Corn is mostly a penny to 3 cents lower.
- Corn futures are correctively lower after Thursday’s solid gains, despite followthrough strength in crude oil futures.
- President Trump said on Truth Social late Thursday he would immediately halt all trade negotiations with Canada, citing a Canadian advertisement against his signature tariffs plan featuring the voice of former President Ronald Reagan. The ad, funded by the government of Ontario, uses excerpts from an address Reagan gave in 1987 in which he defended the principles of free trade and slammed tariffs as an outdated idea.
- Indonesia plans to impose a mandatory bioethanol content level of 10% for gasoline in 2027, to reduce its fuel import dependence, according to its energy minister earlier today.
- December corn futures are trading inside Thursday’s range, limited by resistance at the previous session high of $4.28 1/2, while initial support at $4.23 1/4 is backed by the 40-, 10-, 100- and 20-day moving averages.
Soybeans are a penny to 2 cents lower, while soymeal is around $1.00 higher. Soyoil is around 25 points lower.
- Soybeans are modestly weaker in corrective trade, though extended meal strength is limiting seller interest.
- China’s Commerce Minister struck an optimistic tone on talks with the U.S., saying Beijing and Washington can find solutions ahead of key trade negotiations between the two countries.
- Weather in Brazil will improve next week and into early November with a better distribution and frequency of rain, although some of the precip may continue lighter than usual, according to World Weather Inc.
- November soybeans have carved a new for-the-move high, though resistance at $10.48 1/2 is curbing buyer interest. Initial support lies at $10.41, then at $10.37 1/4.
Winter wheat futures are a penny to 3 cents higher, while HRS futures are a penny to 2 cents lower.
- SRW wheat futures are firmer for the third straight session, though technical headwinds will likely discourage an immediate push to the upside.
- U.S. Southern Plains, from central and eastern wheat areas from Kansas southward into north-central Texas, will get rain into Sunday supporting a welcome boost in soil moisture for improved wheat establishment, according to World Weather.
- Sowing of winter grains has advanced rapidly throughout much of Europe, aided by drier weather, according to Reuters.
- December SRW wheat futures are facing resistance at the 40-day moving average, trading at $5.14 3/4, while initial support at $5.09 1/2 is backed by the 20- and 10-day moving averages.
Live cattle are notably lower, while feeders are down the limit at midsession.
- Cattle futures are posting strong losses, while feeders trade limit down amid technical selling as traders look to remove risk due to elevated uncertainties.
- Mexico’s agriculture minister will travel to Washington, D.C. next week with the aim of reaching an agreement on the reopening of the border to Mexican cattle amid an outbreak of the flesh-eating screwworm parasite, President Claudia Sheinbaum said on Thursday and as reported by Reuters.
- Cash cattle trade has increased in late-week trade, with prices indicating another weekly gain is likely.
- Wholesale beef values improved on Thursday, with Choice up $2.49 to $373.14, while Select rose $1.13 to $354.74. Movement totaled 117 loads.
- December live cattle are breaking down technically, with the next major area of support at the 40-day moving average of $238.07. Initial resistance is at $241.58.
Hog futures are mixed at midmorning.
- Nearby lean hogs are firmer despite continued pressure in the cash index, as the futures’ discount to cash limits seller interest.
- The CME lean hog index is down another 55 cents to $93.62 as of Oct. 22.
- The pork cutout value fell 4 cents to $99.71, with gains in primal picnics, ribs and hams offsetting losses in bellies, loins and butts. Movement totaled 327.9 loads.
- December lean hogs have carved a fresh near-term low, though support remains at $81.33. The 10-day moving average of $82.79 continues to serve as initial resistance.