Corn is mostly unchanged to a penny lower.
- Corn futures are firmer but have backed off earlier highs amid pressure from the U.S. dollar.
- USDA reported daily sales of 206,460 MT to unknown destinations during 2025-26.
- Corn planting in Argentina advanced swiftly this week in the country’s main agricultural areas ahead of storms forecast for this weekend, which would pause efforts, according to the Buenos Aires Grains Exchange.
- The leaders of Canada and Mexico said at a press conference in Mexico that they are committed to a close coordination ahead of next year’s review of their trade pact, as U.S. President Trump’s tariff threats put the current accord at risk. Both announced “the new Canada-Mexico Action Plan” to grow bilateral trade infrastructure, energy and agriculture.
- December corn continues to face technical headwinds from the 100-day moving average of $4.26 1/4, while initial support lies at the 10-day moving average of $4.23 1/2.
Soybeans are mostly 8 to 9 cents lower, while soymeal is around $1.00 lower. Soyoil is around 40 points lower.
- Soybeans have given up recent gains as traders soybeans were seemingly not a part of talks between President Trump and Chinese President Xi Jinping.
- “For the first time since at least the 1990’s China hasn’t purchased any U.S. soybeans at the start of the export season, a sign that Beijing is one again using agriculture as leverage in its trade fight with Washington,” Bloomberg reported.
- President Trump spoke with Chinese President Xi Jinping this morning, which was reportedly positive and constructive, though it appears soybean purchases were not a part of the discussion.
- November soybeans are being limited by the 10- and 20-day moving averages, trading at $10.37 3/4 and $10.40 3/4, while support lies at $10.33 1/2, which is backed by the 100-, 40- and 200-day moving averages.
Wheat futures are mostly 2 to 3 cents lower.
- SRW wheat futures are lower for the third straight session amid technical selling.
- Additional rain in portions of U.S. HRW wheat areas through the weekend and into early next week will bode well for early season planting and emergence, while warm temps will also stimulate quick germination, according to World Weather Inc.
- Ukraine and central and northern parts of Russia’s Southern Region along with Kazakhstan will not get much rain for the next ten days, though portions of Ukraine received some welcome rain Thursday, notes World Weather.
- December SRW futures are up against the 20-day moving average of $5.25 1/4, which is backed by the 40-day moving average of $5.30 1/4. Support remains at $5.20 3/4.
Live cattle and feeders are higher at midsession.
- Nearby live cattle are firmer ahead of USDA’s Cattle on Feed Report.
- USDA’s Cattle on Feed Report will be released following the close, with traders holding a focus on replacements.
- Wholesale beef continued to slide on Thursday, with Choice down $2.37 to $385.81, while Select dipped $5.06 to $361.31. Movement was light at only 99 loads.
- October live cattle are being supported by the 10- and 40-day moving averages, trading at $232.425 and $231.70, while resistance stems from the 20-day moving average of $235.20.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly higher amid support from wholesale values.
- The CME lean hog index is down another 16 cents at $105.70.
- The pork cutout value rose 97 cents to $111.95, led by gains in primal picnic and loins. Movement was strong at 409.8 loads.
- October lean hogs gapped higher at the open, but are facing resistance at $98.175, which is backed by this week’s high of $8.90. The 10-day moving average of $96.32 continues to serve as initial support.