Corn is mostly 3 to 4 cents lower.
- Corn futures are trading below support at the 200-day moving average, with pressure from the soy complex.
- Rain will briefly disrupt the U.S. Midwest harvest over the next few days from Nebraska and Kansas to the Great Lakes region, but a period of welcome drying will follow to limit the impact of rain delays, notes World Weather Inc.
- The International Energy Agency on Wednesday said diesel supply will remain tight well into next year. “Falling inventories, soaring cracks, and steepening levels of backwardation have signalled the need for additional supplies,” the Paris-based agency said in its monthly report for October.
- December corn futures are testing support at the 200-day moving average of $4.79 ½, with additional support at $4.72 3/4. Resistance stands at the 100-day moving average $4.84 1/2.
Soybeans are 7 to 9 cents lower, while meal is around $4.90 lower. Soyoil is around 90 points lower.
- Soybeans are edging lower amid technical pressure despite export business to China.
- USDA reported daily sales of 470,000 MT to China during 2026-27.
- China’s soybean crushing sector faces significant overcapacity with daily crushing capacity of imports set to exceed 520,000 MT by the end of the year, an industry official said earlier today.
- EPA Administrator Lee Zeldin on Tuesday announced a proposed Renewable Fuel Standard rule to fully reallocate 1.76 billion RINs in 2025 small refinery exemptions (SREs) back to large refiners.
- November soybeans are facing resistance at the 10-, 40- and 20-day moving averages, trading from $12.87 1/4 to $12.99. Initial support lies at $12.73 1/2.
Wheat futures are mostly 5 to 8 cents lower.
- SRW wheat futures are weaker amid technical selling and pressure from a firmer U.S. dollar.
- Recent heat and dryness in U.S. hard red winter wheat areas have reduced soil moisture, but portions of the region and the lower Midwest will receive rain more frequently in the coming week to induce better emergence and establishment conditions, according to World Weather.
- FranceAgriMer raised its forecast for 2026-27 French soft wheat exports outside the European Union this season, citing reduced competition from the Black Sea region as attacks continue to disrupt grain shipments.
- December SRW wheat futures continue to find support at $6.63, while resistance stands at the 100- and 10-day moving average, trading at $6.75 3/4 and $6.80 3/4.
Live cattle and feeders are weaker at midsession.
- Live cattle futures are modestly weaker but continue to hold above key support.
- Boxed beef slipped on Tuesday, with Choice down 41 cents to $375.15 and Select down 46 cents to $353.67. Movement totaled 117 loads.
- December live cattle continue to find support at the 100-day moving average of $225.53, while resistance is at $227.45, which is backed by the 200-day moving average.
Hog futures are lower at midmorning.
- Lean hog futures have carved a fresh contract low amid continued technical and fundamental pressure.
- The CME lean hog index is down 57 cents to $75.94 as of Oct. 12.
- The pork cutout value fell $2.29 to $80.68 on Tuesday, amid declines in all cuts aside from primal bellies and ribs. Movement totaled 318.0 loads.
- December lean hogs have marked a fresh contract low of $66.55, which is now support ,while initial resistance stands at $67.59, which is backed by the 10- and 20-day moving averages.