Corn is mostly 4 to 6 cents higher.
- Corn futures are posting followthrough strength in step with the soy complex.
- A Reuters poll indicates analysts estimate corn harvest to be 72% on average as of Sunday.
- Leading South Korean animal feed marker Nonghyup Feed Inc. (NOFI) bought an estimated 204,000 MT of animal feed corn in an international tender, seeking up to 207,000 tons on Tuesday, according to European traders.
- South African farmers are expected to harvest 27% more corn in the 2024-25 season, compared with the previous one, according to the government’s Crop Estimates Committee (CEC).
- December corn futures have marked a near four-month high, with resistance now stemming from the 200-day moving average of $4.37 1/4. Meanwhile, initial support lies at $4.25 3/4, which is backed by the 10-, 40-, 20- and 100-day moving averages.
Soybeans are 21 to 22 cents higher, while soymeal is around $9.00higher. Soyoil is around 30 points lower.
- Soybeans have extended to a more than one-year high amid strong gains in meal futures and lingering trade optimism.
- President Trump visited Japan today, touting U.S.’s alliance with the Asian nation and praised new Prime Minister Sanae Takaichi. The two signed documents on trade and critical minerals, but the agreements remained non-specific.
- A Reuters poll indicates analysts estimated soybean harvest to be 84% complete as of Sunday.
- Argentina has been seeing and will continue to see a good mix of rain and sunshine to maintain a very good outlook for summer crop planting and early development during the next two weeks, according to World Weather Inc.
- January soybeans have edged to the highest level since Oct. 2024, with initial resistance now serving at $11.13, while support lies at $10.81 3/4.
Wheat futures are mostly 7 to 9 cents lower.
- SRW wheat futures are posting solid gains, with support from a weaker U.S. dollar, though technical resistance is curbing momentum.
- Winter wheat plantings are estimated to be 84% complete on average, according to a Reuters poll of analysts.
- China’s winter wheat planting, emergence and establishment may not have advanced very well in recent weeks due to frequent wet weather. Flooding impacted a part of the North China Plain and Yellow River Basin where some replanting may be under way as conditions are improving, according to World Weather.
- December SRW wheat futures have marked a for-the-move high with resistance stemming from the 100-day moving average of $5.38 3/4. Initial support lies at $5.24 1/2, which is backed by the 40-, 10- and 20-day moving averages.
Live cattle are firmer while feeders are notably lower at midsession.
- Cattle futures are correctively firmer after forging strong losses over the past two sessions.
- Cash cattle trade averaged $237.89, down $1.93 from the previous week’s average.
- Wholesale beef values rose on Monday, with Choice up $2.12 to $377.88, while Select rose $3.69 to $361.66. Movement totaled 117 loads for the day.
- December live cattle are facing resistance at the 100-day moving average of $228.44, while initial support lies at Monday’s low of $223.175.
Hog futures are weaker at midmorning.
- Nearby lean hogs are extending losses amid continued cash weakness, though futures’ discounts to cash continue to minimize selling interest.
- The CME lean hog index is down 68 cents to $92.27 as of Oct. 24.
- The pork cutout value fell $1.66 on Monday to $101.08 amid losses in all cuts aside from primal ribs and picnics. Movement totaled 358.4 loads.
- December lean hogs have notched a fresh for-the-move low, though support continues to remain at $80.99. The 10-day moving average of $82.28 continues to serve as initial resistance.