Market Snapshot | Soybeans, wheat forge multi-month lows

Corn is mostly 4 cents lower.

• Corn futures are under pressure along with wheat and soybeans despite end user demand and solid export sales
• USDA reported daily sales of 127,000 MT of corn to Japan during 2026-27.
• USDA reported weekly corn sales totaled 1.122 MMT during the week ended Oct. 8, up 46% from the previous week and 42% from the four-week average. Net sales were within analysts’ pre-report range of estimates from 500,000 MT to 1.2 MMT.
• U.S. farmers are expected to receive record Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) payments totaling between $13.2 and $13.8 billion for the 2025 crop year by late October. Estimated per-acre payouts average $51 for corn, $29 for soybeans, $47 for wheat, and up to $344 for long-grain rice, according toa farmdoc daily paper put together by University of Illinois economists working with colleagues at the University of Minnesota and Ohio State University.
• Momentum toward a U.S.-Mexico trade deal has stalled due to opposition from Commerce Secretary Howard Lutnick,the Wall Street Journal reported, citing people familiar with the matter.
• September was another tough month for U.S. tractor and combine sales. The Association of Equipment Manufacturers this week said total two-wheel drive tractor sales totaled 14,791, down 16.4% from the same month last year, the association said. Four-wheel drive sales of 233 units were down 20.2%, while self-propelled combine sales at 369 were down 10.9%.
• December corn futures are now facing support at last week’s low of $4.70 ¼, while resistance remains at the 100-day moving average, trading at $4.84 3/4.

Soybeans are 6 to 7 cents lower, while meal is around $2.60 lower. Soyoil is around 40 points lower.

• Soybeans have marked a fresh multi-month and for-the-move low despite continued global end user demand.
• USDA reported daily sales of 558,000 MT of soybeans to China along with 236,000 MT to unknown destinations during 2026-27. Net sales were near the low-end of the pre-report range of estimates from 500,000 MT to 1.2 MMT.
• USDA reported weekly soybean sales totaled 574,900 MT during the week ended Oct. 8, up 5% from the previous week but down 40% from the four-week average.
• November soybeans are testing support at $12.57 ¾, though additional support lies at $12.52 1/2 and $12.42 ¾. Resistance stands at the 10-, 40- and 20-day moving averages, layered from $12.84 to $12.95 3/4.

Winter wheat futures are 10 to 11 cents lower while HRS futures are 4 to 5 cents lower.

• SRW wheat futures have marked a fresh near-term low dispute support from a weaker U.S. dollar.
• USDA reported weekly wheat sales of 319,900 MT during the week ended Oct. 8, down 29% from the previous week and 4% from the four-week average. Net sales were near the low-end of analysts’ pre-report range of estimates from 300,000 to 600,000 MT.
• Canada’s farmers struggled to harvest this year’s crops due to an unseasonably wet September, and farmers and crop quality assessors are reporting damage to pulse crops and spring wheat,Reuters reported.
• The Grain INduestry Association of Western Australia (GIWA) on Friday increased its forecast for the state’s wheat harvest by 864,500 MT to 10.9 MMT, saying mild temperatures had helped the crop.
• December SRW wheat futures have tested support at $6.59, which is backed by the 200-day moving average, trading at $6.49 ½. Resistance stems from the 100-, 10- and 20-day moving averages, layered from $6.75 1/2 to $6.88 1/4.

Live cattle are higher while feeders are mixed at midsession.

• Live cattle futures have carved a fresh near-term high, though resistance at the 200-day moving average is curbing buyer interest.
• Boxed beef slid on Thursday, with Choice down $2.52 to $373.98, while Select fell $5.85 to $352.62. Movement totaled 101 loads.
• Residents in a town in Mexico’s southern Chiapas state took to the streets Thursday to demand the removal of a sterile-fly plant central to the U.S.-Mexican fight against the New World Screwworm, blaming the facility for a rotten smell,Reuters reported.
• December live cattle are facing initial resistance at $228.45, which is backed by the 200-day moving average of $229.31. Initial support lies at $226.70, which is backed by the 10-day moving average of $225.12.

Hog futures are firmer at midmorning.

• Lean hog futures are notching higher amid short-covering after the recent push to new contract lows.
• The CME lean hog index is down 66 cents to $75.09 as of Oct. 14.
• The pork cutout value fell $1.90 on Thursday to $77.55. Led by a near $14 decline in primal ribs. Movement totaled 273.8 loads.
• A study found that China faces growing risks to its protein security due to its heavy reliance on imported animal feed,the South China Morning Post reported Friday. The report by Full Circle Biotechnology rated China’ s protein supply as “exposed,” ranking it 21st among 43 regions. The study noted that while China produces nearly half the world’s pork, limited land and water force it to import a third of its protein, mainly soybeans from Brazil and the U.S., while fertilizer supply disruptions and climate-related impacts on fishmeal have heightened vulnerabilities.
• December lean hogs are facing initial resistance at $67.225, while support is layered at $68.94 and this week’s low of $65.80.