Corn is mostly 3 to 4 cents lower.
- Corn futures have edged to a four-month low despite support from global end-user demand.
- USDA reported daily sales of 315,000 MT to Mexico and 136,000 MT to South Korea during 2026-27.
- Results from the midterm elections will roll in Tuesday night. Control of Congress, particularly the Senate, will be determined to a large degree by the outcome of farm state races, including those in Iowa, Kansas and Texas. Democrats are seen as likely to flip control of the House while the Senate remains too close to call. The outcome will have near-term implications for the path forward for a farm bill and leadership of House and Senate agriculture committees.
- The U.S. attacked Iran’s Qeshm Island on Monday,the Wall Street Journal reported, citing U.S. officials, the latest in a series of limited strikes conducted against the country in recent weeks. Some officials described the assaults as defensive, aimed at preventing Iran from having the freedom to attack vessels in the Strait of Hormuz.
- Dr. Michael Cordonnier left his 2026-27 Brazilian and Argentine corn production estimates unchanged at 140 MMT and 60 MMT, respectively, and maintained a neutral bias toward both crops going forward.
- December corn futures have tested support at $4.43 1/2, which is backed by support at $4.40 ¼. Resistance stands at $4.48 3/4, which is backed by the 10-day moving average.
Soybeans are 2 to 7 cents lower, while meal is $1.80 lower. Soyoil is around fractionally lower.
- Soybeans are weaker for the seventh straight session amid technical selling.
- USDA reported daily sales of 134,000 MT of soybeans to unknown destinations during 2026-27.
- China’s soybean oil inventories surged to a record, with elevated crushing rates boosting supplies while consumption remained sluggish,Bloomberg reported. China has been scooping up the oilseed from both Brazil and the U.S. to feed its massive livestock herd, while also fulfilling Beijing’s pledge to buy American shipments under a trade truce, the report said.
- Dr. Michael Cordonnier maintained his Brazilian and Argentine 2026-27 soybean production estimates at 182 MMT and 54 MMT, respectively, and holds a neutral bias toward both crops going forward.
- January soybeans are facing support at $12.08 3/4, which is backed by the 200-day moving average. Resistance stands at $12.23 1/4 and $12.31.
Wheat futures are 3 to 4 cents lower.
- SRW wheat futures are weaker in sideways consolidation.
- Wheat traders have largely taken out a war premium tied to Black Sea bottlenecks resulting from fighting between Ukraine and Russia, buta Reuters report noted that unabating attacks show how the escalating maritime war between Russia and Ukraine is expanding into a major challenge for NATO in the Black Sea that has left littoral member states such as Romania and Bulgaria exposed.
- Winter wheat planting was 83% finished, up from 76% but behind the 83% average guess and one percentage point off the long-term average of 84%, USDA data showed. In its first condition ratings for the crop, USDA said 44% was rated good or excellent, well below the 50% average estimate. See: CCI ratings show disparity between SRW and HRW conditions
- December SRW wheat futures are facing support at the psychological $6.00 level, which is backed by support at $5.97 and the Oct. 28 low of $5.93 1/4.
Live cattle and feeders are weaker at midsession.
- Live cattle futures are under pressure for the sixth straight session as cash trade fades.
- Cash cattle trade averaged $223.73 last week, down $3.35 from the previous week.
- Choice boxed beef rose 38 cents on Monday to $365.04 while Select rose $2.96 to $354.94. Movement totaled 81 loads.
- December live cattle are testing support at $218.81, with additional support $217.92 and at the Sept. 18 low of $214.625. Resistance stands at $220.29 and $221.18.
Hog futures are mixed at midmorning.
- Lean hog futures are modestly firmer in corrective trade after carving a fresh contract low.
- The CME lean hog index is up 18 cents to $65.75 as of Oct. 30.
- The pork cutout value rose $2.18 on Monday to $72.28 amid gains in all cuts. Movement totaled 310.8 loads.
- December lean hogs have marked a fresh contract low of $57.425, which is backed by support at $57.14. Resistance stands at $59.84, then at $61.51.