Corn is mostly 3 to 4 cents lower.
- Corn futures have given up earlier strength to edge lower for the fifth straight session amid continued fund liquidation.
- President Donald Trump, on the midterm campaign trail in Kansas, said USDA would provide $8 billion in relief to farmers squeezed by soaring diesel prices. In a news release, USDA will tap into Commodity Credit Corporation funds for the Harvest Fuel Relief Program. USDA said that similar to the Farmer Bridge Assistance (FBA) program, the Harvest Fuel Relief (HFR) program will provide proportional support to producers using a uniform formula to cover a portion of modeled losses during the 2026 crop year.
- Crop consultant Dr. Michael Cordonner raised his Brazilian corn production estimate by 2 MMT to 140 MMT due to increased corn acreage and a good start to the first corn crop in southern Brazil. He maintained his Argentine corn production estimate of 60 MMT and holds a neutral bias going forward.
- France’s corn production is on track to halve this year to 7 MMT, after lower sowings and record heat and dry weather dampened production, according to farmer’s group AGPM.
- December corn futures are now facing support at $4.60 ½, which is backed by support at $4.55 ½. Resistance stands at $4.68 3/4 and $4.72.
Soybeans are 4 to 6 cents lower, while meal is around $4.20 lower. Soyoil is around 15 points higher.
- Soybeans are weaker for the seventh straight session despite continued buying from China.
- USDA reported daily soybean sales of 612,000 MT to China during 2026-27.
- Pro Farmer crop consultant Dr. Michael Cordonnier raised his 2026-27 Brazil soybean estimate by 2 million tons to 182 MT, with a neutral bias, reflecting an “OK start” to planting and slightly larger soybean acreage than anticipated. Cordonnier said higher soybean prices over the last few months have encouraged an increase in plantings. He left his Argentine soybean production estimate unchanged at 54 MMT and holds a neutral bias going forward.
- Negotiators for the U.S. and China are racing to secure concrete investment deals ahead of a meeting between President Donald Trump and Chinese leader Xi Jinping at next month’s Shenzhen APEC summit, the South China Morning Post reported. Trump and Xi agreed to just a two-month extension of a trade truce until January, which had disappointed Beijing but was viewed as an opportunity for China to strengthen its bargaining position on commitment purchases.
- China, the world’s largest soybean buyer, brought in 11.88 million MT of soybeans in September, down 7.7% from the same month last year,Reuters reported. China imported 360,878 metric tons of U.S. soybeans in September, up from zero a year earlier. In the January-September period, soybean imports from the U.S. fell 34% from a year earlier to 11.06 million tons, while shipments from Brazil rose 3.4% to 65.84 million tons, the report said.
November soybeans are being supported at $12.48, with additional support serving at $12.42 1/2, then at the 100-day moving average of $12.26 1/2. Resistance is layered at $12.56 1/2 and $12.62, which is backed by the 10-day moving average.
Wheat futures are 3 to 8 cents lower.
- SRW wheat futures are weaker amid continued technical selling despite support from a weaker U.S. dollar.
- World Weather Inc. reports rain during the weekend will help to ensure favorable soil moisture for at least 65% of the U.S. HRW wheat region, but there may still be a need for greater rain in some locations in the south.
- USDA reported 63% of the winter wheat crop was planted as of Sunday, up 12 percentage points on the week, but continues to trail the five-year average.
- December SRW wheat futures are testing support at the 200-day moving average, trading at $6.50 1/2 , with additional support serving at $6.46. Resistance stands at $6.58 ½, then at $6.63, which is backed by the 10-day moving average.
Live cattle and feeders are firmer at midsession.
- Live cattle futures have carved a fresh for-the-move high with support from firmer cash trade, though technical resistance continues to curb momentum.
- Cash cattle trade averaged $224.19 last week, up $4.05 from the previous week.
- Choice boxed beef fell 73 cents on Monday to $371.58 while Select rose $6.86 to $359.91. Movement totaled 104 loads.
- December live cattle have marked a fresh near-term high but continue to be limited by the 200-day moving average, trading at $229.35. Initial support lies at $227.30, which is backed by the 10- and 100-day moving averages.
Hog futures are mixed at midmorning.
- Lean hog futures are narrowly firmer in sideways trade amid persistent technical pressure and fundamental weakness.
- The CME lean hog index is down 79 cents to $73.40 as of Oct. 16.
- The pork cutout value fell $1.16 on Monday to $79.39. Movement totaled 241.7 loads.
- December lean hogs are facing initial resistance at $66.79, which is backed by the 10- and 20-day moving averages. Support lies at $65.88, then at last week’s low of $65.80.