Corn is mostly 6 cents lower.
- Corn futures are facing technical resistance at the 200-day moving average, with additional pressure from a notably firmer U.S. dollar and weaker crude oil.
- The Commodity Futures Trading Commission will resume publishing its Commitments of Traders (COT) reports today and released a schedule for the publication of reports that were interrupted during the lapse in federal government appropriations. The reports will be published in chronological order beginning today at 2:30 p.m. CST.
- The Korean Feed Association (KFA) in South Korea purchased around 65,000 MT of animal feed corn in a private deal today, without issuing an international tender.
- December corn futures have edged below the 10- and 20-day moving averages, and are now facing support at $4.30 3/4, while the 200-day moving average of $4.35 serves up resistance.
Soybeans are around 11 to 12 cents lower, while soymeal is around $4.70 lower. Soyoil is around 50 points lower.
- Soybeans are extending Tuesday’s weakness amid corrective selling in tandem with soymeal.
- USDA reported daily sales of 330,000 MT of soybeans to China during 2025-26.
- World Weather Inc. reports all of Brazil will receive rain during the coming two weeks, although amounts in the south may become lighter and less frequent. Production will be determined by the timeliness of rain, not by the volume, so there is no production problem at present, but the situation should be monitored.
- January soybeans are facing resistance at $11.44 1/4, which is backed by Tuesday’s high of $11.69 1/2. Initial support lies at $11.35 1/4 and is backed by the 10-day moving average of $11.32 3/4.
Winter wheat futures are 7 to 9 cents lower, while HRS futures are around 2 to 4 cents lower.
- SRW wheat futures are fading amid pressure from a firmer dollar and musings of a ceasefire in the Black Sea.
- Ukraine will not restrict wheat exports in the 2025-26 July-June season due to a higher harvest and lower export rates at the beginning of the current season, the deputy economy minister told Reuters earlier today.
- Dean Dias, chief executive officer of Cereals Canada reported Tuesday the country is on tract to be the third largest wheat exporter and Number 1 exporter of high quality, high-protein wheat.
- December SRW wheat futures are being limited by resistance at $5.50 1/2, which is backed by the Nov. 5 high of $5.55 as well as the 200-day moving average. Initial support lies at the 10-, 20- and 100-day moving averages, layered from $5.36 1/2 to $5.32 1/4.
Live cattle and feeders are notably weaker at midsession.
- Cattle have carved fresh near-term lows as lower cash cattle trade early in the week sets a negative tone.
- The U.S. milk cow herd is the biggest it has been in at least a quarter century, a positive sign as the meat industry suffers through tight supplies and consumers face record beef prices. The U.S. averaged 9.54 million milk cows in the third quarter, the most in data going back to 1998, according to USDA. That figure, which is about 200,000 more than in the year-earlier quarter, is also the steepest jump on record, Bloomberg reported.
- Light cash cattle trade has transpired early in the week at $221.00, though volume remains light ahead of Friday’s Cattle on Feed Report.
- Choice boxed beef rose $1.54 on Tuesday to $371.95, while Select fell $1.35 to $354.95. Movement was strong at 163 loads.
- December live cattle have breached support at the 200-day moving average, though additional support lies at $214.90. Meanwhile, resistance stands at the 10-day moving average of $221.62, which is backed by the 20-, 100- and 40-day moving averages.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer, but continue to face notable technical resistance
- The CME lean hog index is down another 33 cents to $86.67 as of Nov. 17.
- Pork cutout was fell $1.62 on Tuesday to $95.39, led by declines in hams and loins.
- December lean hogs are trading mostly between the 10-day moving average, trading at $79.58 and Monday’s low of $77.50. Additional resistance stems from the 20-day moving average, while additional support lies at $77.11 and $76.32.