Soybeans Find Key Support as Commodities See Mixed Movements
Soybean prices found key support at the 40-day moving average on October 5, 2026, as the market saw corrective gains following recent selling. November soybean futures are currently supported at $12.745 ¾, with resistance at the 10- and 20-day moving averages of $13.01 and $13.08, respectively. The USDA reported weekly export inspections totaled 1.138 million metric tons (MMT) for the week ended October 1, down from the previous week, while daily sales of 104,000 MT of soybeans to unknown destinations were also noted.
Corn futures remained mostly unchanged but firmer in tandem with soybeans and wheat. The USDA reported daily sales of 129,540 MT to Mexico for the 2026-27 marketing year. Weekly export inspections for corn totaled 1.368 MMT, down 213,314 MT from the previous week but within analysts’ expected range. December corn futures face initial support at $5.24 ¾, backed by the 100- and 200-day moving averages, with resistance at $5.01 ½ and higher levels.
Wheat futures saw modest gains, with SRW wheat edging higher despite technical resistance. Weekly export inspections for wheat totaled 302,356 MT, slightly below the previous week but above analysts’ estimates. Russia’s September grain exports were estimated at 2.8 MMT, up from 2.4 MMT in August, while Saudi Arabia purchased around 683,000 MT of wheat in an international tender. December SRW wheat futures are up against resistance at the 10-day moving average of $6.95, with support at the 100-day moving average of $6.76 ½.
Live cattle and feeder futures were lower at midsession, pressured by declining wholesale fundamentals. Cash cattle trade pointed to slightly lower prices, with Choice boxed beef falling $2.60 on Friday to $374.19. December live cattle futures are supported at the 40-day moving average of $218.98, with resistance at $221.42. Hog futures were firmer amid short-covering despite weak cash and wholesale fundamentals. December lean hogs are testing resistance at the 20-day moving average of $71.61, with support at $69.22.