Corn is mostly a penny higher.
- Corn futures are slightly firmer ahead of USDA’s October Production and WASDE reports.
- Analysts expect USDA to peg production at 15.721 billion bushels on average using a yield of 177.7 bu. per acre. If realized, that would be down 79 million bu. and a 0.8 bu. Per acre cut to yield if realized. U.S. ending stocks for 2026-27 are expected at 1.670 billion bu., on average, while world ending stocks are estimated to land at 273.78 MMT. Click here for more details.
- A report Thursday from the Maersk McKinney Moeller Center for Zero Carbon highlighted maritime shipping as a major potential market for ethanol. The report said researchers found ethanol performs seamlessly in dual-fuel methanol engines with a simple software recalibration, offering higher energy density than methanol.
- December corn futures are trading inside Thursday’s range, limited by the 10-day moving average of $5.05 1/2, which is backed by the 20- and 40-day moving averages, each trading around $5.20. Support lies at $4.97 1/2, which is backed by the 100- and 200-day moving averages.
Soybeans are 6 to 7 cents higher, while meal is around $6.30 higher. Soyoil futures are 15 points higher.
- Soybeans are being led higher by a rebound in meal in midmorning trade.
- On average, analysts expect USDA to peg 2026-27 soybean production at 4.534 billion bu., using a yield of 52.8 bu. Per acre. If realized, that would be down 1 million bu. from September, while yield would be unchanged. U.S. ending stocks are estimated at 305 million bu. and world ending stocks are expected at 123.33 MMT.
- Hurricane Isaias strengthened into a Category 2 storm and is expected to make landfall along the U.S. northern Gulf Coast late Friday or early Saturday. The National Hurricane Center said a storm surge warning is in effect from the mouth of the Mississippi River to the Swanee River, with a life-threatening storm surge is expected along the coast with damaging wind gusts extending well inland.
- November soybeans continue to find support at the 40-day moving average of $12.84 ¾, while resistance stands at the 20-day moving average of $13.04 1/2.
SRW wheat futures are 2 to 3 cents lower, while HRW futures are around a penny lower. HRS wheat is chopping around unchanged.
- SRW wheat futures are modestly firmer but remain limited by technical headwinds and a firmer U.S. dollar.
- Analysts expect USDA to peg wheat ending stocks at 721 million bu., on average. If realized that would be up 4 million bu. from September. Meanwhile, world ending stocks are expected at 276.63 MMT, up slightly from September.
- The El Niño weather pattern continues to strengthen, says NOAA’s Climate Prediction Center. The agency’s latest update indicates the phenomenon will continue to strengthen through the end of the year and that chances remain high for a historic event that exceeds the strength of previous El Niño events going back to 1950, widening the window for potentially severe weather events.
- December SRW wheat futures continue to be limited by the 10-day moving average of $6.87 ½, which is backed by the 20- and 40-day moving averages. Meanwhile, the 100-day moving average, trading at $6.76 1/2 is support.
Live cattle and feeders are higher at midsession.
- Live cattle futures have marked a for-the-move high amid solid technical support.
- Cash cattle trade remains slow to develop this week, as packers delay negotiations in hopes of weaker cash prices.
- Boxed beef values slid on Thursday, with Choice down 77 cents to $374.85 and Select down $2.48 to $351.73. Movement totaled 131 loads.
- December live cattle are facing initial resistance at the 100-day moving average of $225.77, while support lies at the 10- and 20-day moving averages, trading at $222.50 and $221.68.
Hog futures are weaker at midmorning.
- Lean hog futures remain under pressure after forging a fresh contract low in early trade as weak fundamentals and technical posture invites sellers.
- The CME lean hog index is down 50 cents to $78.41 as of Oct. 7.
- The pork cutout value fell $2.07 on Thursday to $79.64 amid declines in all cuts aside from primal picnics. Movement totaled 310.0 loads.
- December lean hogs have carved a fresh contract low, with support now serving at $67.13, while resistance stems from the 10- and 20-day moving averages, layered at $69.32 and $69.59.