Corn is mostly unchanged to 2 cents lower.
- Corn futures are edging lower in corrective trade after this week’s gains.
- President Trump said the tariff truce extension with Mexico is a positive step as Mexico already pays significant tariffs benefitting the U.S.
- Today’s forecast is drier overall for the Midwest than what was advertised earlier this week after rain today into Thursday from east-central and southeastern Missouri to Kentucky and Ohio, according to World Weather Inc. Precip during the remainder of the next two weeks will be infrequent and poorly organized, allowing fieldwork to advance well.
- December corn futures are trading within Tuesday’s range, limited by resistance at the previous session high of $4.36 1/4, which is backed by the 200-day moving average of $4.37 1/4.
Soybeans are unchanged to a penny higher, while soymeal is around $3.40 higher. Soyoil is fractionally higher.
- Soybeans are modestly firmer, with extended support stemming from meal.
- State-owned COFCO bought about 180,000 MT of U.S. soybeans for December and January shipment through Pacific Northwest ports, which is the first known purchase for the marketing year.
- President Trump expressed optimism that a trade deal with South Korea “will be finalized very soon” and said any agreement with Chinese President Xi Jinping would benefit the region broadly.
- Argentina oilseeds workers union SOEA says it could restart a strike next week, indicating a salary agreement with employers has made little progress.
- An improving trend for rain in central and northern Brazil will begin today and will continue through the remainder of the next two weeks, according to World Weather. Much of the remainder of Brazil and Paraguay will also see regular rains and favorable crop conditions over that period.
- January soybeans are trading within Tuesday’s lower range, with support at $10.65 1/4, while initial resistance is at $10.78 1/4.
Winter wheat futures are mostly a penny lower to 2 cents higher, while HRS futures are around 3 to 4 cents higher.
- SRW wheat futures are mostly firmer, though technical resistance has slowed recent short-covering efforts.
- Dry biased weather is expected in HRW wheat country in the next ten days and will continue to be great for late-season fieldwork to advance, but greater rainfall would benefit western production areas of the region, notes World Weather. More widespread freezes in central and western areas are expected this week and are normal for this time of year.
- Jordan’s state grain buyer has issued an international tender to buy up to 120,000 MT of milling wheat to be sourced from optional origins.
- December SRW wheat futures are trading inside Tuesday’s range, with resistance at $5.34 1/2, then at the 100-day moving average of $5.38 1/4. Initial support lies at $5.23 1/2.
Live cattle and feeders are solidly higher at midsession.
- Cattle futures are correctively firmer after heavy long liquidation in the past two sessions.
- Mexican Agriculture Minister Julio Berdegue said earlier today that Mexico and the U.S. have not yet set a date to resume Mexican cattle exports. Berdegue spoke with U.S. Ag Secretary Brooke Rollins in a video conference and agreed to test modular mobile plants in Mexico that could increase sterile fly production.
- Choice boxed beef values firmed another $1.77 on Tuesday to $379.65, while Select fell $1.66 to $360.00. Movement totaled 123 loads.
- December live cattle have moved above resistance at the 100-day moving average of $228.59, with resistance now serving at $230.925 and $232.75. Initial support lies at $226.925.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer, though technical resistance and cash weakness is crimping gains.
- The CME lean hog index is down another 24 cents to $92.03.
- The pork cutout value slid $1.06 on Tuesday to $100.02 amid declines in all cuts except primal hams and ribs. Movement totaled 320.4 loads.
- December lean hogs continue to face resistance at the 10-day moving average of $82.08, while support is layered at the 200-day moving average of $80.68, then at this week’s low of $80.475.