Market Snapshot | Soy complex firmer; grains mostly weaker

Oct. 7, 2025

Pro Farmer's Market Snapshot
Pro Farmer’s Market Snapshot
(Pro Farmer)

Corn is mostly unchanged to a penny lower.

  • Corn futures are weaker amid technical resistance and followthrough gains in the U.S. dollar.
  • Crop consultant Dr. Michael Cordonnier lowered his corn U.S. corn yield estimate by 1 bu. to 181.0 bu. per acre and maintained a neutral to lower bias going forward.
  • Corn planting in Argentina was estimated to be 19.8% complete as of last week, which represents an advance of 7.4% on the week. Wet conditions continue to delay progress in west-central, central and northeastern Buenos Aires.
  • December corn futures are facing resistance at the 20- and 100-day moving averages, each trading around $4.23, while support lies at 10-day moving average of $4.21 and is backed by support at $4.18 1/2.

Soybeans are a penny to 3 cents higher, while soymeal is around $1.00 higher. Soyoil is around 30 points higher.

  • Soybeans are notching short-covering gains in step with meal and soyoil, though technical resistance continues to be a hurdle.
  • Dr. Michael Cordonnier kept his U.S. soybean estimate unchanged at 52 bu. per acre but maintained a neutral to lower bias.
  • In Brazil, the soybean planting pace in Parana has been the fastest of any state and it should continue to be that way during the month of October, according to Dr. Michael Cordonnier.
  • Farmers in Argentina may begin planting their 2025-26 soybeans later this week or early next week, according to Cordonnier.
  • Indonesia has taken another step towards launching biodiesel containing 50% palm-oil based biofuel (B50) by conducting laboratory tests, an energy ministry official said earlier today, as the country aims for implementation next year.
  • November soybeans are being limited by the 20-, 100-, 200-, and 40-day moving averages, layered from $10.24 1/4 to $10.32, while initial support lies at $10.18 1/4, then at the 10-day moving average of $10.14 1/2.

Wheat futures are mostly a penny to 3 cents lower.

  • SRW wheat futures are weaker in sideways trade amid pressure from strength in the dollar.
  • Bangladesh has approved the purchase of about 220,000 MT of U.S. wheat under a government-to-government deal aimed at easing trade tensions with Washington after import tariffs were imposed.
  • China’s winter wheat planting usually begins in late September and continues through October and into early November, but recent and forecasted rains in the Yellow River Basin and areas to the north will be good for long term crop establishment. Delays will continue for at least the next ten days to two weeks, notes World Weather Inc.
  • A dry spell in Australia is taking the edge off of a bumper wheat harvest, trimming supplies from one of the world’s largest exporters, according to a Bloomberg report.
  • December SRW futures are trading within Monday’s lower range, with initial support at $5.10 1/2, which is backed by last week’s low of $5.02. Initial resistance stands at $5.14 1/4, which is backed by the 10-, 20- and 40-day moving averages, layered from $5.15 3/4 to $5.22 1/2.

Live cattle are moderately higher, while feeders are marking heftier gains at midsession.

  • Nearby live cattle are extending recent gains, amid easing wholesale pressure.
  • USDA reported cash cattle trade averaged 230.76 last week, down $1.89 from the previous week.
  • Wholesale beef has stabilized, with Choice up $10.7 to $363.34 and Select up $2.59 to $347.97.
  • December live cattle are trading within Monday’s upper range, with initial resistance at $237.475, which is backed by resistance at $237.97. Initial support lies at the 40, 20- and 10-day moving averages, layered from $235.70 to $235.04.

Hog futures are lower at midmorning.

  • Nearby lean hogs are weaker amid technical selling and extended weakness in cash trade.
  • The CME lean hog index is down another 82 cents to $102.02 as of Oct. 3.
  • The pork cutout value fell 95 cents to $107.35 on Monday, led by primal bellies.
  • December lean hogs are facing resistance at the 40-day moving average of $86.84, while the next level of support lies at $85.09.