Corn is mostly 3 cents lower.
- Corn futures are lower but are facing support so far at Monday’s low.
- USDA said 60% of the corn crop was harvested as of Sunday, up from 44% a week earlier but behind the five-year average of 66%. Click here for more details.
- Crop consultant Dr. Michael Cordonnier left his 2026-27 production estimates for both Brazil and Argentina unchanged at 140 MMT and 60 MMT, respectively.
- December corn futures are trading within Monday’s range, limited by the previous session high of $4.56, which is backed by resistance around $4.60 and the 10-day moving average. Support lies at $4.51 1/2 then at Monday’s low of $4.50 1/4.
Soybeans are 2 to 3 cents lower, while meal is around $4.30 lower. Soyoil is 15 points lower.
- Soybeans are being led lower by meal futures, which are lower for the ninth straight session.
- After a better-than-expected start to the planting season, a few weather concerns are starting to emerge in Brazil, said Dr. Michael Cordonnier, Pro Farmer crop consultant. Too much rain in southern Brazil has been accompanied by cooler-than-normal temperatures and localized frosts, he said. The pattern for several months has seen heavy rain in Parana, Rio Grande do Sul and Santa Catarina. The other concern is dryness in parts of central and northeastern Brazil.
- Sunday’s surprise re-election victory by President Luis Inacio Lula da Silva in Brazil’s presidential election runoff was a major disappointment for Brazil’s agribusiness leaders who had looked to a win by challenger Flavio Bolsonaro,Bloomberg reported.
- Dr. Michael Cordonnier maintained his 2026-27 production estimates for Brazil and Argentina at 182 MMT and 54 MMT, respectively. He noted Argentina still has not planted enough of the soybean crop to register on a nationwide basis.
- November soybeans are trading within Monday’s upper range, with resistance at Monday’s high of $12.62, which is backed by the 10-day moving average. Support lie at $12.51, which is backed by the 100-day moving average, trading at $12.45.
Wheat futures are mostly a penny to 5 cents lower.
- SRW wheat futures have marked for-the-move lows amid persistent technical selling.
- USDA reported winter wheat plantings were 77% complete as of Oct. 25, up thirteen percentage points on the week, but still one point behind the five-year average.
- World Weather Inc reports recent rain in Ukraine and Moldova was ideal in bolstering soil moisture for better winter crop establishment. Russia’s Southern Region, though, still needs significant rain to get crops as well established ahead of dormancy as possible. Not much rain is in the pipeline.
- December SRW wheat futures are facing support at $6.09 ¾ while resistance is at $6.18 1/2 and $6.24 3/4.
Live cattle and feeders are lower at midsession.
- Live cattle futures are correctively weaker after marking a fresh multi-month high on Monday.
- Cash cattle trade averaged $227.06 last week, up $2.87 from the previous week.
- Boxed beef values improved on Monday, with choice up $3.65 to $369.44, while Select rose $4.87 to $357.56. Movement totaled 89 loads.
- December live cattle are facing support at the 200- and 10-day moving averages, layered at $229.42 and $229.35, while resistance stands at $231.60 then at this week’s high of $232.90.
Hog futures are lower at midmorning.
- Lean hog futures are under notable pressure, which have pushed prices to new contract and multi-year lows.
- The CME lean hog index is down another $1.10 cents to $70.06 as of Oct. 23.
- The pork cutout value fell 29 cents to $73.80 on Monday. Movement totaled 344.7 loads.
- December lean hogs have marked fresh contract and multi-year lows, with resistance serving at $65.00, while support lies at today’s low of $62.575 then at the psychological $62.00 area.