Corn is up around 2 ½ cents
- The battle of the 200-day moving average continues for March corn, which on Wednesday closed above the long-term trend proxy for the first time since Nov. 13, then finished back below it in a discouraging session on Wednesday. So far today, the average – at $4.47 ¾ – has capped gains, serving as the session high.
- USDA reported corn sales of 1.995 million metric tons in the week ended Oct. 30, as the department continues to play catch-up on weekly sales data following the government shutdown that ended last month.
- Separately, USDA reported flash corn sales of 100,800 MT for delivery to Colombia and 392,500 MT for delivery to Mexico for the 2025-26 marketing year.
Soybeans are 4 ½ to 6 ½ cents higher
- Concerns about hot, dry weather in Argentina and dryness in southern Brazil are on traders’ radar.
- Uncertainty around the pace and ultimate size of China’s soybean purchases was on the rise after Treasury Secretary Scott Bessent on Wednesday said the country was on pace to meet obligations to purchase 12 million MT of U.S. supply by the end of February. The White House and USDA officials had previously said the purchases would take place by year-end.
- USDA reported net soybean sales of 1.249 million metric tons in the week ended Oct. 30, including 232,000 MT to China.
- Soybean meal and oil futures were both trading higher. Technical weakness in meal, with the formation of a bearish head-and-shoulders top reversal pattern, has raised concerns about the soy complex outlook.
Wheat futures are mostly 2 to 4 ½ cents higher
- March SRW wheat is up 2 ¼ cents, shaking off early weakness.
- USDA reported net wheat exports of 505,000 MT in the week ended Oct. 30.
- Statistics Canada said the country’s total wheat production rose 11.2% year over year to a record 40.0 million tons in 2025, surpassing the previous record set in 2013.
Live cattle and feeders are holding gains
- February live cattle were up $1.325, with March feeders up $1.65.
- Live cattle were on track for a sixth winning session out of the last seven after hitting a for-the-move low on Nov. 21 following Tyson’s decision to close a Nebraska beef plant.
- Wholesale beef prices were lower Thursday morning, with choice down 78 cents to $363.03 and select off $3.22 to $349.90, according to USDA.
Hog futures are higher
- Lean hogs continue to favor the upside as seasonal weakness in the cash index appears to be coming to an end.
- Losses in the cash and CME hog index have started to slow. The latest CME lean hog index was down another 6 cents to $81.61. Today’s projected cash index price is up 6 cents at $81.67.