Corn is mostly 2 to 3 cents higher.
- Corn futures are extending Monday’s gains, with support from wheat and soybeans.
- USDA reported weekly corn export inspection totaled 1.302 MMT during the week ended Oct. 8, down 100,977 MT from the previous week. Net inspections were within analysts’ pre-report range of 1.1 to 1.4 MMT.
- Pro Farmer crop consultant Michael Cordonnier echoed skepticism regarding the USDA’s surprise decision to lift its U.S. corn yield estimate by 2.7 bushels per acre to 181.2 bpa in October. Questioning how yield estimates could rise while crop condition ratings fell, he said production figures may be trimmed in November or January. Cordonnier raised his U.S. corn yield estimate to 180.0 bu. per acre.
- China’s corn output is expected to rise this year while imports edge lower, with U.S. supplies “not an option yet” because they remain uneconomical, Zhang Dalong, agricultural products research director at COFCOO futures said earlier today.
- The BofA Global Fund Manager Survey, a closely watched guide to positioning across financial markets, found commodity allocations ticked up to net 21% overweight. Fund managers expect Brent crude to trade at ~$94/bbl by year-end, up from current levels. Allocators note that a drop in oil below $80/bbl represents a potential Q4 bullish surprise for equities.
- Ukrainian corn exports are unlikely to exceed 18 to 19 MMT in the 2026-27 season, against at least 22 MMT in 2025-26 due to blocked Black Sea ports, according to Ukrainian farmers union UAS earlier today.
- France’s farm ministry sharply cut its forecast for this year’s corn crop to 7.3 MMT, down from last month’s estimate of 8.1 MMT, confirming the lowest output in decades.
- December corn futures are testing resistance at the 100-day moving average, with additional resistance serving at the 10-day moving average of $4.95 ½. The 200-day moving average of $4.79 ½ continues to serve as initial support.
Soybeans are 6 to 8 cents higher, while meal is around $3.90 lower. Soyoil is around 130 points higher.
- Soybeans are notably firmer but continue to edge sideways in consolidative trade.
- USDA reported weekly soybean export inspections totaled 1.097 MMT during the week ended Oct. 8, down 102,875 MT from the previous week. Net inspections were short of analysts’ pre-report range of 1.2 to 1.5 MMT.
- Returning rains to areas from Kansas, Missouri and eastern Nebraska to Wisconsin and Illinois in the coming week will induce new delays to fieldwork and may raise a little concern over soybean crop quality.
- Dr. Michael Cordonnier left his Brazilian 2026-27 soybean estimate unchanged at 180.0 MMT, and holds a neutral bias going forward. He states planting weather has cooperated in Brazil and is now at a record pace. Cordonnier maintained his Argentine soybean production estimate of 54 MMT and holds a neutral bias toward the crop going forward. Soybean plantings in Argentina have not started, but should begin very soon, states Cordonnier.
- November soybeans are pivoting mostly around the 40- and 10-day moving averages, with resistance at the 20-day moving average, trading at $120.03 ¼ and support at h $12.67 1/4.
Wheat futures are mostly 4 to 7 cents higher.
- SRW wheat futures are higher in corrective trade, with support from a pullback in the U.S. dollar.
- USDA reported weekly wheat export inspections totaled 304,660 MT during the week ended Oct. 8, up 1,986 MT from the previous week. Net inspections were within analysts’ pre-report range of 250,000 to 450,000 MT.
- Ukraine is likely to export no more than 11 MMT of wheat in the 2026-27 marketing year, down from 14 MMT in 2025-26 due to blocked Black Sea ports, according to farmer’s union UAS earlier today.
- December SRW wheat futures are being limited by the 100-day moving average, trading at $6.76, while initial support is at $6.64, which is backed by the 200-day moving average of $6.47 ½.
Live cattle and feeders are lower at midsession.
- Live cattle futures are weaker in consolidative trade, though improving cash and wholesale fundamentals and a solid technical posture are limiting seller interest.
- Cash cattle trade averaged $220.14 last week, up 34 cents from the previous week.
- Choice boxed beef rose $2.21 on Monday to $375.58 while Select fell 17 cents to $354.13. Movement totaled 80 loads.
- December live cattle continue to face initial resistance at $227.50, which is backed by the 200-day moving average of $229.17. The 100-day moving average of $225.67 is serving as initial support.
Hog futures are weaker at midmorning.
- Lean hog futures are weaker as cash fundamentals and technical challenges limit short-covering interest.
- The CME lean hog index is down $1.10 to $76.51 as of Oct. 9.
- The pork cutout value rose $2.47 to $82.97 on Monday, amid gains in all cuts aside from primal ribs. Movement totaled 271.8 loads.
- December lean hogs are being supported at $67.80, which is backed by last week’s low of $67.325. Resistance stands at $68.40, which is backed by the 10- and 20-day moving averages.