Corn is mostly 3 cents lower.
- Corn futures are facing technical selling as traders position ahead of Friday’s USDA reports.
- The Federal Trade Commission and USDA on Wednesday announced a joint public inquiry into issues affecting agricultural equipment manufacturing and distribution markets. FTC and USDA, in a joint statement, said the inquiry included “potential anticompetitive conduct” and “seeks to address the growing number of complaints received by USDA that farmers across the country face other barriers to acquiring agricultural equipment and the services required to keep equipment operating.”
- Minutes of the Federal Reserve’s September meeting, which saw policy makers unanimously vote to lift the central bank’s key lending rate by a quarter point, released on Wednesday reinforced market expectations that further hikes are on the way amid persistent inflation pressures but didn’t convince traders that a consecutive tightening at this month’s meeting is an urgent priority.
- USDA reported net sales of 769,500 MT for the week ended Oct. 1, up 44% from the previous week and 28% from the four-week average. Net sales were within analysts’ pre-report range of 600,000 MT to 1.7 MMT.
- December corn futures are facing initial support at $4.98 1/2, while resistance stands at the 10-day moving average, trading at $5.07 3/4. Additional resistance stands at the 40- and 20-day moving averages, each trading around $5.20.
Soybeans are 9 cents lower, while meal is around $6.50 lower. Soyoil futures are 40 points higher.
- Soybeans are correctively lower in step with meal futures.
- USDA reported weekly sales of 549,400 MT during the week ended Oct. 1, down 47% from the previous week and 34% from the four-week average. Net sales were within analysts’ pre-report range of 450,000 MT to 1.2 MMT.
- Malaysian palm oil futures jumped more than 4%, snapping a string of recent declines as the ringgit weakened and higher crude oil prices boosted competitiveness, according to TradingEconomics.
- November soybeans are facing support at the 40-day moving average, trading at $12.84 ½, while resistance is at the 20-day moving average of $13.04, which is backed by the Sept. 11 high of $13.35 1/4.
Wheat futures are chopping around unchanged.
- SRW wheat futures are modestly weaker in narrow trade as buyers remain reluctant amid technical challenges.
- Intensifying attacks by Russia and Ukraine ahead of winter are further endangering navigational safety in the Black Sea, Turkish Foreign Minister Hakan Fidan reported earlier today, adding that world powers must not allow the region to be turned into a new front in the war.
- Lithuania will propose an EU ban on Russian grain exports via European ports and infrastructure, as well as imposing sanctions on Russian agricultural oligarchs who support the war in Ukraine, according to its prime minister.
- Ukraine, whose key seaports are blocked due to Russian attacks, wants to use German ports for agricultural exports, according to the Ukrainian Agriculture Minister Taras Vysotskyi earlier today.
- Asian wheat millers are cutting forward commitments in reaction to soaring prices caused by Black Sea disruptions, which have choked off exports from one of the world’s most important growing regions,Bloomberg reported. The report said some millers in Southeast and South Asia are covering needs only through December or closer to delivery, instead of their usual practice of buying as far as six months ahead.
- USDA reported weekly sales of 451,600 MT during the week ended Oct. 1, up 56% from the previous week and 68% from the four-week average. Net sales were within analysts’ pre-report range from 200,000 MT to 500,000 MT.
- December SRW wheat futures are facing initial resistance at the 10-day moving average of $6.89 3/4, while support lies at the 100-day moving average, trading at $6.76 1/2.
Live cattle and feeders are lower at midsession.
- Cattle futures are weaker in sideways, consolidative trade.
- Boxed beef faded on Wednesday, with Choice down $3.31 to $375.62, while Select fell $2.13 to $354.21. Movement totaled 114 loads.
- USDA reported net beef sales of 13,00 MT for 2026, down 11% from the previous week but up 11% from the four-week average.
- December live cattle continue to face support at the 10- and 20-day moving averages, trading at $222.17 and $221.52, while resistance stems from the 100-day moving average of $225.90.
Hog futures are weaker at midmorning.
- Lean hog futures are weaker but are being supported by last week’s low.
- The pork cutout value slid $2.13 on Wednesday to $81.71, led by declines in all cuts aside from primal butts. Movement totaled 309.3 loads.
- USDA reported weekly pork sales totaled 26,900 MT for 2026, down 24% from the previous week and 16% from the four-week average.
- December lean hogs gapped lower at the open, pressured by resistance at the 10- and 20-day moving averages, trading at $69.48 and $69.86, while support lies at last week’s low of $67.95.