Corn is a penny to 2 cents higher.
- Corn futures are modestly firmer after carving fresh near-term lows in overnight trade.
- Democrats are seen as likely to want to hold off on working on the farm bill during a lame duck session. The House passed a farm bill earlier this year while Senate legislation has cleared the chamber’s ag committee but hasn’t advanced to the floor. Senate Democrats, who have insisted on a two-year delay to SNAP cost-sharing requirements for states, may feel inclined to wait until the next Congress when they have more leverage.
- Iran’s chief negotiator on Wednesday said the U.S. midterm results underline U.S. voters’ rejection of the war,CBS News reported. Trump on Tuesday again said he didn’t plan to resume intensified attacks on Iran as both sides have emphasized prospects for talks.
- StoneX on Tuesday estimated the average U.S. corn yield at 183.1 bushels per acre, above USDA’s estimate of 181.2.
- U.S. harvest weather will improve again during the end of this week through next week as dry weather resumes after rain today and Thursday, states World Weather Inc.
- The Commodity Futures Trading Commission and the U.S. Department of Agriculture announced their signing of a Memorandum of Understanding intended to safeguard the integrity of U.S. agricultural markets. This will allow the CFTC and USDA to identify structural or potential systematic risks.
- December corn futures are facing support at $4.44 and $4.39. Resistance stands at $4.51 1/4, which is backed by the 10-day moving average.
Soybeans are around 8 cents lower, while meal is $1.10 lower. Soyoil is around 125 points lower.
- Soybeans are weaker in tandem with meal and soyoil.
- USDA reported daily sales of 167,000 MT of soybeans to Spain during 2026-27.
- StoneX on Tuesday estimated the average U.S. soybean yield was pegged at 55 bushels per acre versus USDA’s record 53.1 bushels.
- World Weather Inc. reports increasing rainfall expected in Brazil’s center west crop areas during the coming week should induce better crop emergence and establishment conditions. Some rain may also reach into the northeast part of Brazil, although the resulting moisture will be more erratic.
- Brazil’s soybean crop and exports are expected to decline in 2026-27 as farmers in the world’s largest producer and export face tighter margins amid high borrowing costs, while Chinese demand is seen remaining broadly stable, according to Rabobank.
- January soybeans have tested support at the 200-day moving average of $12.02 for the first time since January. Additional support at the psychological $12.00 level and $11.94 3/4.
Wheat futures are unchanged to 2 cents lower.
- SRW wheat futures are chopping around unchanged, but trading well off overnight lows, with support from a weaker U.S. dollar.
- Russia will hold three-way peace talks with Ukraine and the United States in Abu Dhabi from November 10-11, the Kremlin confirmed on Tuesday,according to a Reuters report. Vladimir Medinsky, an aide to Russian President Vladimir Putin, will serve as Moscow’s chief negotiator at the talks, Kremlin spokesman Dmitry Peskov told reporters on a conference call.
- Russia’s Southern Region winter grains are not going to be as well established as usual making them more vulnerable to winterkill if winter weather becomes extreme. Some moisture next week will be welcome and should be of use to crops in the spring, notes World Weather.
- December SRW wheat futures are facing support at the psychological $6.00 level, which is backed by support at $5.94 1/2 and $5.89 1/2.
Live cattle and feeders are lower at midsession.
- Live cattle futures are weaker amid continued technical selling.
- Packer margins have improved of late, but remain slightly negative amid more stable boxed beef trade.
- Choice boxed beef rose 19 cents to $365.23 while Select rose $3.43 to $358.37. Movement totaled 140 loads.
- December live cattle are facing support at $217.32, while resistance is at $219.77.
Hog futures are lower at midmorning.
- Lean hog futures have carved fresh lows amid continued technical and wholesale pressure.
- The CME lean hog index fell 76 to $64.99 on Nov. 2.
- The pork cutout value rose 15 cents to $72.43. Movement totaled 283.6 loads.
- December lean hogs have marked a fresh contract low of $57.10, which is backed by support at $56.63. Resistance is layered at $58.41 and $59.39.