Corn is chipping around unchanged in midmorning trade.
- Corn futures have rebounded off the earlier low amid corrective buying despite pressure from selling in wheat.
- Iowa’s congressional delegation is asking the Trump administration to consider Iowa’s pork producers when conducting trade talks with Mexico, Agri-Pulse reported.
- Russia will dispatch its first diesel tanker to the U.S. on Thursday, according to Deputy Prime Minister Alexander Novak, according to the Vedomosti news outlet, after a deal with President Donald Trump.
- December corn futures have marked a fresh near-term low, though support lies at $4.59 and today’s low of $4.53 1/2, while resistance stands at $4.63 ¾ and $4.66 1/2.
Soybeans are 3 to 5 cents lower, while meal is around 10 cents higher. Soyoil is around 65 points lower.
- Soybeans are weaker for the eighth straight session despite continued global end user demand.
- USDA reported daily sales of 134,000 MT of soybeans to China and 165,000 MT of soybeans to Spain during 2026-27.
- Chinese state stockpiler Sinograin will auction 512,000 MT of imported soybeans on Oct. 27, according to Reuters.
- Brazil’s powerful farm lobby is expected to gain even more influence if challenger Flavio Bolsonaro defeats President Luiz Inacio Lula da Silva in Sunday’s presidential election runoff,Bloomberg reported.
- Southern Brazil has benefited from recent drying, but rain is expected to resume later this week which may bring back some concern about too much moisture, according to World Weather Inc.
- November soybeans are facing support at $12.37, which is backed by the 100-day moving average. Resistance stands at $12.42 1/2 and $12.56 1/2.
Winter wheat futures are 14 to 17 cents lower while HRS futures are mostly 8 to 10 cents lower.
- SRW wheat futures are notably lower amid musings of potential peace in the Black Sea.
- Egypt’s state grain buyer Futures of Egypt has purchased about five cargoes of wheat this week in one of its first known imports in months as Black Sea exports tighten supplies, according to Reuters. The purchase marks a major return for Egypt’s state buyer, which has largely stayed on the sidelines in recent months amid supply disruptions in the Black Sea.
- December SRW wheat futures are facing support at $6.17, which is backed by the June 30 low of $5.90 1/2. Resistance stands at the 200-day moving average, trading at $6.50 3/4.
Live cattle and feeders are solidly higher at midsession.
- Live cattle futures have scored fresh near-term highs amid technical buying.
- Boxed beef improved on Tuesday, with Choice of $1.72 to $373.30 and Select up $1.63 to $361.54. Movement totaled 98 loads.
- USDA on Wednesday said inan X post that it plans to resume cattle imports from Mexico at ports in Columbus, New Mexico, on Oct. 26 if conditions for safe trade are in place, and Nogales, Arizona, on Nov. 30, if conditions for safe trade are in place. Horse imports at Santa Teresa, New Mexico, are planned to resume on Oct. 26, USDA said.
- December live cattle are testing resistance at $231.275, though additional resistance stands at $232.375 and $234.20. Support lies at the 200-day moving average of $229.38.
Hog futures are lower at midmorning.
- Lean hog futures are weaker in sideways, consolidative trade as technical and fundamental challenges limit short-covering interest.
- The CME lean hog index is down 38 cents to $73.02 as of Oct. 19.
- The pork cutout value fell 86 cents on Tuesday to $78.53. Movement totaled 296.6 loads.
- December lean hogs continue to face support at $65.83, which is backed by last week’s low of $65.80. Resistance stands at the 10- and 20-day moving averages, trading at $67.21 and $68.38.