Corn is mostly 2 to 3 cents lower.
- Corn futures are weaker amid pressure from a firmer U.S. dollar.
- A Reuters poll indicated analysts expected corn harvest to be 59% finished as of Oct. 19.
- The American Petroleum Institute said earlier today that it opposed legislation to expand year-round sales of E-15 gasoline, a reversal that underscores deepening tensions between the oil and ethanol industries.
- Continuous rainfall in the main growing regions of Ukraine is reducing crop yields and quality, according to the UAC.
- December corn futures are facing support at the 20-day moving average of $4.19 1/4, while resistance stands at $4.22 1/4 to $4.25.
Soybeans are chopping around unchanged, while soymeal is around 90 cents higher. Soyoil is 65 points lower.
- Soybeans are chopping around unchanged, with continued meal strength negating soyoil weakness.
- China continues to forego purchases of U.S. soybeans, at a time when they’d seasonally have purchased around 10-15 MMT. Crop Consultant Michael Cordonnier raises the question if whether China will tap reserves over the next several months until Brazil’s harvest arrives.
- A Reuters poll showed analysts estimated soybean harvest at 73% complete as of Sunday.
- November soybeans have notched a for-the-move high, though resistance stands at $10.37, while support lies at the 200-, 40- and 20-day moving averages, layered from $10.29 1/4 to $10.15 3/4.
Winter wheat futures are mostly 3 cents lower. HRS futures are around a penny weaker.
- SRW wheat futures continue to press lower amid technical selling combined with a weaker dollar.
- Winter wheat plantings were estimated to be 75% complete as of Sunday, according to a Reuters poll.
- Omsk, one of Siberia’s key grain-producing regions declared a state of emergency due to the impact of early snowfall on crops, according to regional governor.
- European Union soft wheat exports since the beginning of the 2025-26 marketing-year were down 21% from year-ago as of Oct. 19 at 5.87 MMT, according to European Commission data. However, export data from France, Bulgaria and Ireland remain incomplete.
- December SRW wheat futures continue to be limited by resistance at the 20-day moving average of $5.08 1/2, while support lies at $4.99 1/2 and then at the Oct. 14 low of $4.92 1/4.
Live cattle are posting solid gains, while feeders are moderately higher at midsession.
- Cattle futures are extending Monday’s gains amid firmer cash and wholesale fundamentals.
- Wholesale beef rose on Monday, with Choice up $2.41 to $369.18 and Select up $3.19 to $353.46. Movement was light, however, at 86 loads.
- Chinese beef importers have committed to purchasing Brazilian meat free of deforestation in an unprecedented move, according to Brazilian NGO institute for Forest and Agricultural Management and Certification earlier today.
- December live cattle are up against resistance at $245.45, which is backed by last week’s high of $248.30. Initial support lies at $241.675.
Hog futures are firmer at midmorning.
- Nearby lean hogs are notably firmer in corrective trade, though technical resistance is curbing momentum.
- The CME lean hog index is down another 54 cents to $95.58 as of Oct. 17.
- The pork cutout value fell 62 cents to $102.08 on Monday. Movement totaled 310.8 loads.
- December lean hogs continue to find support at $81.79, while resistance stems from the 10-day moving average, currently trading at $83.58.