Corn is mostly 2 cents lower.
- Corn futures are weaker but trading well off of earlier lows.
- USDA reported weekly export inspections data is delayed from its normal 10:00 a.m. CT release.
- In a late Friday afternoon announcement, USDA’s National Agricultural Statistics Service said it “found a processing error that affected September corn plant populations, ear counts, yields, and production for Kansas and Nebraska.” The agency said the error also affected the September 10-state averages for plant populations and ear counts, along with U.S. corn yield and production forecasts. Click here to read more.
- December corn futures have marked fresh near-term lows, with support serving at $4.50 ¾, while resistance is at $4.57 3/4, which is backed by the 10-day moving average.
Soybeans are 17 to 18 cents lower, while meal is around $6.90 lower. Soyoil is fractionally lower.
- Soybeans gapped lower overnight, pressured by a notable drop in the Brazilian real.
- Lula eked out a surprise victory over challenger Flavio Bolsonaro in Sunday’s runoff presidential election to win an unprecedented fourth term. Lula had been largely written off by financial market participants after coming in second behind Bolsonaro in first-round voting on Oct. 5, sparking a nearly 5% rally in the Brazilian real and lifting domestic financial markets.
- Brazilian producers had planted 40% of the 2026-27 soybean crop as of last Thursday, up from 26% a week earlier and above the 36% registered a year ago.
- Center-west Brazil needs significant rain to ease recent drying to reduce stress on planted crops, World Weather Inc. said in a Sunday forecast, noting that computer forecast models are suggesting scattered showers and thunderstorms will begin in the second half of this week and continue into next week. The precipitation is expected to be erratic and mostly light to occasionally moderate.
- November soybeans have tested support at the 100-day moving average of $12.29 ½, which is backed by psychological support at $12.00. The 10-day moving average of $12.57 3/4 serves as initial resistance and is backed by the 20-day moving average.
Wheat futures are mostly 7 to 10 cents lower.
- SRW wheat futures have extended to the lowest level since early September amid lingering peace prospects in the Black Sea along with strength in the U.S. dollar.
- Russian wheat export prices fell last week in line with global futures, which reacted to hopes of a Black Sea peace resolution, according to Reuters. This comes after September exports dropped 61.9% on the year to almost 2.0 MMT, due to a sharp decline in shipments via the ports of the Azov-Black Sea basin, according to shipping data from industry sources.
- Shipping through Romania’s Black Sea port of Constanta was stable and grain exports had increased by the end of September, the port authority said, despite a spike in marine insurance premiums driven by increased attacks on cargo vessels.
- December SRW wheat futures have marked a fresh near-term low, with support serving at $6.13 3/4, while resistance stands at $6.26 1/2.
Live cattle and feeders are higher at midsession.
- Live cattle futures are firmer to start the week after bullish cattle on feed data.
- USDA’s Cattle on Feed report on Friday showed September placements dropped 12% from year-ago, well below expectations, while the number of cattle on feed on Oct. 1 were down less than 1% from last year. Click here to read more.
- Choice boxed beef fell $3.68 on Friday to $365.79 while Select rose $2.28 to $352.69. Movement totaled 124 loads.
- December live cattle have notched a fresh near-term high of $232.90, which is backed by $234.02. Support lies at $229.92, which is backed by the 200- and 10-day moving averages.
Hog futures are lower at midmorning.
- Lean hog futures are weaker amid continued fundamental and technical pressure.
- The CME lean hog index is down 99 cents to $71.16 as of Oct. 22.
- The pork cutout value fell $1.14 to $74.09 amid declines in all cuts aside from primal picnics. Movement totaled 304.3 loads.
- December lean hogs marked a fresh near-term low of $64.925, which is backed by support at $64.71. Resistance stands at $65.51, which is backed by the 10-day moving average.