Corn is mostly 1 to 2 cents higher.
- Corn futures are modestly firmer, though pressure is stemming from soybeans.
- Harvesting of summer crops will occur rapidly in most areas during the next two weeks around two rounds of organized precip, according to World Weather Inc.
- Friday’s Commitments of Traders data from the Commodity Futures Trading Commission showed that large speculators had cut their net long position by 60,000 contracts in the weekly period ending on Oct. 6. That left them with a long position at a still elevated 317,400 contracts ahead of Friday’s bearish USDA data, which triggered the biggest one-day slump for corn since 2023 and raises the risk of further liquidation from an already crowded long position, wrote Ole S. Hansen, head of commodity strategy at Saxo Bank
- December corn futures are being supported by the 200-day movign average, trading at $4.79, while resistance is at the 100-day moving average of $4.84 3/4, which is backed by the 10-, 20- and 40-day moving averages.
Soybeans are 6 to 7 cents lower, while meal is around 20 cents higher. Soyoil futures are 20 points higher.
- Soybeans are trading within Friday’s range but are fading technically.
- Southern Brazil is too wet and will stay that way through mid-week, notes World Weather Inc. Some flooding is expected and there is a slight risk of crop damage that might warrant some replanting. Meanwhile, Argentina needs greater rain in the northwest and some west-central crop areas while it has plenty of moisture elsewhere.
- Malaysia’s palm oil stockpiles in September surged to 35.1 MMT as production hit an all-time high, surpassing market expectations.
- November soybeans are facing resistance at the 40- and 10-day moving averages, each trading around $12.89 ¾, while support lies at $12.74 3/4.
SRW wheat futures are 2 to 3 cents lower, while HRW futures are 6 to 7 cents lower. HRS wheat is around 3 cents lower.
- SRW wheat futures are extending lower amid technical selling.
- President Donald Trump on Sunday said Russia and Ukraine had agreed to an “energy ceasefire,” but offered no details on the agreement. Ukraine President Volodymyr Zelensky on Monday morning said Russia had used drones and missiles to strike power and gas facilities overnight,the Financial Times reported.
- APK-Inform increased Ukraine’s 2026 wheat harvest forecast to 25.5 MMT from the previous outlook of 25 MMT, but cut its grain export estimate by 6.5% to 31.7%.
- Russia’s IKAR consultancy said earlier today that it sees Russia’s 2026 grain crop at 137 MMT, down from 138 MMT in its previous forecast.
- December SRW wheat futures are facing support at $6.59, while resistance is at the 100-day moving average, trading at $6.76.
Live cattle and feeders are lower at midsession.
- Live cattle futures are weaker in corrective trade, but technical support at the 100 day moving average is curbing seller interest.
- Cash cattle trade was slightly weaker in late-week trade last week, though the official quote will be released later this morning.
- Choice boxed beef fell $1.50 to $373.35, while Select rose $2.57 to $354.30. Movement totaled 124 loads.
- December live cattle are being supported by the 100-day moving average of $229.17, while resistance stands at last week’s high of $227.55, which is backed by the 200-day moving average of $229.17.
Hog futures are firmer at midmorning.
- Lean hog futures are modestly firmer in corrective trade, though some support stems from wholesale strength.
- Cutout rose 86 cents to $80.50 on Friday, led by a $6.81 gain in primal bellies. Movement totaled 297.8 loads.
- China’s pork output may hit another record this year, Wang Zuli, a researcher with a state-backed Chinese Academy of Agricultural Sciences said earlier today. China produced a record 59.38 MMT of pork last year despite a decline in national per-capita pork consumption as an aging and shrinking population prefers more diverse proteins.
- December lean hogs are facing initial resistance at $68.56, which is backed by the 10- and 20-day moving averages, trading at $69.33 and $69.45. Support lies at last week’s low of $67.33.