Corn is mostly a penny to 2 cents lower.
- Corn futures are being pressured by corrective selling in wheat futures.
- The National Weather Service today said some light and spotty showers are expected for portions of the Plains and Upper Midwest as a weak clipper-like system passes by. Some lake-effect showers are possible along the Great Lakes with northwesterly flow in place following the passage of the eastern U.S. system.
- President Trump today said he had a “very nice conversation” Wednesday with Canadian Prime Minister Mark Carney, despite the latest increase in trade tensions between the two neighboring nations. Trump made his remarks on Air Force One today after departing South Korea, where he had come for meetings of the Asia-Pacific Economic Cooperation group.
- December corn futures continue to be limited by this week’s high of $4.36 1/4, then at $4.40. Bulls are looking to close December above solid resistance at $4.50. Support is seen at this week’s low of $4.26.
Soybeans are 8 to 11 cents higher, while soymeal is around $4.00 higher. Soyoil is 20 points lower.
- Soybeans are firmer, in step with meal, amid lingering trade optimism.
- China has agreed to buy 12 million metric tons of soybeans this year and to buy a minimum of 25 million tons annually over the next three years as a part of a larger trade agreement, according to Treasury Secretary Scott Bessent.
- Rain expected in Brazil this weekend and next week should be sufficient and widespread enough to improve crop development in areas that have not seen much moisture recently. However, there is some concern over subsoil moisture remaining low and follow up rain will be very important, notes World Weather Inc.
- January soybeans are facing resistance at $11.35. Support is seen at the top of the gap marked by this week’s low at $10.70 1/4.
Winter wheat futures are mostly 9 to 11 cents lower, while HRS futures are around 2 to 3 cents lower.
- SRW wheat futures are facing technical selling, with an assist from a weaker U.S. dollar.
- World Weather reports Canada’s eastern Prairies are plenty wet and need some drier weather. A boost in precipitation and soil moisture is needed in the central and southwestern Prairies to improve winter crop development potential in the spring. Neighboring areas of Montana might also benefit from some additional moisture.
- A close watch on rainfall in Rio Grande do Sul and other southern crop areas in Brazil, to make sure it does not get too wet during the harvest which is under way.
- December SRW wheat futures are finding support at this week’s low of $5.16 3/4 and then at $5.10. Resistance is seen at this week’s high of $5.35 and then $5.40.
Live cattle are mixed while feeders higher at midsession.
- Cattle futures are mostly weaker as traders hold a cautious tone after early-week fund liquidation.
- USDA reported active cash cattle trading at mid-week. The agency at midday Wednesday reported cash trade averaged $229.70 versus last week’s average of $237.89.
- Wholesale beef values rose on Wednesday, with Choice up $1.73 to $381.38, while Select jumped $1.79 to $361.79.
- December live cattle are trading within the 10- and 100-day moving averages, currently trading at $236.12 and $228.74.
Hog futures are weaker at midmorning.
- Nearby lean hogs continue to face technical selling, though fading declines in the cash index could mean a near-term bottom is close to being forged.
- Today’s projected cash hog index is down another 17 cents at $91.86.
- The pork cutout value rose 22 cents to $100.24 on Wednesday.
- December lean hogs have marked a fresh for-the-move low but continue to find support at $80.23, while resistance stands at the 10-day moving average of $81.74.