Corn is unchanged to a penny lower.
- Corn futures are shuffling around unchanged, with support from wheat and soybeans, though technical resistance is curbing buyer interest.
- USDA reported net corn sales totaled 1.295 MMT during the week ended Oct. 29, down 1% from the previous week but up 10% from the four-week average. Net sales were within analysts’ pre-report range of estimates from 800,000 MT to 1.8 MMT.
- Turkey’s state grain board TMO has issued an international tender to purchase and import a total of 295,000 MT of animal feed corn, according to Reuters.
- December corn futures are facing resistance at the 10-day moving average of $4.48 3/4, while support lies at this week’s low of $4.38 1/2.
Soybeans are unchanged to a penny higher, while meal is 10 cents higher. Soyoil is 75 points lower.
- Soybeans have paused the recent selloff to shift around the key 200-day moving average.
- USDA reported net soybean sales totaled 1.456 MMT during the week ended Oct. 29, down 44% from the previous week and 11% from the four-week average. Net sales were within analysts’ pre-report range of estimates from 950,000 MT to 2.5 MMT.
- China is open to buying more U.S. farm goods, but only if the two sides implement their reciprocal tariff-cut agreement, the commerce ministry said earlier today, signaling tariff concessions remain central to Beijing’s aims.
- January soybeans are pivoting around the 200-day moving average, trading at $12.03 ½, with additional support at $12.00 and $11.96 1/2. Resistance stands a t $12.10 1/4.
Wheat futures are 5 to 7 cents higher.
- SRW wheat futures are firmer in consolidative trade, though technical resistance is limiting more robust gains.
- USDA reported weekly wheat sales totaled 538,000 MT during the week ended Oct. 29, down 37% from the previous week, but up 16% from the four-week average. Net sales were within analysts’ pre-report range of estimates from 300,000 to 650,000 MT.
- Ukraine’s grain transportation for exports rose by 26% month-over-month to 1.08 MMT in October,, according to Ukrainian state railway operator Ukrzaliznytsia earlier today. Ukrainian grain shipments have been redirected to lower-capacity Danube River ports and border crossings at seaports, which previously handled 90% of grain exports, have been effectively blocked since late July by Russian attacks.
- December SRW wheat futures are facing resistance at the 10-day moving average of $6.06 ½, while support lies at this weeks low of $5.91, which is backed by support at $5.90 3/4.
Live cattle and feeders are lower at midsession.
- Live cattle futures are extending recent selling, with cash trade kicking the week off on a weaker note.
- Cash cattle trade has commenced at notably weaker prices, which is pressuring futures along with a post-election rout in equities.
- USDA reported net sales of 11,000 MT for 2026 during the week ended Oct. 29. Net sales were unchanged from the previous week but down 29% from the four-week average.
- December live cattle are facing support at $215.36, which is backed by the Aug. 26 low of $211.30. Resistance stands at $218.19 and $219.00.
Hog futures are lower at midmorning.
- Lean hog futures are notably weaker and have carved fresh contract lows.
- The CME lean hog index is down $1.06 as of Nov. 3.
- USDA reported net pork sales totaled 37,300 MT for 2026 during the week ended Oct. 29. Net sales were down 12% from the previous week but up 5% from the four-week average.
- December lean hogs gapped lower at the open and have marked a fresh contract low of $55.10, which is backed by support at $54.93. Resistance stands a t $56.78 and $57.86.