Corn is mostly 3 to 5 cents higher.
- Corn futures posting short-covering gains for the third straight session, with support from a weaker U.S. dollar.
- Analysts estimate that weekly corn sales ranged from 900,000 MT to 2.0 MMT during the week ended Oct. 9, according to a Reuters poll. However, USDA’s weekly Export Sales Report is not being released due to the ongoing government shutdown.
- U.S. weather will trend a little wetter at times during the coming weekend and early to mid-week next week, slowing fieldwork, but no harm to crop quality is expected, notes World Weather Inc.
- December corn futures are testing resistance at the 10-, 20-, 40- and 100-day moving averages, layered from $4.17 1/2 to $4.21 1/2. However, the 100-day is curbing momentum. Initial support lies at $4.15 1/2.
Soybeans are mostly 6 cents higher, while soymeal is around 50 cents higher. Soyoil is 50 points higher.
- Soybeans are firmer, though technical resistance continues to curb heftier short-covering efforts.
- U.S. Treasury Secretary Bessent said on Wednesday the possibility of extending a pause of import duties on Chinese goods for longer than three months exists if China halts its plan for strict new export controls on rare-earth elements. The U.S. and China have agreed to a series of 90-day truces, with the next deadline looming in November.
- Analysts estimate net soybean sales ranged from 500,000 MT to 1.4 MMT during the week ended Oct.9, according to a Reuters poll. USDA’s weekly Export Sales Report remain delayed amid the government shutdown.
- China has yet to secure much of its soybean supply for December and January as high premiums for Brazilian cargoes discourage buyers, a development that could prompt Beijing to tap state reserves to meet near-term needs, according to traders.
- Indonesia, the world’s largest palm oil producers, is considering a plan to require international flights from Jakarta and Bali to use 1% sustainable aviation fuel (SAF) blend starting in 2026, according to an energy ministry official.
- November soybeans have tested resistance at the 10- and 20-day moving averages, which have converged around $10.14, while initial support remains at $10.01 3/4.
Winter wheat futures are mostly a penny to 2 cents higher, while HRW futures are mostly unchanged to a penny lower. HRS futures are around a penny lower.
- SRW wheat futures are modestly firmer in consolidative trade as looming technicals continue to strap momentum.
- Algeria’s state grains agency OAIC is believed to have purchased around 400,000 MT of durum wheat in an international tender, which closed on Wednesday. About 90,000 MT of the purchase was believed to involve U.S.-origin durum, with the remainder mostly of Canadian origin.
- Analysts estimate net sales ranged from 300,000 to 650,000 MT during the week ended Oct. 9, according to a Reuters poll. Weekly sales continue to be delayed amid the government shutdown.
- December SRW wheat futures are trading mostly between support/resistance at $4.95 1/2 and $5.01 3/4. Broaders support stems from this week’s contract low of $4.92 1/4, while resitasce is at the 10-, 20- and 40-day moving averages.
Live cattle are firmer and feeders are mixed at midsession.
- Cattle futures have backed off the new all-time high notched in earlier trade as technically overbought conditions stir caution among traders.
- France is struggling to contain a surge in cases of lumpy skin disease in cattle, with new outbreaks found near the Spanish border, as the highly contagious virus sweeps across Western Europe for the first time, according to Reuters.
- Choice boxed beef rose $2.06 on Wednesday to $366.48, while Select dipped $1.39 to $349.16. Movement totaled 156 loads.
- December live cattle have carved fresh all-time highs, with resistance now serving at $248.125, while initial support lies at $246.30, then $245.625.
Hog futures are weaker at midmorning.
- Nearby lean hogs are modestly weaker, as cash and wholesale fundamentals weigh on futures.
- The CME lean hog index is down another 79 cents to $97.20 as of Oct. 14.
- The pork cutout value fell $1.80 on Wednesday to $101.96, with declines in all cuts. Movement totaled. 340.2 loads.
- December lean hogs are facing support at $82.70, while initial resistance stands at $83.75.