Corn is mostly 3 to 4 cents higher.
- Corn futures are posting gains in step with soybeans, which have recovered from Tuesday’s pullback.
The U.S. government shutdown has become the longest in history, and with no sign of a resolution soon its economic toll is deepening. Every week that passes costs the economy anywhere from $10 billion to $30 billion, based on analysts’ estimates, with several landing in the $15 billion range. - Late season U.S. and eastern Canada harvest weather will advance around infrequent rainfall during the next ten days. No crop quality problems are expected because of periodic rain, according to World Weather Inc.
- December corn futures continue to find support at the 10-day moving average of $4.30 1/2, while resistance remains at the 200-day moving average of $4.36 1/2, which is backed by the Oct. 30 high of $4.37.
Soybeans are a dime to 12 cents higher, while soymeal is around $5.80 higher. Soyoil is 20 points higher.
- Soybeans are being led higher by meal futures, while optimism rings after China confirmed its removal of retaliatory tariffs on U.S. farm products.
- China has announced it will remove retaliatory tariffs on some U.S. farm products and lift export controls on several American firms, after Washington halved its fentanyl-related levies on Chinese goods. The country’s Finance Ministry confirmed in a Wednesday notice it would end tariffs imposed March 4 on soybeans and other U.S. agricultural products including corn, wheat, sorghum and chicken, effective Nov. 10.
- Argentina’s government has approved a $277 million port project on the Parana River for its large investment tax break scheme, according to Economy Minister Luis Caputo earlier today. The port, along the key agricultural waterway in the province of Santa Fe, will store fertilizers, iron ore, steel, grains and fuels, Caputo noted in a post on X.
- A favorable mix of rain and sunshine is expected in Brazil and Argentina among other South American nations during the next two weeks, though a need for greater rain persists in portions of center west and northeastern Brazil, according to World Weather.
- January soybeans continue to face resistance at $11.33 1/2, which is backed by Monday’s high of $11.35 3/4. Initial support lies at $11.11, which is backed by support at the 10-day moving average of $11.00.
Winter wheat futures are a penny to 3 cents higher, while HRS futures are mostly unchanged.
- SRW wheat futures have notched a new three-month high amid notions of China’s interest in U.S. wheat.
- U.S. wheat areas are experiencing mostly good weather for planting, emergence and establishment. Some greater rain may be needed soon in the western high Plains and in northern portions of the Midwest production region, according to World Weather.
· Southern Australia’s weather has been mostly good for wheat and barley development this year. A close watch on Victoria and southeastern South Australia weather may be warranted if rainy weather resumes later this month and in December when crop maturation and harvesting get under way. A crop quality decline will be possible if conditions turn wetter biased once again, notes World Weather.
- December SRW wheat futures edged to a new for-the move high, with resistance at $5.53 3/4, while initial support lies at $5.46 1/2, but is backed by the 100-day moving average of $5.36 1/2.
Live cattle and feeders are limit down at midsession.
- Cattle futures continue to breakdown technically, marking the lowest intraday level since July 21.
- North-central and eastern U.S. cop areas will experience a notable cold surge this weekend into Monday, with livestock stress likely as temps plummet for the first time this season after prolonged warm weather.
- Choice boxed beef fell $1.67 on Tuesday to $377.58, while Select rose $1.32 to $361.25. Movement improved to 167 loads, reflecting notable demand.
- December live cattle have marked a new for-the-move low, with support now serving at $219.97, while resistance stands at the 100-day moving average of $229.29.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly weaker in narrow trade as technical resistance crimps buyer interest.
- The CME lean hog index is down 8 cents to $90.90 as of Nov. 3.
- The pork cutout value fell $2.48 to $99.17 on Tuesday amid declines in all cuts aside from primal ribs. Movement totaled 390.2 loads.
- December lean hogs are facing resistance at the 200- and 10-day moving averages of $80.82 and $81.03, while initial support lies at Tuesday’s low of $79.375.