Corn is mostly a penny to 2 cents lower.
- Corn futures are weaker in consolidative trade amid continued technical selling despite outside market support.
- The top U.S. commander in the Middle East briefed President Donald Trump Thursday on military options for Iran,the Wall Street Journal reported. Described as a rare in-person visit, it comes as the U.S. weighs resuming major combat operations. The newspaper reported earlier this week that Trump officials have told Arab Gulf states to be prepared for a short but intense campaign after the midterm elections.
- The Korea Feed Association (KFA) in South Korea purchased around 68,000 MT of animal feed corn in a private deal on Thursday without issuing an international tender, according to Reuters who cited European traders.
- December corn futures are facing initial support at $4.47 3/4 and $4.44 1/4, while resistance stands at $4.54 1/2, which is backed by the 10-day moving average, trading at $4.56 1/2.
Soybeans are 2 to 3 cents higher, while meal is $3.50 lower. Soyoil is 36 points higher.
- Soybeans are slightly firmer, with support from global end user demand, though meal futures are limiting momentum.
- USDA reported daily soybean sales totaling 297,150 MT to unknown destinations during 2026-27.
- U.S. soybean meal exports hit a record 18.6 million tons in 2025-26 and are projected to hit 20.6 MT in 2026-27 – growth of around 66% since 2020 as the nation’s share of global meal trade has risen from 18% to a projected 23% over the same period, according to North Dakota State University’s monthly Agricultural Trade Monitor. The report attributes the export boom to growing domestic crush capacity tied to renewable diesel demand.
- Concern remains over the condition of center west Brazil where rainfall may offer some short-term benefit to crops, but very low subsoil moisture will remain a serious concern especially when drier and warmer than usual weather occurs in weeks two and three of the forecast. Southern Brazil and Paraguay remain wet and would benefit from some drying, but that is unlikely outside of Rio Grande do Sul leaving the flood potential relatively high. Northeastern Brazil still needs greater rain, notes World Weather Inc.
- January soybeans are facing resistance at $12.40, which is backed by the 100- and 10-day moving averages. Support lies at $12.28 and $12.21 1/4.
Winter wheat futures are mostly a penny to 4 cents lower.
- SRW wheat futures are weaker but holding above the psychological $6.00 level with support from a weaker U.S. dollar.
- Ukraine struck an oil refinery in Russia’s Samara region early Friday,the Wall Street Journal reported, ending a two-week pause. The report noted Ukrainian forces last hit an oil refinery on Oct. 15, and hadn’t struck energy infrastructure of any kind since Oct. 20 amid repeated demands by President Donald Trump and other officials to stop hitting refineries.
- A South Korean flour milling group bought an estimated 50,000 MT of milling wheat to be sourced from the U.S. in an international tender this week, according to Reuters.
- Recent rain in Ukraine and Moldova was ideal in bolstering soil moisture for better winter crop establishment, notes World Weather. Russia’s Southern Region still needs significant rain to get crops well established ahead of dormancy.
- December SRW wheat futures are facing initial support at the psychological $6.00 level, which is backed by this week’s low of $5.93 1/4. Resistance stands a t $6.10 ¾, which is backed by the 10-day moving average.
Live cattle and feeders are notably lower at midsession.
- Live cattle futures are facing heavy technical selling as cash and wholesale fundamentals weaken.
- Cash cattle trade has emerged at slightly weaker prices.
- Boxed beef edged lower on Thursday, with Choice down $1.72 to $367.28 and Select down $3.62 to $351.63. Movement totaled 101 loads.
- December live cattle are testing support at the 40-day moving average, with additional support at the Oct. 5 low of $218.925. Resistance stands at $226.05, which is backed by the 20-day moving average.
Hog futures are weaker at midmorning.
- Lean hog futures are weaker after Thursday’s short-covering gains.
- The CME lean hog index is down $1.00 to $67.30 as of Oct. 28.
- The pork cutout value fell $1.76 on Thursday to $70.69, led by a near $11 decline in primal bellies. Movement totaled 272.2 loads.
- December lean hogs gapped higher at the open, with resistance at Thursday’s high of $60.525, while support lies at $59/225. $58.51 and Thursday’s low of $58.20.