Corn is chopping around unchanged in directionless trade.
- Corn futures are chopping around unchanged as technical hurdles continue to actively curb extended buying
- The U.S. Environmental Protection Agency fully approved two small refinery exemptions from biofuel blending obligations and partially approved (50%) 12 others this morning.
- World Weather Inc. reports the U.S. Midwest will see light and infrequent precip over the next two weeks, allowing fieldwork to continue to advance around two rounds of mostly light precip occurring into Sunday.
- December corn futures are being limited by the 10-day moving average, trading at $4.31 1/2, and is backed by the 200-day moving average. Initial support lies at $4.25 3/4, and is backed by the 20- and 40-day moving averages.
Soybeans are 7 to 8 cents higher, while soymeal is around $3.70 higher. Soyoil is 25 points higher.
- Soybeans are correctively firmer in tandem with meal futures after Thursday’s selling.
- China will restore soybean import licenses for three U.S. firms after suspensions were imposed in March amid escalating trade tensions, according to Reuters.
- China’s soybean imports in October totaled 9.48 MMT, according to the General Administration of Customs. The monthly total was up 17.2% from a year earlier.
- Argentine farmers began planting their fields with soy for the first 2025-26 season recently, with most fields benefiting from “optimal” surface moisture conditions, according to the Buenos Aires Grains Exchange.
- Central and northern Brail will see increasing rain improvements in soil moisture and conditions for planting, germination, establishment and development of crops through the next two weeks, while there should be adequate breaks between rounds of rain to allow for some fieldwork to advance, according to World Weather Inc.
- January soybeans are being supported at the 10-day moving average of $11.10 3/4m while resistance is at $11.14 3/4, then at this week’s high of $11.37.
Winter wheat futures are 3 to 6 cents lower, while HRS futures are mostly 6 to 7 cents higher.
- SRW wheat futures are posting followthrough losses amid technical selling in the wake of recent gains.
- A South Korean flour mill group bought an estimated 50,000 MT of milling wheat to be sourced from the U.S. in an international tender on Friday, according to European traders.
- Wheat sowings had reached 79% in France by November 3, against 68% a week earlier and a five-year average of 74%, farm office FranceAgriMer noted earlier today. Sowing of winter grains has advanced rapidly in much of Europe, aided by drier weather, according to analysts.
- December SRW wheat futures are now facing resistance at the 100- and 10-day moving averages, each trading around $5.36, while support lies at the 20- and 40-day moving averages, layered at $5.19 3/4 and $5.18 1/4.
Live cattle and feeders are posting gains at midsession.
- Cattle and feeders are each firmer in corrective trade after extended long liquidation efforts.
- Cash cattle trade advanced at weaker prices on Thursday, at an average of $228.97.
- Choice boxed beef weakened on Thursday, falling 29 cents to $377.97, while Select rose 36 cents to $97.18.
- December live cattle are trading within Thursday’s upper range, limited by resistance at $221.71, which is backed by the 10- and 100-day moving averages. Support lies at this week’s low of $218.075, which is backed by the 200-day moving average.
Hog futures are lower at midmorning.
- Nearby lean hogs continue to face technical selling and pressure from extended weakness in the lean hog index.
- The CME lean hog index is down another 26 cents to $90.60 as of Nov. 5.
- The pork cutout value fell another 36 cents on Thursday to $97.18.
- December lean hogs have edged to fresh near-term lows, with support at $78.175, while resistance stems from the 10-, 200- and 20-day moving averages, layered from $80.42 to $81.61.