Corn is mostly a penny higher.
- Corn futures are modestly firmer amid followthrough support from soybeans and a corrective rebound in crude oil.
- The International Grains Council (IGC) kept its forecast for global corn production at 1.297 billion tons.
- A Reuters poll showed analysts expected weekly corn sales to have ranged from 800,000 MT to 2.0 MMT for the week ended Oct. 16. USDA’s weekly Export Sales Report was not released this week amid the ongoing government shutdown.
- China’s Yellow River Basin and North China Plain weather is improving with flood water abating and a gradual drying trend likely, according to World Weather Inc.
- December corn futures continue to face resistance at $4.25 1/4, while support lies at the 40-, 100-, 20- and 10-day moving averages, layered from $4.20 1/2 to $4.18 3/4.
Soybeans are 4 to 6 cents higher, while soymeal is around 40 cents lower. Soyoil is 90 points higher.
- Soybeans are firmer amid support from soyoil, which is marking spillover strength amid gains in crude oil.
- India and the U.S. are nearing a long-stalled trade agreement that would reduce U.S. tariffs on Indiana imports to 15% -16%, down from 50%, India’s Mint reported on Wednesday, citing three people aware of the matter.
- China said Vice Premier He Lifeng plans to meet with U.S. officials in Juala Lumpur from Oct. 24-27 for the next round of trade talks, according to Bloomberg.
- A Reuters poll showed analysts expected net soybean sales ranged from 600,000 MT to 2.0 MMT during the week ended Oct. 16.
- November soybeans are up against resistance at $10.39 1/4. A breach of the area will find additional resistance at $10.43 3/4, then around $10.50. Initial support lies at $10.33 1/2.
Wheat futures are mostly 3 to 8 cents higher.
- SRW wheat futures are firmer for a second straight session despite increased global production prospects.
- The International Grains Council (IGC) raised its forecast for 2025-26 global wheat production by 8 MMT to 827 MMT earlier today.
- A Reuters poll indicated analysts expected weekly wheat sales to have ranged from 350,000 to 650,000 MT for the week ended Oct. 16.
- December SRW wheat futures are testing resistance at the 20-day moving average of $5.06 3/4, with additional resistance layered at $5.09 3/4 and the 40-day moving average of $5.15 1/4. Initial support lies at the 10-day moving average of $5.01 3/4.
Live cattle are firmer, while feeders are lower at midsession.
- Cattle futures are correctively firmer in the wake of Wednesday’s heavy selling following President Trump’s social media post.
- The Trump administration is quadrupling the tariff rate quota on Argentinian beef to 80,000 MT to reduce prices and protect American farmers, according to a White House official earlier today.
- USDA issued a press release Tuesday afternoon, announcing a “suite of actions” to strengthen the American beef industry, reinforcing and prioritizing the American rancher’s critical role in the national security of the United States.
- Choice boxed beef fell $1.28 on Wednesday to $370.65, while Select rose $1.04 to $353.61. Movement totaled 153 loads.
- December live cattle are trading within the 20-day moving average of $239.99 and the and the 10-day moving average of $244.11. Additional support/resistance serves at $236.86 and the Oct. 16 high of $248.30.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly firmer after reaching fresh near-term lows in early trade.
- The CME lean hog index is down another 80 cents to $94.18 as of Oct. 21.
- The pork cutout value fell 84 cents to $99.75, led by a $9-plus decline in primal ribs. Movement totaled 308.9 loads.
- December lean hogs carved a fresh near-term low, pressured by resistance at the 10-day moving average of $83.12, while support remains at $82.11.