Corn is mostly unchanged to a penny higher.
- Corn futures are modestly firmer amid support from soybean strength, though technical resistance continues to limit more robust buying interest.
- The U.S. Department of Agriculture’s Nationals Agriculture Statistics Service (NASS) said Friday it will release several key agriculture reports in November, including a monthly supply and demand and crop production reports.
- USDA reported export inspections totaled 1.67 MMT (65.7 million bu.) for the week ended Oct. 30, up 426,330 MT from the previous week and within the pre-report range of 1.0 MMT to 1.85 MMT.
- Brazil’s first corn plantings were 60% complete as of last Thursday, matching last year’s pace, according to AgRural.
- December corn futures continue to find support at the 10-day moving average of $4.28, while initial resistance is at $4.33 1/2, which is backed by last week’s high of $4.37 and the 200-day moving average.
Soybeans are 9 to 12 cents higher, while soymeal is around $3.50 lower. Soyoil is 95 points higher.
- Soybeans have extended recent gains to more than one-year highs, despite a correction in meal futures.
- USDA reported export inspections totaled 965,063 MT (35.5 million bu.) for the week ended Oct. 30, down 195,504 MT from the previous week but within the pre-report range of 800,000 MT to 1.4 MMT.
- Chinese importers have stepped up purchase of Brazilian cargoes in recent days as South American prices eased. Buyers have booked 10 cargoes of Brazilian soybeans for December shipment and 10 for March through July.
- Brazil’s soybean planting for the 2025-26 season reached 47% of the expected area as of last Thursday, up nine points on the week but behind last year’s pace of 54% for the same period due to irregular rainfall, according to AgRural.
- January soybeans are facing resistance at $11.25 1/2 and $11.35, while initial support lies at $11.10 1/2.
Winter wheat futures are a penny to 4 cents higher, while HRS futures are around unchanged to a penny lower.
- SRW wheat futures are modestly firmer amid optimism around export interest from China.
- USDA reported export inspections of 350,293 MT (12.9 million bu.) for the week ended Oct. 30, up 80,873 MT from the previous week and within the pre-report range of 250,000 to 450,000 MT.
- China has expressed interest in purchasing U.S. wheat for the first time in over a year following last week’s trade truce. A major grains importer in China made inquiries over the weekend for U.S. wheat cargoes loading from December to February, according to people familiar with the matter.
- Sovecon raised its forecast for Russia’s wheat exports in 2025-26 by 0.4 MMT to 43.8 MMT, amid improved crop estimates and an increased export activity.
- December SRW wheat futures tested the 100-day moving average, currently trading at $5.37, while initial support lies at $5.28 1/2.
Live cattle are notably higher, while feeders are posting heftier gains at midsession.
- Cattle futures are correctively firmer as supply and demand fundamentals continue to curb followthrough selling.
- Cash cattle trade dove last week, with USDA reporting an average midday price on Friday of $230.02, down notably from the previous week’s average.
- Wholesale beef values edged lower on Friday, with Choice down 14 cents to $378.13, while Select fell 87 cents to $358.65. Movement totaled 115 loads.
- December live cattle are trading within Friday’s upper range, limited by resistance at $232.275, which is backed by the 10-day moving average. Initial support lies at the 100-day moving average of $229.05.
Hog futures are weaker at midmorning.
- Nearby lean hogs have notched fresh near-term lows as the cash index continues to fade.
- The CME lean hog index is down another 34 cents to $91.19.
- The pork cutout value rose $1.67 on Friday to $101.95, led by gains in primal butts and loins. Movement totaled 409.5 loads.
- December lean hogs have carved a fresh for-the-move low, with support now serving at $79.825. Resistance stands at the 10-day moving average of $81.46.