Corn is mostly 2 to 3 cents higher.
- Corn futures are firmer for the fourth straight session despite a firmer dollar and persisting crude oil weakness.
- U.S. harvest will be very good in the Delta, lower and eastern Midwest and interior southeastern states for the next 2-3 days. Conditions will trend a little wetter at times during the coming weekend and early next week.
- Center west and northern parts of center south Brazil will receive some much-needed rain tonight through Monday, raising topsoil moisture in some areas for improved planting, germination and emergence of summer crops, according to World Weather Inc.
- December corn futures are facing resistance at $4.24 3/4, while support lies at the 100-, 20-, 40- and 10-day moving averages, layered from $4.21 1/4 to $4.18.
Soybeans are mostly 6 to 7 cents higher, while soymeal is around $3.70 higher. Soyoil is fractionally higher.
- Soybeans are being led higher by corrective gains in meal futures.
- President Donald Trump has stated his proposed 100% tariff on goods from China would not be sustainable, but blamed Beijing for the latest impasse in trade talks.
- The International Monetary Fund sees “significant downside risks” to global growth due to renewed trade frictions between the U.S. and China, the Fund’s Director of the Asia and Pacific Department, Krishna Srinivasan, said on Friday.
- Clean Fuels Alliance America has sent a letter to the Environmental Protection Agency (EPA) and a copy to USDA Secretary Brooke Rollins, saying EPA’s pending Supplemental Notice on Renewable Fuel Standards (RFS) for 2026 and 2027 may have a major negative impact on the U.S. agricultural economy.
- November soybeans have edged above the 10- and 20-day moving averages and are now facing resistance at $10.18 1/4. Initial support lies at Thursday’s close of $10.10 1/2.
Wheat futures are mostly a penny to 2 cents higher.
- SRW wheat futures are posting modest short-covering gains after forging contract lows earlier in the week.
- The arrival of a cold front across Argentina next week could affect wheat yields for the 2025-26 season, according to the Buenos Aires Grains Exchange.
- Wheat areas in eastern Ukraine, Russia’s Southern Region and western Kazakhstan still need more moisture to see better establishment and rain will impact these areas during the next ten days, according to World Weather.
- December SRW wheat futures are testing resistance at the 10-day moving average of $5.03 1/4, which is backed by the 20- and 40-day moving averages. Initial support lies at $5.00, then at $4.97 1/4.
Live cattle are notably lower, while feeders are down the limit at midsession.
- Cattle futures are facing pressure after President Trump announced a deal to bring down beef prices.
- President Trump on Thursday said his administration had struck an agreement to bring down the price of beef for U.S. consumers. During an event in the Oval Office, Trump didn’t provide details on what the federal effort entailed but conceded that beef was one area where his efforts to fight inflation hadn’t paid enough dividends.
- Wholesale beef weakened on Thursday, with Choice down 37 cents to $366.11, while Select slipped 23 cents to $348.93.
- December live cattle gapped lower at the open and has tested support at the 10-day moving average. Nest support lies at $240.00, while resistance is at $244.56 and $246.63.
Hog futures are mixed at midmorning.
- Nearby lean hogs continue to face pressure from persisting weakness in the cash index.
- The CME lean hog index is down another 61 cents to $96.59 as of Oct. 15.
- The pork cutout value rose 21 cents to $102.17 on Thursday. Movement totaled 325.3. loads.
- December lean hogs carved a for-the-move low despite persisting oversold conditions, though support continues to serve at $82.17. Initial