Corn is mostly a penny lower.
- Corn futures are extending Thursday’s correction with modest declines, in step with soybeans.
- Ukrainian grain exports fell to around 2.5 MMT in October, down from 3.7 MMT in October 2024 - mostly due to lower corn sales, according to the economy ministry.
- All Brazil’s summer crop areas will get rain during the next ten days, allowing for improved soil conditions, according to World Weather Inc.
- December corn futures are being supported by the 10-day moving average, currently trading at $4.27 1/4, while resistance stands at this week’s high of $4.37, which coincides with the 200-day moving average.
Soybeans are a penny to 2 cents lower, while soymeal is around 40 cents higher. Soyoil is 85 points lower.
- Soybeans are being drug lower by weakness in soyoil, though selling interest remains limited.
- China bought at least four U.S. soybean cargoes after Thursday’s summit between President Trump and Xi Jinping. The cargoes are for shipment later this year and in early 2026.
- Reuters reported this morning that regulators in Brazil have given the green light to blast a channel to open the Araguaia-Tocantins riverway to barges for year-round, which would clear to way for corn and soy export through the Amazon River to rival the Mississippi River.
- January soybeans are facing resistance at this week’s high of $11.14 1/2, while initial support lies at $10.97 1/2, then at $10.80 1/2.
Winter wheat futures are mostly unchanged to 2 cents lower, while HRS futures are around a penny to 2 cents higher.
- SRW wheat futures are mostly weaker, with pressure stemming from a firmer U.S. dollar.
- Ukrainian grain exports fell to around 2.5 MMT in October, down from 3.7 MMT in October 2024 - mostly due to lower corn sales, according to the economy ministry.
- Winter grains sowing continue to run ahead of average in France at 68% complete as of Monday, according to FranceAgriMer.
- Late season frosts have affected wheat fields in southern parts of Argentina’s agricultural heartland in recent days, according to the Buenos Aires Grains exchange.
- December SRW wheat futures are facing initial resistance at $5.26 1/2, which is backed by the 100-day moving average, currently trading at $5.37 1/2. Initial support lies at the 10-, 40- and 20-day moving averages, layered from $5.16 3/4 to $5.10 1/4.
Live cattle are moderately higher while feeders are posting stronger gains at midsession.
- Cattle futures are mostly firmer in corrective trade despite fading cash trade and a downturn in wholesale values.
- USDA reported cash cattle trade so far this week is averaging $229.70, down notably from last week’s average of $237.89.
- Wholesale beef values declined on Thursday, with Choice down $3.11 to $378.27, while Select fell $2.27 to $359.52. Movement totaled 102 loads.
- December live cattle are trading within Thursday’s upper range, limited by resistance at $232.66, which is backed by the 10-, 40- and 20-day moving averages. Meanwhile, the 100-day moving average of $228.91 serves as initial support.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer, but continue to be limited by technical headwinds.
- The CME lean hog index is down another 33 cents at $91.53.
- The pork cutout value rose 4 cents on Thursday to $100.28, with gains in bellies and ribs offsetting declines in all other cuts.
- December lean hogs continue to face resistance at the 10-day moving average, currently trading at $81.68, while support lies at the 200-day moving average of $80.73, which is backed by this week’s low of $80.35.