Corn is chopping around unchanged at midmorning.
- Corn futures have turned from earlier lows but continue to be limited technical resistance and persistent U.S. dollar strength.
- Recent rains have disrupted harvesting, but limited precip over the next 9-10 days from the U.S. Delta into the eastern Midwest will ensure that fieldwork advances well once again.
- World Weather Inc. notes weather in South America will remain very good for planting in Argentina and good for crop development and some fieldwork in southern Brazil. Rain is needed in center west and center south Brazil, though some will evolve this weekend into next week.
December corn futures are trading mostly between the 20- and 10-day moving averages, currently trading at $4.22 3/4 and $4.20 1/4
Soybeans are 2 to 3 cents lower, while soymeal is around $1.30 lower. Soyoil is fractionally weaker.
- Soybeans have bounced off earlier lows despite meal weakness.
- Indonesia will implement its B50 biodiesel program in the second half of 2026, according to its mining minister, adding that the plan could eliminate the country’s need to import any diesel next year.
- Malaysian palm oil futures rose to a seven-week high, driven by strong rival Dalian oils as markets in China reopened after a week-long holiday.
- November soybeans are facing support at the 20-day moving average of $10.23 1/4, while resistance stems from the 40-day moving average of $10.31 1/2.
Wheat futures are mostly unchanged to 4 cents higher.
- SRW wheat futures are notching modest short-covering gains but continue to edge sideways in consolidative trade.
- Russia, the world’s top wheat exporter, is set to reduce its winter and spring wheat sown area by over 6% this year to grow more oilseeds, according to the Deputy Agriculture minister. The move comes amid low global prices, high domestic export duties and droughts affecting the top-producing areas in southern Russia.
- Egypt’s state buyer purchased wheat from Kazakhstan for the first time in 15 years, according to a person familiar with the matter and port data, marking a rare shift in sourcing as the country seeks to diversify its imports.
- December SRW wheat futures are up against resistance at the 10-day moving average, currently trading at $5.12 1/2, which is backed by the 20- and 40-day moving averages. Initial support lies at $5.06 1/2, then at the Oct. 1 low of $5.02 and again at the psychological $5.00 level.
Live cattle are higher, while feeders are marking heftier gains at midsession.
- Nearby live cattle are firmer for the fifth straight session as supply fundamentals continue to drive bulls.
- Cash cattle trade remains light, with 152 head trading hands at $230.00 through midweek.
- Choice boxed beef rose another 19 cents on Wednesday to $366.16 while Select slid $3.64 to $345.24.
- December live cattle are facing initial resistance at $239.80, while initial support lies at $238.40
Hog futures are weaker at midmorning.
- Nearby lean hogs extending lower as cash and wholesale fundamentals continue to fade.
- The CME lean hog index is down another 72 cents to $100.70 as of Oct. 7.
- The pork cutout value fell $2.21 on Wednesday to $103.82 amid losses in all cuts. Movement improved to 405.2 loads for the day.
- December lean hogs’ next major area of support lies at the 100-day moving average, currently trading at $84.64, while resistance stands at the 40-, 10- and 20-day moving averages, layered from $86.96 to $88.04.