Corn is mostly a nickel to 6 cents lower.
- Corn futures are facing technical selling, with general pressure across the ag complex.
- USDA is collecting survey-based data for its upcoming crop production report scheduled for release on Nov 14, according to the agency’s statistical arm, despite the ongoing government shutdown.
- Brazil’s corn exports in November are expected to reach 5.57 MMT, versus 4.92 MMT in November 2024, according to Anec.
- Germany’s 2025 corn harvest will fall 3.5% this year to an estimated 4.7 MMT, according to Germanys association of farm cooperatives in a harvest report earlier today.
- December corn futures are being pressured by the 200-day moving average of $4.36 1/4, while initial support lies at $4.26.
Soybeans are 28 to 30 cents lower, while soymeal is around $14.00 lower. Soyoil is 25 points lower.
- Soybeans are being led lower by corrective selling in meal futures.
- The United States formalized changes to reciprocal tariff rates with China in a government posting on Thursday a week after President Donald Trump’s meeting with Chinese leader Xi Jinping in South Korea.
- Chinese supply chain operator and property developer Xiamen C&D said on Thursday it had signed contracts totaling over $5.2 billion with seven agribusinesses and trading houses including Cargill and Louis Dreyfus Company in Shanghai. The contracts signed covered soybeans, corn and cotton among other goods, according to a social media account.
- Argentina’s oilseed workers’ union SOEA and industry chamber CIARA reached a wage increase agreement, avoiding a strike that would have paralyzed activity at soybean crush plants.
- Brazil’s soybean exports are expected to reach 3.77 MT in November, compared to 2.34 MMT in November 2024, according to Anec. Soymeal exports are expected to reach 2.23 MMT versus 1.73 MMT year-ago.
- January soybeans are facing support at the 10-day moving average of $11.05 1/4, while resistance stands at this week’s high of $11.37.
Winter wheat futures are 13 to 19 cents lower, while HRS futures are mostly 3 to 5 cents lower.
- SRW wheat futures are correctively weaker in the wake of steady gains since the mid-October low.
- Chinese buyers have booked two cargoes of U.S. wheat, the first such purchases since October last year, two traders said on Thursday, while a sorghum shipment has been sent from the United States to China, a U.S. industry official said.
- A group of South Korean flour mills has issued an international tender to purchase around 50,000 MT of milling wheat to be sourced from the U.S.
- December SRW wheat futures are up against support at the 100- and 10-day moving averages, trading at $5.36 1/4 and $5.34 1/4, while resistance stands at Wednesday’s high of $5.55, which is backed by the 200-day mvoign average.
Live cattle are firmer, while feeders are lower at midsession.
- Cattle firmer in corrective trade, while feeders are extending Wednesday’s weakness.
- Daily trading limits are expanded today. Live cattle futures are expanded to $10.75/cwt and feeders $13.75/cwt.
- Choice boxed beef rose 68 cents on Wednesday to $378.26, while Select fell $1.00 to $360.25.
- December live cattle have forged fresh near-term lows, with support at $217.85, which is backed by the 200-day moving average of $214.84. Initial resistance stands at $223.20, which is backed by the 10- and 100-day moving averages.
Hog futures are lower at midmorning.
- Nearby lean hogs have forged fresh near-term lows, amid wholesale pressure.
- The CME lean hog index is down 4 cents to $90.86 as of Nov. 4.
- The pork cutout value slipped another $1.63 to $97.54 on Wednesday, with losses across all cuts.
- December lean hogs have carved new for-the-move lows, and are testing support at $79.45, with additional support at $78.975. Resistance stands at the 10-, 200- and 20-day moving averages, layered from $80.75 to $81.88.