Corn is mostly 2 to 3 cents higher.
- Corn futures are weaker in step with wheat futures despite supportive outside markets.
- India said earlier today that officials held “constructive” talks with U.S. counterparts during a visit to Washington this week. Both sides agreed to continue discussions aimed at concluding a mutually beneficial trade deal soon.
- Early season rainfall in Brazil this week was welcome, but poorly distributed, according to World Weather Inc. Not much follow up rain is expected, which may slow planting and certainly lead to delayed plant emergence and establishment. Argentina’s rain in the southwest this weekend will be good for early season sunseed and for future corn planting.
- December corn futures are testing support at the 20-day moving average of $4.22 ½, with additional support at $4.21 and $4.18 1/4. The 10- and 100-day moving averages, trading at $4.24 3/4 and $4.25 1/4, are serving as initial support and are backed by the Sept. 16 high of $4.31 1/4.
Soybeans are mostly unchanged to a penny higher, while soymeal is around 80 cents higher. Soyoil is around 20 points higher.
- Soybeans are posting modest gains in narrow trade as traders await next week’s quarterly stocks data from USDA.
- Around 40 cargoes of Argentine soybeans were registered for export in November and December during this week’s export tax suspension, mostly headed to China.
- India, the world’s largest vegetable oil buyer, is poised to boost soybean oil purchases next year as bumper global soybean crops have made soybean oil cheaper than rival palm oil, according to a top importer and as reported by Bloomberg.
- November soybeans are trading narrowly between resistance and support at $10.17 1/4 and $10.06 3/4. Greater resistance/support serve at the 10- and 20- and 100-day moving averages, layered from $10.35 1/4 to $10.41 1/4 and the psychological $10.00 level.
Wheat futures are 4 to 6 cents lower.
- SRW wheat futures are weaker in corrective trade as technical pressure continues to curb short-covering interest.
- Sovecon made its first wheat export downgrade of the 2025-26 season earlier today, by about 0.7% to 43.4 MMT, after exports slowed by 29% from July through September.
- World Weather Inc. notes U.S. HRW wheat areas and most of the Midwest wheat region will trend drier over the coming week, supporting planting efforts.
- December SRW futures continue to face resistance at the 40-day moving average of $5.26 1/4, while support lies at $5.15, then at this week’s low of $5.07 1/4.
Live cattle are firmer, while feeders are solidly higher at midsession.
- Nearby live cattle are modestly firmer but continue to headwinds amid a fading technical posture and declining cash and wholesale fundamentals.
- Cash cattle trade remains light so far this week, though what has traded has been at lower prices.
- Wholesale beef values continue to slide, with Choice down $5.42 on Thursday to $371.97, while Select fell $2.97 to $353.45. Movement totaled 158 loads.
- October live cattle are facing resistance at the 40-, 10- and 20-day moving averages, layered from $234.53 to $236.19, while initial support lies at $232.65.
Hog futures are notably higher at midmorning.
- Nearby lean hogs are notably firmer after USDA’s bullish Hogs & Pigs Report on Thursday.
- The CME lean hog index is up 6 cents to $105.00.
- The pork cutout value slid 64 cents on Thursday to $110.99. Movement totaled 247.5 loads.
- USDA’s Hogs & Pigs Report showed the inventory of all hogs and pigs as of Sept. 1 was 74.5 million head, down 1% from year-ago, while breeding inventory fell 2% from 2024. Meanwhile, market hog inventory ag 68.5 million head was down 1% from year-ago.
- October lean hogs gapped higher at the open but continue to be limited by this week’s high of $90.85, while initial support lies at $89.925, then at the 10- and 20-day moving averages.