Corn is mostly a penny to 2 cents higher.
- Corn futures are firmer amid support from soybeans and corrective gains in crude oil.
- Agriculture Secretary Brooke Rollins said the Trump administration will resume distributing $3 billion in aid from the Farm Service Agency that had been halted because of the government shutdown. Agriculture risk coverage and price loss coverage payments and other programs would resume operating. Click here for more info.
- Epic rains in northern China have disrupted the harvesting of crops and left them rotting in the fields, pressuring grain supplies at a time when trade relations are fraying and imports have shrunk, Bloomberg reported today. Top corn-producing provinces including Henan and Shandong have endured the longest and heaviest rainy season in six decades, according to the National Climate Center.
- December corn futures are holding an inside range, with resistance at $4.23 1/4, while support lies at the 10-day moving average of $4.17 3/4.
Soybeans are 3 to 6 cents higher, while soymeal is around $2.30 cents higher. Soyoil is fractionally lower.
- Soybeans are being led higher by extended strength in soymeal.
- President Trump at midday Tuesday predicted an upcoming meeting with Chinese President Xi Jinping would yield a “good deal” on trade. However, he then added the possibility remains that the meeting could fail to materialize, saying “maybe it won’t happen.”
- Japan’s government is working to finalize a purchase package, including U.S. pickups, soybeans and gas to present to President Trump in trade and security talks next week.
- Abiove forecasts Brazil’s soy production at a record 178.5 MMT vs. 171.8 MMT in the previous season. The group forecasts soybean exports at 111 MMT, up from 109.5 MMT in 2025.
- November soybeans are up against resistance at $10.36 1/2, while support lies at the 200-day moving average of $10.29 1/4.
Wheat futures are 2 to 4 cents higher.
- SRW wheat futures are posting modest short-covering gains.
- Brazil’s weather has been well mixed in recent weeks, though a close watch on rainfall in Rio Grande do Sul and other southern crop areas to make sure it does not get too wet for harvesting or grain quality, according to World Weather Inc.
- Rain is still predicted in Ukraine and Russia’s Southern region during the next ten days, which should slowly improve moisture for better winter crop establishment, according to World Weather.
- December SRW wheat futures are trading inside Tuesday’s range, with support at $4.96 3/4, then the Oct. 14 low of $4.92 1/4. Initial resistance is at $5.05, then the 10-day moving average, currently trading at $5.05.
Live cattle are notably lower, while feeders are posting heftier losses at midsession.
- Cattle futures are weaker as the marketplace mulls over Tuesday’s announcement to bolster U.S. cattle and beef production.
- Choice boxed beef rose $2.75 on Tuesday to $371.93, while Select fell 89 cents to $352.57. Movement totaled 128 loads.
- On Tuesday, Secretary Rollins said the administration aims to ease supply constraints and boost processing capacity and will employ a “pretty big” initiative to open additional lands for ranching.
- December live cattle continue to be limited by resistance at $246.44, which is backed by last week’s high of $248.30. Initial support lies at $242.01.
Hog futures are weaker at midmorning.
- Nearby lean hogs are modestly weaker as the futures’ discount to cash limits selling.
- The CME lean hog index is down another 60 cents to $94.98.
- The pork cutout value fell $1.49 Tuesday to $100.59.
- December lean hogs are trading within Tuesday’s range, limited by the 10-day moving average of $83.28, while initial support lies at $82.18, then at this week’s low of $82.025.