Corn is mostly 2 to 3 cents higher.
- Corn futures are firmer in corrective trade after losing more than $1.00 since the Sept. 2 high.
- Fed funds futures traders have priced in a better-than-90% probability that the Federal Reserve will leave rates on hold when it concludes its two-day policy meeting at 1 p.m. CT this afternoon.
- The U.S. told several Gulf Arab nations to prepare for a possible short, intense military campaign against Iran after the U.S. midterm elections,the Wall Street Journal reported Wednesday. The report said President Donald Trump is leaning toward a large post-election attack that would target Iranian infrastructure and nuclear sites, but hasn’t made a decision.
- The Commodity Futures Trading Commission will provide more frequent and timely updates on the positions of large traders in the futures markets by the end of this year, CFTC Chairman Michael Selig announced Wednesday. The closely followed Commitments of Traders report, which reveals the exposure of commercial and speculative traders in futures markets, will move from once to twice a week, Selig said.
- December corn futures are facing support at Tuesday’s low of $4.48 1/2, while resistance stands at $4.57 1/4.
Soybeans are mostly unchanged while meal is around $1.40 lower. Soyoil is 75 points lower.
- Soybeans are being tripped up by resistance at the 100-day moving average and weakness in meal and soyoil.
- USDA reported daily sales of 120,000 MT of soybeans for unknown destinations during 2026-27.
- Dry weather in center west Brazil “is far from a crisis, but it is becoming more serious,” said Drew Lerner of World Weather Inc. on Tuesday.
- Brazil’s soybean industry fears the European Union’s new anti-deforestation regulations could curb soymeal exports to the bloc, creating an opening for rival supplier Argentina, which is better placed to comply with the incoming rules, notes Reuters.
- January soybeans are facing resistance at the 100-day moving average, trading at $12.45 ¾, while resistance stands at $12.48 ¾, which is backed by the 10-day moving average, trading at $12.61 1/2.
Wheat futures are 5 to 10 cents lower.
- SRW wheat futures have marked fresh for-the-move lows, which has invited some short-covering off the low at midsession.
- President Donald Trump said a meeting with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky would happen soon. “I think with Russia, we’re making a lot of progress with Russia-Ukraine,” Trump told reporters early Wednesday after returning from Texas, where he held two midterm election campaign rallies,Bloomberg reported.
- World Weather Inc reports relatively frequent precip will fall across U.S. HRW wheat country through the coming week. Soil moisture should be favorable for emergence and establishment with some support for late planting.
- December SRW wheat futures are facing support at the June 30 low of $5.90 ½, while resistance stands at $6.12 3/4.
Live cattle and feeders are lower at midsession.
- Live cattle futures are weaker despite firmer cash and wholesale values.
- Interior Secretary Doug Burgum this week signed an order with a number of grazing-related directives, including calling for agency bureaus to prioritize grazing when processing applications for vacant allotments, Agri-Pulse reported.
- Boxed beef rose on Tuesday, with Choice up $2.78 to $372.22 and Select up $1.29 to $358.85. Movement totaled 120 loads.
- December live cattle are testing support at the 200- and 10-day moving averages, trading at $229.87 and $229.45, with additional support serving at $228.90. Resistance stands at $230.725.
Hog futures are lower at midmorning.
- Lean hog futures have reached fresh lows amid continued technical selling.
- The CME lean hog index is down 70 cents to $69.36 as of Oct. 26.
- The pork cutout fell 71 cents on Tuesday to $73.09. Movement totaled 366.2 loads.
- December lean hogs have marked a fresh contract low of $60.825, which is backed by support at $59.775.