Corn: Dec corn down 1/2 overnight after the US attache pegged Argentina’s 2026/27 crop at 62 million tonnes vs USDA’s 55 million. Harvest is 60% complete with Iowa 20% behind average, and good to excellent ratings held at 56%, a record low for the date. Dec corn tested 450 support yesterday: a close below points to 430.
Soybeans: Jan beans up 4 3/4 overnight, with open interest down nearly 90,000 contracts over 4 sessions on long liquidation. Harvest is 79% complete vs 77% average, and the real’s roughly 11% drop since Friday boosts Brazil’s competitiveness. Jan beans resistance at the 1263 gap, support at 1239, then 1220.
Wheat: Dec Chicago wheat unchanged overnight after another new low, with the break since early September reaching $1.83. Russia says US, Ukraine and Russia talks begin in Abu Dhabi in November, while private analysts cut Russia’s 2026 wheat exports to 29 million tonnes vs USDA’s 40. Value in the 610 to 620 range, support at 608 1/2, then 603.
Livestock: Dec live cattle closed at 231.20 after hitting its highest since July 10, and a close over 233.00 is needed to clear 232.65 resistance. Boxed beef cutout up $3.65 to $369.44. Dec hogs closed at a new contract low of 64.65 as national base cash fell $7.94, with the lean hog index at 71.16, lowest since January 30, and support near 64.00.
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