Corn is mostly unchanged to a penny higher.
- Corn futures are modestly firmer after carving a fresh for-the-move low amid pressure from the soy complex.
- USDA reported daily sales of 1.73 MMT of corn to Mexico. Of the total, 1.135 MMT is for 2026-27 and 594,360 MT is for 2027-28.
- USDA reported weekly corn inspections totaled 844,766 MT during the week ended Oct. 29, down 246,540 MT from the previous week.
- China has bought $7.2 billion of non-soy U.S. farm goods from January to September, the lowest level over the first nine months of the year since 2019,Reuters reported. In May, the White House said Beijing had agreed to buy $17 billion of U.S. agricultural goods other than soybeans annually from 2026, with this year’s purchases to be prorated.
- December corn futures have marked a fresh near-term low of $4.47, which is backed by support at $4.46. Resistance is at $4.50 ½, which is backed by the 10-day moving average of $4.54 1/2.
Soybeans are 14 to 15 cents lower, while meal is $3.00 lower. Soyoil is around 50 points lower.
- Soybeans have marked a fresh near-term low amid technical selling in tandem with meal.
- USDA reported daily sales of 136,000 MT of soybeans to China during 2026-27.
- USDA reported weekly soybean inspections totaled 2.445 MMT during the week ended Oct. 29, down 57,069 MT from the previous week.
- Brazilian farmers had planted 53% of the projected 2026-27 soybean area as of last Thursday, according to AgRural, up from 40% a week earlier and six percentage points ahead of the same time last year.
- January soybeans are facing support at $12.18, with additional support serving at the 200-day moving average, trading at $12.01 1/2. Resistance stands at $12.35 ½, which is backed by the 10- and 100-day moving averages, each trading around $12.48.
Wheat futures are mostly a penny to 2 cents higher.
- SRW wheat futures are modestly firmer in consolidative trade, with support from a weaker U.S. dollar.
- USDA reported weekly wheat inspections totaled 75,413 MT during the week ended Oct 29, down 119,641 MT from the previous week.
- Drought remains in the U.S. Pacific Northwest and a part of the northwestern and west-central Great Plains, notes World Weather Inc. Most of the Midwest crops are rated favorably and rain coming to the lower eastern Midwest, Delta and Tennessee River Basin will bring some dryness relief, which will favor establishment.
- December SRW wheat futures are facing initial resistance at $6.09 ½, then at the 10-day moving average of $6.15 3/4. Support lies at the psychological $6.00 level, which is backed by last week’s low $5.93 1/4.
Live cattle and feeders are notably firmer at midsession.
- Live cattle futures are correctively firmer following Friday’s hefty selloff.
- Cash cattle trade held a weaker tone late last week, though the official quote will be released later this morning.
- Choice boxed beef dove $2.62 on Friday to $364.66 while Select rose 35 cents to $351.98. Movement totaled 126 loads.
- December live cattle are facing support at Friday’s low of $220.475, which is backed by support at $219.03. Resistance stands at $222.39, which is backed by resistance at the 40-day moving average.
Hog futures are mixed at midmorning.
- Lean hog futures are mostly weaker, but are facing support at Friday’s low.
- The CME lean hog index is down 73 cents to $66.57 as of Oct. 29.
- The pork cutout value fell 59 cents on Friday to $70.10. Movement totaled 315.0 loads.
- December lean hogs have marked a new contract low of $58.725, which is backed by support at $58.30. Resistance stands at $59.157 and $59.75.