Corn is mostly 2 cents lower.
- Corn futures are modestly weaker, though strength in soybeans is limiting seller interest.
- USDA reported weekly corn sales of 1.527 MMT during the week ended Oct. 15, up 365 from the previous week and 87% from the four-week average. Net sales topped analysts’ pre-report range of expectations from 700,000 MT to 1.5 MMT.
- Harvest will occur rapidly in most areas during the next two weeks around precip in most of the western Corn Belt Sunday into Tuesday, many western and northern areas Wednesday into next Thursday and much of the Midwest Oct. 30 through Nov. 2, notes World Weather Inc.
- December corn futures are facing initial resistance at $4.67 1/2, while support lies at $4.60 ½, then at this week’s low of $4.53 1/2.
Soybeans are 8 to 10 cents higher, while meal is around 20 cents higher. Soyoil is around 80 points lower.
- Soybeans are firmer in corrective trade as China continues to step in as a buyer.
- USDA reported daily sales of 202,000 MT of soybeans to China during 2026-27.
- USDA reported weekly soybean sales of 2.841 MMT during the week ended Oct.15, which were up noticeably from the previous week and the four-week average. Net sales were within analysts’ pre-report range of expectations from 1.8 to 3.0 MMT.
- November soybeans are facing initial resistance at $12.56 1/2, which is backed by the 10-day moving average. Initial support lies at $12.43 ¼, then at this week’s low of $12.35 3/4.
Wheat futures are a penny to 5 cents lower.
- SRW wheat futures are modestly lower amid continued technical selling.
- USDA reported weekly wheat sales of 239,600 MT for 2026-27, down 25% from the previous week and 28%from the four-week average. Net sales were short of analysts’ pre-report range of expectations from 250,000 to 550,000 MT.
- Sovecon lowered its Ukraine 2026-27 grain export forecast by 5.1 MMT to 33 MMT and reported July through October wheat shipments are the lowest since 2011-12 as Odesa remains blocked and vessels are hit.
- Argentina’s wheat harvest for the 2026-27 season is expected to total 23.8 MMT, up from the 21 million estimated last month due to higher-than-expected yields, according to the Rosario Stock Exchange.
- December SRW wheat futures are trading within Wednesday’s lower range, with support at Wednesday’s low of $6.21, while resistance is layered at $6.31 and $6.41, which are backed by the 200-day moving average.
Live cattle and feeders are lower at midsession.
- Live cattle futures are weaker after a reach to fresh multi-week highs on Wednesday.
- Choice boxed beef fell 71 cents to $372.59 while Select fell $6.20 to $355.34. Movement totaled 91 loads.
- USDA reported beef sales totaled 18,500 for 2026 during the week ended Oct. 15, down 7% from the previous week but up 30% from the four-week average.
- December live cattle are facing resistance at Wednesday’s high of $232.45, while the 200-day moving average, trading at $229.37 is initial support.
Hog futures are lower at midmorning.
- Lean hog futures gapped lower at the open and have forged a fresh contract low amid continued pressure in cutout, driving by weak demand.
- The CME lean hog index is down 20 cents to 72.82 as of Oct. 20.
- The pork cutout value plunged $4.03 on Wednesday to $74.50 amid declines in all cuts. Movement totaled 320.3 loads.
- USDA reported net pork sales of 18,500 MT for 2026 during the week ended Oct. 15, up 3% from the previous week and 12% from the four-week average.
- December lean hogs have scored a fresh contract low, with support now serving at $64.96, while resistance continues to stem from the 10- and 20-day moving averages, trading at $66.84 and $68.15.