Corn futures are mostly 4 to 5 cents lower.
- Corn futures are facing pressure from wheat and soybeans, with grains generally facing pressure from extended strength in the U.S. dollar.
- Turkish grain board TMO has provisionally purchased about 295,000 MT of animal feed corn in an international tender, according to Reuters who cited European traders.
- U.S. and southeastern Canada late season harvesting will advance relatively well around brief periods of precip during the next ten days, notes World Weather Inc.
- December corn futures are being supported by the 10-day moving average, trading at $4.44 1/2, while the 20-day, currently at $4.51 3/4 is initial resistance.
Soybeans are 11 to 12 cents lower, while meal is around $3.30 lower. Soyoil is 45 points lower.
- Soybeans are being limited by technical resistance at the 20-day moving average, along with a pause in soymeal futures in the wake of recent gains.
- USDA reported daily sales of 136,000 MT of soybeans to China during 2026-27.
- The scandal surrounding Nvidia CEO Jensen Huang’s affair with a suspected Chinese spy matters for ag commodities because it poses a risk to U.S.-China trade relations.News reports said Nvidia’s board was weighing whether to oust Huang. Meanwhile, Bloomberg reported that preparations for Chinese leader Xi Jinping’s third summit meeting of the year with President Donald Trump were going off course due to the spy allegations.
- Chevron said earlier today it would restart its biodiesel production facility in Ralston, Iowa, about two years after it was idled, amid improved market conditions and a feedstocks supply deal with farmer-owned Landus Cooperative.
- January soybeans are being limited by the 20-day moving average, trading at $12.34 ¼, while support lies at the 10-day moving average of $12.11 1/2.
Wheat futures are 8 to 13 cents lower.
- SRW wheat futures are weaker in consolidative trade.
- U.S. envoys Jared Kushner and Steve Witkoff arrived in Moscow for talks with Russian President Vladimir Putin,the BBC reported, a day after U.S.-mediated talks aimed at ending the war in Ukraine concluded in Abu Dhabi.
- Ukraine grain stocks at the start of the 2027-28 marketing year could reach a record 30 MMT, compared to 10 MMT as of July 1, 2026, due to blocked Ukrainian ports, according to its farm minister Taras Vysotskiy earlier today.
- Algeria’s state grains agency OAIC is estimated to have bought more than 700,000 MT of milling wheat in an international tender that closed Wednesday, according to European traders.
- December SRW futures are pivoting around the 10-day moving average, with resistance at $6.05 1/2, which is backed by the 20-day moving average. Support lies at $5.91 1/2, which is backed by the Nov. 6 low of $5.85.
Live cattle are mixed while feeders are higher at midsession.
- Cattle futures are firmer but have backed off intraday highs as technical headwinds stir pause.
- More than 40 cases of New World screwworm have been confirmed so far in November, making it the worst month for outbreaks since the pest first appeared in Texas earlier this year, Bloomberg reported, citing USDA data. Cases began accelerating in October, when NWS spread to Arizona for the first time.
- Greg Ibach, USDA’s nominee for undersecretary of agriculture for trade and foreign agricultural affairs, told the Senate Agriculture Committee this week that the U.S. needs to engage China to ensure beef plants are authorized to export to the country, Agri-Pulse reported.
- Boxed beef edged lower on Wednesday, with Choice down $2.72 to $360.26 and Select down $4.15 to $347.47. Movement totaled 95 loads.
- December live cattle are being supported by the 10-day moving average of $217.83, while resistance stands at $220.81 and $221.04, which are backed by the 40-, 100- and 20-day moving averages.
Hog futures are mixed at midday.
- Nearby lean hogs are modestly weaker, but continue to show signs that a near-term low may have been carved.
- The CME lean hog index is down 11 cents to $59.78 as of Nov. 10.
- The pork cutout value fell 18 cents to $69.34 on Wednesday, led by a $7.35 drop in primal ribs. Movement totaled 303.5 loads.
- December lean hogs continue to face resistance at the 10-day moving average, trading at $56.47. Support is layered at $54.475 and the Nov. 6 low of $53.175.