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Corn futures are mostly 3 to 4 cents lower.
- Corn futures are weaker as pressure stems from technical resistance at the 20-day moving average and followthrough strength in the U.S. dollar.
- President Donald Trump’s efforts to supply the U.S. with Russian diesel haven’t yet resulted in any new imports into the country, as several fuel tankers bound for America shifted course following difficulties finding buyers willing to accept the controversial cargoes,the Wall Street Journal reported.
- Taiwan’s MFIG purchasing group bought an estimated 65,000 metric tons of animal feed corn expected to be sourced from Brazil in an international tender on Wednesday, European traders said.
- December corn futures are facing resistance at the 20-day moving average of $4.53 1/4, which is backed by resistance at $4.64 1/2. Initial support lies at the 10-day moving average of $4.44 3/4, which is backed by the Nov. 9 low of $4.38.
Soybeans are chopping around unchanged, while meal is around 60 cents higher. Soyoil is 100 points higher.
- Soybeans are chopping around unchanged, but are being supported by corrective strength in soyoil futures.
- David Perdue, the U.S. ambassador to China,told Bloomberg that the uproar around Nvidia CEO Jensen Huang’s affair with an alleged spy is posing a test to bilateral relations. “The situation with Nvidia is another reminder that we have to stay diligent,” Perdue said.
- The American Soybean Association on Tuesday warned against requests from oil-state governors petitioning for a rollback of Renewable Fuel Standard volumes.Reuters reported that the Republican governors of Alabama and Louisiana petitioned the Environmental Protection Agency to grant partial waivers from renewable fuel blending obligations in 2027, claiming it would help lower gas prices.
- January soybeans are being supported by the 10-day moving average, trading at $12.12 ¾, which is backed by the 200-day moving average of $12.05 1/2. Resistance is layered at the 20- and 100-day moving averages, trading at $12.36 3/4 and $12.51 3/4.
Wheat futures are a penny to 6 cents higher.
- SRW wheat futures are modestly firmer in consolidative trade, though U.S. dollar strength and technical headwinds are curbing momentum.
- A drone attack caused a fire in the port area of Ust-Luga by the Baltic Sea in Russia’s northwest, injuring three workers,Reuters reported, citing a Telegram message from the region’s governor. He said that a power station was also cut off as a result of the attack, during which 150 drones were shot down over the Leningrad region that is also home to a major oil refinery and the city of St Petersburg, the hometown of President Vladimir Putin.
- U.S.-mediated peace talks between Russia and Ukraine concluded after less than two hours on the second day of meetings in Abu Dhabi,Bloomberg reported, citing Russian state media.
- Jordan’s state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said on Wednesday.
- With Black Sea drone attacks disrupting trade for the world’s biggest wheat exporter, Russian farmers are turning to giant vacuum bags – which could house up to one-third of the country’s grain exports this year. These offer a cheap and easy alternative to traditional grain silos With Black Sea drone attacks disrupting trade for the world’s biggest wheat exporter.
- At least 120,000 tons of French wheat was booked for China last week, according to people familiar with the matter, signaling that a major buyer is snapping up the grain after a slump in global prices. Cofco International Ltd., the overseas trading arm of state-backed Cofco Corp, made the purchases last week, according to Bloomberg.
- December SRW futures are facing resistance at the 10-day moving average of $5.97 1/2, which is backed by psychological resistance at $6.00 and the 20-day moving average. Support lies at $5.85 1/2, then at the Nov. 6 low of $5.85.
Live cattle are mixed while feeders are higher at midsession.
- Cattle futures are pausing after posting solid gains over the previous two sessions.
- More than 40 cases of screwworm have been confirmed so far in November, already making it the worst month since the pest first appeared in Texas earlier this year, according to theUS Department of Agriculture. The New World screwworm has made a comeback in the US after months of relatively muted cases, thanks in large part to milder temperatures and humidity, notes Bloomberg.
- Choice boxed beef rose 24 cents on Tuesday to $362.98, while Select fell $2.11 to $351.62. Movement totaled 111 loads.
- December live cattle are facing initial support at the 10-day moving average, trading at $218.63, and is backed by support at $216.58 and $213.97 and the Nov. 6 low. Resistance stands at $220.73, which is backed by the 40-, 100- and 20-day moving averages, layered from $223.19 to $224.13.
Hog futures are lower at midday.
- Nearby lean hogs are weaker in consolidative trade, as technical and cash fundamentals continue to limit short-covering interest.
- The CME lean hog index is down 29 cents to $59.99 as of Nov. 9.
- The pork cutout value fell $1.29 to $69.52 on Tuesday. Movement totaled 312.5 loads.
- December lean hogs are facing initial support at $54.73, which is backed by the Nov. 6 low of $53.175. Resistance stands at $56.57, which is backed by the 10-day moving average of $56.89.