Corn is mostly unchanged to a penny higher.
- Corn futures are modestly favoring the upside, with pressure in the soy complex and weaker crude oil limiting gains.
- USDA reported weekly corn inspections of 1.13 MMT for the week ended Oct. 9, down 571,926 MT from the previous week but remain well ahead of year ago.
- U.S. harvest weather will be very good in the Delta, lower and eastern Midwest and interior southeastern states this week. Conditions will trend a little wetter at times during the coming weekend and next week, slowing fieldwork periodically, but no harm to the crop is anticipated.
- A Reuter’s poll shows analysts estimate corn harvest to be 44% complete as of Sunday.
- December corn futures are trading within Monday’s lower range, with support at $4.09 1/4, while resistance stands at $4.04 1/2 and is backed by the 10-, 40-, 20- and 100-day moving averages, layered from $4.17 1/2 to $4.22 1/4.
Soybeans are mostly a nickel lower, while soymeal is around 50 cents lower. Soyoil is 30 points lower.
- Soybeans continue to face technical challenges in addition to lingering trade woes.
- USDA reported soybean inspections for the week ended Oct. 9 totaled 994,008 MT, up 210,513 MT from the previous week and near the upper-end of the pre-report range of 400,000 MT to 1.0 MMT.
- A Reuter’s poll shows analysts estimate soybean harvest to be 58% complete as of Sunday.
- China on Tuesday sanctioned the U.S. units of a South Korean shipping giant and threatened further retaliatory measures on the industry, the latest in a series of tit-for-tat moves as the U.S. and China ratchet up their trade war.
- Brazil’s 2025-26 soybean acreage may increase more than originally expected given current low prices, according to crop consultant Dr. Michael Cordonnier. Conab will issue their first official crop estimates on Tuesday Oct. 14.
- South America weather is expected to be nearly ideal over the next two weeks, with alternating periods of rain and sunshine likely in both Brazil and Argentina as well as Paraguay and Uruguay, according to World Weather Inc.
- Indonesia’s government may regulate exports of crude palm oil to ensure there is enough domestic supply to produce biodiesel, according to its energy ministry.
- November soybeans are trading within Monday’s lower range, with support at the psychological $10.00 level, backed by support at $9.97 ¾ and the Oct. 1 low of $9.93 3/4.
Wheat futures are mostly a penny to 4 cents higher.
- SRW wheat futures are posting modest short-covering gains amid support from a correctively weaker U.S. dollar.
- USDA reported weekly wheat inspections totaled 444,138 MT for the week ended Oct. 9, down 104,085 MT from the previous week and on the low-end of the pre-report range of 400,000 to 550,000 MT.
- A Reuter’s poll shows analysts estimate winter wheat plantings to be 66% complete as of Sunday.
- China’s winter wheat planting, emergence and establishment are not advancing very well due to frequent wet weather. The moisture may induce a well-established crop eventually, although drier weather is needed to get the crop planted, notes World Weather. Fieldwork will continue to be delayed for at least another week.
- December SRW wheat futures are facing support at Monday’s low of $4.92 1/4, while resistance stands at $5.00 3/4.
Live cattle are modestly firmer, while feeders are marking strong gains at midsession.
- Cattle futures have charged to fresh contract highs amid firming cash fundamentals.
- Cash cattle trade averaged $234.07 last week, marking a $3.31 gain on the week.
- Wholesale values were mixed on Monday, with Choice down $1.66 to $363.91, while Select rose $3.36 to $349.75, narrowing the Choice/Select spread to $14.16. Movement was solid at 173 loads.
- December live cattle have carved another contract high, though resistance stands at $245.87, while initial support lies at $244.01 and $242.89.
Hog futures are notably weaker at midmorning.
- Nearby lean hogs have notched a fresh for-the-move low amid seasonal cash weakness.
- The CME lean hog index is down another 86 cents to $97.31 as of Oct. 10.
- The pork cutout value slid 83 cents on Monday to $103.59 amid losses in all cuts aside from primal loins and bellies. Movement totaled 274.0 loads.
- December lean hogs have edged to a fresh for-the-move and seven-week low. Support lies at today’s low of $82.775, which is backed by psychological support at $82.00. Resistance is layered at $83.88 and $84.37.