Corn is mostly unchanged.
- Corn futures are chopping around unchanged after carving a fresh for-the-move low.
- USDA reported weekly corn sales totaled 1.304 MMT during the week ended Oct. 22, down 15% from the previous week but up 32% from the four-week average. Net sales were within analysts’ pre-report range of estimates from 800,000 MT to 1.6 MMT.
- Surging natural gas prices are seen potentially leading European fertilizer producers to curtail production. “The key question is whether these higher prices will destroy demand...Chemical company Yara recently reported curtailments of ammonia production in Europe due to high gas prices,” said Warren Patterson, commodity strategist at ING, in a note.
- December corn futures have marked a fresh near-term low of $4.47 ½, which is backed by support at $4.46. Resistance stands at $4.51 3/4 and $4.54 1/2.
Soybeans are mostly 5 to 6 cents lower while meal is around $7.50 lower. Soyoil is fractionally higher.
- Soybeans are weaker for the fourth straight session, with continued pressure from meal.
- USDA reported weekly export sales totaled 2.576 MMT during the week ended Oct. 22, down 9% from the previous week but up noticeably from the four-week average. Net sales were within analysts’ pre-report range of estimates from 1.8 to 3.0 MMT.
- Malaysian palm oil futures dropped more than 1.5% to trade near MYR 4,600 a ton, extending a recent decline to hit their lowest since mid-October, according to Trading Economics.
- January soybeans are facing support at $12.27 ½, while resistance stands at $12.41 1/2, which is backed by the 100-day moving average.
Winter wheat futures are mostly a penny to 5 cents higher, while HRS is around 7 to 9 cents higher.
- SRW wheat futures are modestly firmer amid musings that China has inquired about purchasing U.S. supplies.
- China has reportedly inquired about purchasing U.S. wheat after state-owned COFCO Corp asked about soft red winter wheat for delivery into China, with shipments for loading in the New Year.
- USDA reported weekly wheat sales totaled 849,800 MT during the week ended Oct. 22, a marketing year high, which were up noticeably from the previous week and four-week average. Net sales were well above analysts’ pre-report range of estimates from 200,000 to 500,000 MT.
- Some beneficial rain fell in western Europe recently and that has improved winter crop establishment, notes World Weather Inc, though this week’s weather is drier. Eastern Europe has some dryness from Slovakia through Hungary, Serbia and parts of Romania and moisture is needed for winter crop establishment, but the region will be dry biased for a while.
- December SRW wheat futures are trading within Wednesday’s range, with support at the previous session low of $5.93 ¼, while resistance stands at $6.11 1/2 and $6.23 3/4.
Live cattle are lower while feeders are mixed at midsession.
- Live cattle futures are weaker amid wholesale weakness and technical selling.
- Choice boxed beef fell $3.22 on Wednesday, while Select fell $3.60 to $355.25. Movement totaled 107 loads.
- USDA reported weekly beef sales of 11,000 MT during the week ended Oct. 22, down 41% from the previous week and 33% from the four-week average.
- December live cattle gapped lower at the open, below the 20-day moving average, trading at $227.03, while the 100-day moving average, trading at $225.33 is initial support.
Hog futures are firmer at midmorning.
- Lean hog futures are posting short-covering gains after carving a fresh contract and multi-year low early on.
- The CME lean hog index is down $1.06 to $68.30 as of Oct. 27.
- The pork cutout value fell 64 cents to $72.45 on Wednesday. Movement totaled 338.2 loads.
- USDA reported net pork sales totaled 42,300 MT for 2026, up 14% from the previous week and 24% from the four-week average.
- December lean hogs have marked another contract low of $58.20, which will serve as support in addition to $57.125. Resistance stands at $61.175.