Corn is unchanged to a penny lower.
- Corn futures are weaker in consolidative trade.
- USDA reported daily sales of 110,000 MT of corn to Mexico during 2026-27.
- USDA reported weekly corn inspections totaled 905,267 MT during the week ended Nov. 5, up 6,876 MT from the previous week. Net inspections were within analysts’ pre-report range of estimates from 650,000 MT to 1.2 MMT.
- China on Monday said it had effectively extended its trade truce with the U.S. by two months to Jan. 10, formalizing an agreement reached by President Donald Trump and Chinese leader Xi Jinping at a summit meeting in Washington in September. China will suspend retaliatory measures, such as a 24% additional tariff on U.S. goods for another two months and hold off from charging special fees on U.S. ships docking at its ports until Jan. 10,Bloomberg reported.
- President Donald Trump over the weekend said it was “highly unlikely” that he would order extensive strikes on Iran. But that will depend on Iran signing a “very strong agreement,” he told CNN.
- December corn futures are facing support at last week’s low of $4.38 ½, while resistance stands at $4.43 then at the 10-day moving average, trading at $4.45 1/2.
Soybeans are unchanged to a penny lower, while meal is 20 cents higher. Soyoil is 10 points higher.
- Soybeans are mostly weaker, with resistance at the 200-day moving average limiting buyer interest.
- USDA reported weekly export inspections totaled 1.896 MMT during the week ended Nov. 5, down 615,822 MT from the previous week. Net inspections were within analysts’ range of estimates from 1.8 to 2.6 MMT.
- Brazilian farmers had planted 64% of the 2026-27 soybean crop as of last Thursday, up from 53% a week earlier and above the 61% pace seen a year earlier, according to AgRural. Some concerns were noted around top-producing state Mato Grosso, where dryness prevails as planting approaches its final stages.
- January soybeans are facing resistance at the 200-day moving average of $12.04 1/2 , while support is layered at $11.86 1/2, which is backed by Friday’s low of $11.84.
SRW wheat futures are mostly unchanged to a penny higher, while HRW is around a penny lower. HRS futures are mostly 2 to 3 cents higher.
- SRW wheat futures are modestly firmer as traders pause ahead of trilateral talks between the U.S., Ukraine and Russia.
- USDA reported weekly export inspections totaled 248,536 MT during the week ended Nov. 5, up 148,461 MT from the previous week. Net inspections were within analysts’ range of estimates from 150,000 to 350,000 MT.
- Russian, Ukrainian and U.S. negotiators are scheduled to hold talks for the first time since February this week, with security guarantees at the top of the agenda, the Associated Press reported.
- APK-Inform has lowered its 2026 Ukraine grain harvest forecast to 63.7 MMT, down from its previous estimate of 65.3 MMT because of a smaller harvest. The consultancy also cut its 2026-27 grain export forecast to 29.7 MMT, down from 31.9 MMT.
- December SRW wheat futures are trading within Friday’s lower range, limited by support at the previous session low of $5.85, which is backed by support at $5.83 ½. Resistance stands a t $5.92 3/4, which is backed by the 10-day moving average.
Live cattle and feeders are higher at midsession.
- Live cattle futures are solidly higher in corrective trade.
- Cash cattle trade averaged $216.52 as of last Friday, though the official quote will be released later this morning.
- Choice boxed beef fell 77 cents to $360.79 while Select rose $1.24 to $353.56 on Friday. Movement totaled 116 loads.
- December live cattle are facing resistance at $216.92 and $219.23, which is backed by the 20-day moving average. Support lies at today’s low of $214.70, then at $213.03.
Hog futures are mixed at midmorning.
- Lean hog futures are posting strong short-covering gains to start the week.
- The CME lean hog index is down $1.29 to $61.57 as of Nov. 5.
- The pork cutout value rose $1.66 on Friday to $70.65. Movement totaled 292.4 loads.
- December lean hogs are facing resistance at $56.66, which is backed by the 10-day moving average. Support lies at last week’s low of $53.525.