Corn is mostly unchanged to a penny lower.
- Corn futures are modestly weaker, with pressure stemming from followthrough selling in crude oil, though support at the 40-day moving average is curbing sellers.
- Iranian state-owned animal feed importer SLAL is thought to have purchased animal feed corn and soymeal in international tenders this week, totaling 120,000 MT of both corn and soymeal according to European traders.
- A favorable mix of rain and sunshine is expected in Brazil and Argentina among other South American nations during the next two weeks, according to World Weather Inc. Portions of center west and northeastern Brazil rainfall should increase leading to improved topsoil moisture and better long-term crop development potential. Some dryness “may” return in late December and/or January, according to the forecaster.
- December corn futures have tested support at the 40-day moving average, which is backed by support at 4.31 3/4. Initial resistance is at $4.27 3/4, which is backed by the 20-, 10- and 200-day moving averages.
Soybeans are mostly 2 cents higher, while soymeal is around $1.00 higher. Soyoil is around 30 points lower.
- Soybeans are being lifted by a corrective rebound in soymeal.
- Soybean planting in Argentina rose 12 percentage points to an estimated 24.6% completion rate, though flooding in Buenos Aires is causing delays, according to the Buenos Aires Grains Exchange.
- Malaysian palm oil futures fell more than 2% overnight, wiping early-week gains to post a weekly loss amid weak demand.
- January soybeans are testing support at the 20-day moving average of $11.23 1/2, with additional support at $11.15. Resistance stands at the 10-day moving average, currently trading at $11.35 1/2.
Winter wheat futures are 2 to 4 cents higher, while HRS futures are around a penny higher.
- SRW wheat futures are firmer but are being limited by notable technical challenges.
- German Chancellor Friedrich Merz Friday is expected to hold an urgent call with Ukrainian President Volodymyr Zelenskiy and other European leaders regarding a U.S.-Russian plan to end the war in Ukraine that would mean sweeping concessions to Russia. France’s Emmanuel Macron and Keir Starmer of the U.K. will also join the call at midday European time, two government officials said and as reported by Bloomberg.
- The Grain Industry Association of Western Australia raised its estimate for 2025-26 wheat production earlier today b 420,000 MT, solidifying expectations of a large Australian wheat crop.
- December SRW wheat futures are facing support at the 40-day moving average of $5.37, while resistance is at the 100-, 10- and 20-day moving averages, layered from $5.48 1/2 to $5.50 1/4.
Live cattle and feeders are posting gains at midsession.
- Cattle have rebounded notably after reaching a near five-month low in early trade.
- President Trump is expanding tariff breaks for imported Brazilian food products, widening the scope of relief from import taxes amid growing U.S. consumer dissatisfaction over the cost of living.
- Today’s Cattle on Feed Report is expected by analysts to show the total number of U.S. cattle on feed as of November 1 at 97.9% of last year. October placements are expected to be around 92.2% of last year and October marketings at 92.5% of last year. The COF report is the first one after the U.S. government shutdown.
- Cash cattle trade has averaged $218.30 so far this week and is likely to gather steam following USDA’s Cattle on Feed Report.
- December live cattle have carved a new for the move low, though support remains at $210.33 and $207.78. Initial resistance stands at the 200-day moving average of $216.31.
Hog futures are notably weaker at midmorning.
- Nearby lean hogs are weaker in sideways trade amid persistent wholesale weakness and extended downturn in the cash index.
- The pork cutout value slipped another $2.93 on Thursday to $90.21, led by a near $17 loss in primal bellies.
- The CME lean hog index is down another 40 cents to $86.27.
- China’s sow herd dropped to fewer than 40 million animals at the end of October, according to the Ministry of Agriculture and Rural Affairs earlier today. Previous data showed China had 40.35 million sows at the end of September.
- December lean hogs are facing support at the Nov. 18 low of $77.55, while resistance is at the 10- and 20-day moving averages of $79.53 and $80.00.