Corn is mostly unchanged to a penny higher at midmorning.
- Corn futures are modestly firmer in rangebound trade between the 40- and 100-day moving averages.
- High grain moisture levels and logistical woes amid Russian attacks have slashed Urkaine’s corn exports from Black Sea ports in November, which may occur in December as well, according to the farmers’ union UAC earlier today.
- Crop consultant Dr. Michael Cordonnier maintained his 2025/26 Brazilian corn production estimate of 140 MMT but noted a neutral to lower bias going forward. Cordonnier also left his Argentine corn production estimate unchanged at 54 MMT.
- March futures are facing initial resistance at $4.39 1/4, which is backed by the 40-day moving average of $4.40 1/4. Initial support is at the 100-day moving average of $4.35 1/2.
Soybeans are mostly a penny to 2 cents lower, while soymeal is around $2.30 higher. Soyoil is around 25 points lower.
- Soybeans are weaker despite soymeal strength, with the 20-day moving average now serving as technical resistance.
- President Trump and Chinese President Xi Jinping on Monday held their first talks since agreeing to a tariff truce last month, discussing trade, Taiwan and Russia’s invasion of Ukraine. Trump said the telephone call was “very good” and that the leaders spoke about purchases of soybeans and other farm products as well as curbing shipments of illegal fentanyl, as reported by Bloomberg.
- Dr. Michael Cordonnier reports farmers in Argentina’s Buenos Aires province continue to struggle with the impact of major flooding that has blocked access to fields. He estimates around 3.7 million acres have been impacted. However, he left both his Brazilian and Argentine soybean production estimates unchanged at 177 MMT and 49 MMT, with a neutral bias going forward.
- China shipped a record 70,877 tons of the cooking oil in October, according to customs data, most of which went to India. Exports in the first 10 months of the year reached 329,000 tons, almost triple what they were for all of 2024.
- Brazilian Vice President Geraldo Alckmin said on Tuesday that unspecified issues related to the country’s imports of U.S. biofuels were “practically resolved,” according to Reuters. Alckmin did not provide details, but according to the Development, Industry, Trade and Services Ministry, his remarks referred to easing rules under the RenovaBio program to address U.S. concerns.
- January soybeans are now facing resistance at the 20-day moving average of $11.26 1/2, while support lies at $11.16.
Winter wheat futures are unchanged to 2 cents higher, while HRS futures are 2 to 5 cents lower.
- SRW wheat futures are slightly firmer amid support from a weaker U.S. dollar.
- The U.S. winter wheat rating rose three percentage points to 48% good to excellent, as of Sunday, according to USDA.
- Russia’s IKAR consultancy said it expects the county’s 2026 wheat crop to range between 86 MMT and 96 MMT. For 2025, IKAR forecasts Russia’s wheat harvest at 88.5 MMT and the total grain crop at around 139 MMT.
- A group of South Korean flour mills has issued an international tender to purchase about 90,000 MT of milling wheat to be sourced from the U.S. and Canada, according to European traders.
- March SRW wheat futures are trading within Monday’s range, limited by resistance at the 40-day moving average, currently trading at $5.37, while initial support lies at Monday’s low of $5.31 3/4, then at $5.30 1/2.
Live cattle are mixed, while feeders are firmer at midsession.
- Cattle futures have rebounded from fresh lows carved in early trade amid corrective buying.
- Daily trading limits are expanded in both live and feeder cattle futures.
- Cash cattle trade averaged $217.41 last week, down a notable $7.65 from the previous week.
- China has extended its investigation into beef imports by another two months, giving global suppliers a longer temporary reprieve from potential trade restrictions, according to Reuters.
- December live cattle have forged fresh lows, though support remains at $206.63, while resistance is at Monday’s high of $208.75.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly firmer, though extended cash weakness and technical resistance continue to curb more robust buyer interest.
- The CME lean hog index is down another $1.20 to $83.61 as of Nov. 21.
- The pork cutout value rose 35 cents on Monday to $93.78, eld by gains in primal ribs and bellies.
- December lean hogs are trading within Tuesday’s upper range, with resistance still at the 10- and 20-day moving averages, currently trading at $79.05 and $79.82. Initial support remains at this week’s low of $77.35.