Corn is mostly unchanged to a penny higher.
- Corn futures are posting modest short-covering gains, in tandem with soybeans.
- South Korea’s Major Feedmill Group (MFG) purchase3d about 70,000 MT of animal feed corn in a second private deal earlier today, without issuing an international tender, according to European traders. It was expected to be sourced optionally from the U.S., South America or South Africa.
- Rain during the next two weeks should not be great enough to prevent good harvest progress from being made in much of the Midwest, according to World Weather Inc.
- December corn futures are facing initial resistance at $4.14 1/2, which is backed by the 10-, 20-, 40- and 100-day moving averages. Initial support lies at $4.10 1/4.
Soybeans are mostly 2 cents higher, while soymeal is around $2.30 higher. Soyoil is 15 points higher.
- Soybeans are being led higher by corrective gains in meal futures.
- President Trump on Tuesday said he might stop trade in cooking oil with China. The potential move would be a retaliation against China for its refusal to buy U.S. soybeans, which Trump said “is an economically hostile act” that is purposefully “causing difficulty for our soybean farmers.”
- The National Oilseed Processors Association (NOPA) will release September crush data at 11 a.m. CT, with analysts estimating NOPA members crushed 186.34 million bu., according to a Reuters poll. If realized, it would be down 1.8% from August due to one less day of processing. It would also represent the largest September crush on record. Soyoil stocks as of Sept. 30 are projected at 1.22 billion pounds.
- Malaysian palm oil futures hovered above MYR 4,450 per MT Wednesday, reversing losses from the previous three sessions. The rebound followed reports that top producer Indonesia may regulate crude palm oil exports to secure domestic biodiesel supply.
- November soybeans are trading within Tuesday’s range, with support stemming from the Oct. 1 low of $9.93 3/4. The 20- and 10-day moving averages, each trading around $10.16, serve as resistance.
Wheat futures are mostly a penny to 3 cents lower.
- SRW wheat futures continue to face technical pressure, but a weaker U.S. dollar is supportive.
- Soft wheat exports from the European Union since the start of the 2025-26 marketing year in July were down 23% from year-ago as of Oct. 12, though the date did reflect incomplete figures for top EU producer France, according to the European Commission.
- Soil moisture in Ukraine this fall is not as chronically low as it was last year, and winter crop planting and establishment is likely going well except possibly in the east, according to World Weather Inc.
- December SRW wheat futures are hovering within Tuesday’s range, with initial support at the previous session and contract low of $4.92 1/4, while resistance stems from the 10-, 20- and 40-day moving averages, layered from $5.05 3/4 to $5.18 3/4.
Live cattle and feeders are weaker at midsession.
- Cattle futures are narrowly weaker in corrective trade after carving new all-time highs on Tuesday.
- USDA reported very light cash cattle trade on Tuesday at firmly higher prices.
- Boxed beef values rose on Tuesday, with Choice up 51 cents to $364.42, while Select rose 80 cents to $350.55.
- December live cattle are trading narrowly within Tuesday’s upper range, limited by this week’s freshly notched all-time high of $246.975, while initial support lies at $244.34.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer amid modest wholesale support and fading losses in the cash index.
- The CME lean hog index is down another 58 cents to $97.99 as of Oct. 13.
- The pork cutout value rose 17 cents on Tuesday to $103.76. Movement totaled 350.4 loads.
- December lean hogs continue to face resistance at $84.01, while initial support lies at $83.32.