Corn is mostly 5 to 6 cents lower.
- Corn futures are under pressure but are a holding an inside range at midsession.
- USDA reported daily sales of 218,600 MT of corn to Mexico. Of the total, 173,800 MT is for 2026-27, 22,400 MT is for 2027-28 and 22,400 MT is for 2028-29.
- The Group of Seven nations and its partners are to release as much as 100 million barrels of emergency oil and diesel stocks amid pressure from the Trump administration to quell rising fuel prices, reports Bloomberg. The release is being coordinated by the International Energy Agency and will take place over the next four months, according to France’s president Emmanual Macron, who is the current chair of the G7.
- Mexico’s corn production will fall 3% in 2026 to 23.5 MMT, leaving domestic output below half of the 48.2 MMT of apparent consumption, according to GCMA. The decline is driven by drought in Sinaloa, where production fell from 6.8 MMT to 1.8 MMT, along with high input costs, limited financing.
- December corn futures are trading within Thursday’s range, with support serving at $4.96 ½, which is backed by the previous session low of $4.95. Resistance stands at $5.06 1/2.
Soybeans are 4 cents lower, while meal is around $4.00 lower. Soyoil futures are 145 points higher.
- Soybeans are weaker for the third straight session, though support at the 40-day moving average is curbing seller interest.
- Rain coming to Brazil in the next ten days will eventually support more aggressive planting in center west, although southern Brazil is likely to become too wet, delaying fieldwork for a while, according to World Weather Inc. Center west planting and establishment conditions should improve as rain falls periodically.
- Malaysian palm oil futures extended a decline, remaining below MYR 4,550 per ton to trade at their lowest level since mid-July,according to Trading Economics. Futures were on track for a second straight weekly decline, down around 3.1%. The report said sentiment was pressured by rising inventories, with August stocks hitting an eight-month high and on track to top 3 million tons in September.
- November soybeans are facing support at the 40-day moving average, trading at $12.70 ½, while resistance stands at $12.94 ¾, which is backed by the 10- and 20-day moving averages, layered at $13.06 ¾ and $13.10 1/2.
SRW wheat is mostly a penny higher, while HRW futures are a penny to 2 cents lower. HRS futures are 2 to 3 cents higher.
- SRW wheat futures are being supported by a weaker dollar, while technical support is serving at the 100-day moving average.
- U.S. winter wheat planting, emergence and establishment will improve greatly in the next ten days due to recent rain and the anticipated sunnier and warm-biased weather that is forthcoming, reports World Weather.
- Southern Brazil’s wheat is rated favorably, but rainy weather in the next ten days will delay harvesting, slow maturation and may reduce grain quality across Parana and a few neighboring areas, according to World Weather.
- Ukraine’s winter wheat sowing area for the 2027 harvest could fall by 17% due to export difficulties, according to Ukrainian farm minister Taras Vysotskyi earlier today.
- December SRW wheat futures have tested support at the 100-day moving average, trading at $6.76 ½ for the second straight session, with additional support at $6.65 3/4. Resistance stands at $6.86 ½. Which is backed by psychological resistance at $5.00, which is backed by the 10-day moving average of $7.01 3/4.
Live cattle are lower while feeders are lower at midsession.
- Cattle futures are weaker in corrective trade.
- Cash cattle trade so far this week is pointing to another week of lower prices, though the official quote will be released late Monday morning.
- Boxed beef plummeted on Thursday, with Choice down $6.00 to $376.79 and Select down $7.70 to $352.89. Movement totaled 117 loads.
- December live cattle are facing support at the 10-day at $221.61, which is backed by the 20- and 40-day moving averages. Resistance stands $223.98, which is backed by the Sept. 15 high of $225.50.
Hog futures are firmer at midmorning.
- Lean hog futures are firmer amid short-covering.
- The CME lean hog index is down 24 cents as of Sept. 30.
- The pork cutout value rose 34 cents on Thursday to $85.29, led by gains in primal butts. Movement totaled 264.8 loads.
- December lean hogs are facing resistance at the 10-day moving average of $70.77, while support lies at the $69.43, then at this week’s low of $68.70.