at the psychological $5.50 mark is likely, but higher price action across the grains in general may be enough to help wheat test that.
LIVESTOCK CALLS
CATTLE: Choppy/lower
HOGS: Choppy/lower
CATTLE: Technical analysis of the December live and January feeder cattle contracts show a potential bear pennant pattern forming, which may indicate further downward moves. However, daily price decreases have gotten smaller in the past week, possibly paving the way for a near-term bottom after the extended selling seen lately. USDA reported an average price of $230.02 for steers and heifers on Friday, showing some weakening in the cash markets. Last week saw cash trade active early in the week, an unusual occurrence as the trend has been mostly active trading at the end of the week. Choice cut-out on Friday was $378.13, down 14 cents from the previous day.
HOGS: Despite ending higher on Friday, December lean hogs are still in a downward trend in the longer-term. Cash fundamentals continue to weaken, which limits buying interest in hog futures. The CME lean hogs index fell 33 cents on October 31st to $91.53 and is at its lowest since May 20th this year. The pork cutout has shown some strength recently, gaining $1.67 on Friday to $101.95. Demand for pork will likely pick up as the holiday season nears, and consumers seek cheaper protein alternatives to beef