Corn is 4 to 5 cents lower at midmorning.
- Corn futures are being pressured by general selling across the marketplace as trade tensions flare.
- China has allocated 484 million yuan ($67.96 million) to support disaster-hit areas in their autumn grain harvest, according to national broadcaster CCTV earlier today. The funds would be used to relieve seven provinces including Hebei, Shanxi and Henan, as wet weather across large swaths of the country hindered the harvest and drying of grain crops during the key harvest season.
- Northern China is too wet in the middle and lower Yellow River Basin, where some local flooding has occurred and more is expected. World Weather Inc. notes the wet bias will continue into Sunday, with another 1.0 to 3.0 inches of rain, and locally more near and north of the river.
- French farmers had harvested 37% of this year’s corn crop as of Oct. 6, up from 24% a week earlier, according to FranceAgriMer.
- December corn futures are testing support at $4.16 1/2 and $4.14 1/2, though additional support lies at $4.11 1/4. Resistance is at 40-, 10-, 20- and 100-day moving averages, layered from $4.18 to $4.27 1/4.
Soybeans are 16 to 17 cents lower, while soymeal is around 80 cents lower. Soyoil is 100 points lower.
- Soybeans are posting are notably lower following escalating U.S./China trade tensions.
- President Trump threatened a “massive increase” of tariffs on goods from China, citing recent “hostile” export controls on rare-earth minerals, and said he saw “no reason” to meet with Chinese President Xi Jinping in South Korea. This comes after Trump stated Thursday that the two leaders had a lot of things to discuss, including soybeans at the meeting scheduled for later in the month.
- China will start levying special fees on U.S. ships docking at its ports, starting Oct. 14, in retaliation to a U.S. plan to charge port fees on Chinese ships. China’s fees on U.S. vessels will be 400 Chinese yuan ($56.00) per MT, increasing each year to reach 1,120 yuan by April 2028, according to a Ministry of Transport release and reported by Bloomberg.
- November soybeans have edged below support at the 10-day moving average of $10.16 1/4 and $10.09 1/2, with support now serving at the psychological $10.00 level.
Wheat futures are mostly a nickel to 8 cents lower.
- SRW wheat futures are weaker amid a general risk-off sentiment across the marketplace.
- World Weather Inc. notes conditions in U.S. HRW wheat country in the next two weeks will likely become more active as a result of southwesterly flow aloft and the clashing of an unusually cold air mass northwest of the region with the unusually warm air mass that is still dominant over the region.
- Tunisia’s state grain agency is believed to have purchased 100,000 MT of soft wheat, to be sourced from optional origins in an international tender earlier today.
- December SRW wheat futures have carved fresh contract lows, with support now serving at $4.97 1/4. Initial resistance remains at the 10-day moving average, trading at $5.09 3/4.
Live cattle are notable lower, while feeders are marking heftier losses at midsession.
- Nearby live cattle are correctively weaker, though general selling is increasing selling interest.
- Light cash trade continues to persist after this week’s futures rally.
- Wholesale beef values fell on Thursday, with Choice down 94 cents to $365.22 and Select down 91 cents to $344.33.
- December live cattle are being supported at $237.65, which is backed by the 40-, 10- and 20-day moving averages, layered from $236.36 to $236.03, while resistance stands at $239.60 and this week’s high of $240.425.
Hog futures are weaker at midmorning.
- Nearby lean hogs are narrowly weaker as cash and wholesale values continue to fade.
- The CME lean hog index is down another 62 cents to $100.08 as of Oct. 8.
- The pork cutout value fell another $1.18 on Thursday to $102.64.
- December lean hogs have marked a fresh for-the-move low, though support lies at $83.73, while initial resistance stands at the 100-day moving average of $84.68.