Corn is down 2 to 4 cents
- Grain and soybean futures sputtered in early trade after a firm overnight session. December corn turned lower after failing to challenge resistance at the 200-day moving average of $4.32 ½.
- USDA reported robust net sales of 2.260 MMT of corn sales for the week ended Oct. 2, as the department plays catch-up in reporting weekly export sales that were delayed due to the government shutdown.
Soybeans are 3 to 5 cents lower.
- Soybean sales in the week ended Oct. 2 were lackluster at 919,400 MT.
- On the daily front, USDA reported export sales of 462,000 MT of soybeans for delivery to China during the 2025-26 marketing year. That brings China up to a potential 2.42 MMT out of the proposed 12 MMT goal of sales by the end of the year.
SRW wheat futures are 5 to 7 cents lower
- Wheat sales in the week ended Oct. 2 were impressive at 887,900 MT.
- USDA also reported 132,000 MT of white wheat for delivery to China.
- The International Grains Council raised its forecast for 2025/26 global wheat production by 3 million tons to 830 million, partly driven by improved crop outlooks in Kazakhstan and Argentina, according to Reuters.
Live cattle and feeders are lower
- Live-cattle futures slumped to new lows.
- Cash cattle trade has been slow so far this week, averaging $220.29.
- Wholesale beef prices were mixed Thursday morning, with choice cutout down 29 cents at $370.94, while select rose 29 cents to $353.84. Movement was 70 loads.
Hog futures are firmer
- The CME lean hog index is down another 40 cents to $86.27 as of Nov. 18.
- Pork cutout slid $2.25 to $93.14 yesterday, marking a fresh for-the-move low, as losses in bellies led cutout lower.