Corn futures are mostly 3 to 4 cents higher.
- Corn futures are firmer in tandem with soybeans and wheat futures, with support from global end user demand.
- USDA reported daily sales of 303,000 MT to Mexico. Of the total, 272,820 MT is for delivery during 2026-27 and 30,480 MT during 2027-28.
- USDA reported weekly export sales totaled 2.88 MMT during the week ended Nov. 5, a marketing-year high. Net sales were up noticeably from the previous week and four-week average and were within analysts’ pre-report range of estimates from 2.0 to 3.0 MMT.
- Brazil’s Conab left its 2026-27 corn production forecast unchanged from October at 148 MMT, but cut exports to 43 MMT, down 3 MMT from its previous estimate.
- December corn futures are facing resistance at the 20-day moving average of $4.50 1/4, while initial support lies at $4.40, then at the Nov. 9 low of $4.38.
Soybeans are 13 cents higher, while meal is around $3.70 higher. Soyoil is 35 points higher.
- Soybeans have tested key resistance, with support from both meal and soyoil along with global export demand.
- USDA reported daily sales of 134,000 MT of soybeans to China, 134,000 MT to Vietnam and 100,000 MT to unknown destinations during the 2026-27.
- USDA reported weekly soybean sales totaled 1.159 MMT during the week ended Nov. 5, down 21% from the previous week and 38% from the four week average. Net sales were within analysts’ pre-report range of estimates from 850,000 MT to 2.0 MMT.
- Brazil’s Conab left its 2026-27 soybean forecast unchanged from its October estimate at 181.6 MMT. If realized, it would be up 0.7% from the previous season.
- The U.S. Climate Prediction Center on Thursday said the “super” El Niño affecting global weather patterns continues to strengthen. “Chances for a historic event exceeding previous El Niños dating back to 1950 are now around 60% for the October-December and November-January periods, remaining at better than even odds,” the Climate Prediction Center said in an update, down from an October estimate of 83% for October-December and 70% for November-January.
- January soybeans are testing resistance at the 20-day moving average, with additional resistance at $12.40 3/4 and the 100-day moving average, trading at $12.53 1/2.
Wheat futures are6 to 11 cents higher.
- SRW wheat futures are notably firmer but continue to be limited by technical resistance and a firmer dollar.
- USDA reported weekly wheat sales totaled 182,800 MT during the week ended Nov. 5, a marketing year low. Net sales were down 66% from the previous week and 62% from the four-week average. Net sales were short of analysts’ pre-report range of estimates from 350,000 to 650,000 MT.
- Brazil’s Conab cut its estimate for the 2026 wheat crop to 5.26 MMT earlier today, down from 5.73 MMT in October. If realized, it would be down 33.2% from the previous season.
- Ukraine’s sowing area could be reduced by 6.3 million hectares (15.6 million acres) next spring due to difficulties with exports, according to its agriculture minister Taras Vysotskyi earlier today.
- Russia’s seaborne exports fell to 2.8 MMT in October, down 55.8% on the year, as shipments through southern ports were brought to a standstill by drone attacks, according to shipping data released earlier today.
- December SRW futures are facing resistance at the 10-day moving average, trading at $5.95 ½, which is backed by psychological resistance at $6.00 and the 20-day moving average. Support lies at the overnight low of $5.82, which is backed by support at $6.08 1/4.
Live cattle and feeders are higher at midsession.
- Cattle futures are posting solid gains amid continued technical buying.
- Choice boxed beef fell $2.67 on Thursday to $357.59 while Select rose $1.24 to $348.71. Movement improved to 160 loads.
- USDA reported weekly beef sales totaled 9,600 for 2026 during the week ended Nov. 5. Net sales were down 13% from the previous week and 37% from the four-week average.
- December live cattle continue to find support at the 10-day moving average of $217.76, which is backed by support at $216.60 and the Nov. 6 low. Initial resistance stands at $220.45, which is backed by the 100-, 20- and 40-day moving averages.
Hog futures are higher at midday.
- Nearby lean hogs are firmer in consolidative trade as technical resistance and weak cash and wholesale fundamentals continue to limit extended short-covering interest.
- The CME lean hog index is down $1.00 to $58.78 as of Nov. 11.
- The pork cutout value fell 20 cents on Thursday to $69.14. Movement totaled 276.8 loads.
- USDA reported weekly pork sales totaled 39,500 MT for 2026 during the week ended Nov. 5. Net sales rose 6$ from the previous week and 3% from the four-week average.
- December lean hogs continue to face resistance at the 10-day moving average of $56.185, while support lies at $54.50, which is backed by the Nov. 6 low of $53.175.