Corn is mostly 4 to 5 cents lower.
- Corn futures are correctively weaker as technical resistance limits near-term momentum.
- Farmer sentiment fell in September, with the Purdue University-CME Group Ag Economy Barometer sliding to 123 points from 135 in August as a record percentage of respondents cited high input costs as their top worry and less than half said the U.S. was on the “right track.” Click here to read more.
- The International Energy Agency and European Union on Wednesday discussed an oil and diesel stocks proposal last week with diplomats and analysts expecting it to include volumes pledged in March, according to Reuters. The Group of Seven countries agreed on Friday to release 100 million barrels, though it remains unclear how much diesel and crude oil will be released.
- December corn futures continue to be limited by the 10-day moving average, trading at $5.10 ¾, which is backed by the 40- and 20-day moving averages. Initial support lies at $4.99 ½, which is backed by the 100- and 200-day moving averages.
Soybeans are 4 to 5 cents lower, while meal is around $7.50 lower. Soyoil futures are 195 points lower.
- Soybeans are being led lower by selling in soyoil, while meal futures serve up support.
- Rain coming to Brazil in the next ten days will eventually support more aggressive planting and emergence in center west, although southern Brazil is likely to be a little too wet at times, delaying fieldwork for a while and possibly raising the potential for replanting, notes World Weather Inc. Center west planting and establishment conditions should improve as rain falls periodically.
- Global palm oil production is expected to decline by 2 MMT next year and could fall even more due to the El Niño weather pattern, which brings hotter and drier weather, a leading industry analyst said earlier today, according to Reuters.
- November soybeans are facing resistance at the 20-day moving average, trading at $13.06 1/2, while the 10-day moving average, trading at $12.95 3/4 is serving as support.
SRW wheat is mostly 15 to 16 cents lower, while HRS 7 to 10 cents lower.
- SRW wheat futures are correctively weaker after a string of gains.
- Western Europe continues to struggle for wheat and barley planting moisture, but improvements are likely in the next week except in northern France and southern parts of the U.K., where rain will be quite limited, notes World Weather.
- Sovecon cut its forecast for Russia’s 2026 wheat crop to 87.5 MMT, down from 88.2 MMT in an earlier estimate.
- Harvest is either getting under way or will expand in the coming weeks for Australia’s winter wheat, barley, and canola, says World Weather Inc. Rainfall in Victoria, South Australia, and southern fringes of New South Wales during the past week may have slowed or delayed early-season harvesting, the forecaster said. World Weather noted that minor quality declines were possible in the wettest areas of Victoria as well, though production potentials remain favorable since most of that crop is immature.
- December SRW wheat futures are facing resistance at the 20- and 40-day moving averages, trading at $7.09 1/4 and $7.14 ½. Support lies at $6.83 ½, which is backed by the 100-day moving average.
Live cattle and feeders are lower at midsession.
- Cattle futures are modestly weaker in corrective trade following Tuesday’s strength.
- Cash trade is slow to develop so far this week in all regions, though futures prices indicate spot prices may edge higher.
- Choice boxed beef rose 67 cents to $378.93, while Select fell $2.23 to $356.34. Movement totaled 125 loads.
- December live cattle are facing initial resistance at this week’s high of $224.625, which is backed by the 100-day moving average. Initial support lies at the 10- and 20-day moving averages, trading at $221.86 and $221.29.
Hog futures are weaker at midmorning.
- Lean hog futures gapped lower at the open amid technical selling.
- The American Meat Producers PAC is launching a $3 million political ad campaign targeting candidates who back legislation to stop state and local governments from regulating agricultural production standards for livestock raised in other states, Agri-Pulse reports.
- The pork cutout value fell $2.17 on Tuesday to $83.84, led by a $9 drop in primal picnics. Movement totaled 305.3 loads.
- December lean hogs are being limited by the 20-day moving average, trading at $70.11, while support lies $68.85, which is backed by the Oct. 1 low of $67.95.