Corn futures are a penny to 2 cents lower at midmorning.
· Corn futures are lower despite positive export news amid pressure from heavy selling in the wheat market.
· USDA reported daily corn sales of 125,000 MT to unknown destinations for 2024-25.
· USDA reported corn export sales of 2.226 MMT for the week ended Oct. 10, up 82% from the previous week and up noticeably from the four-week average. Net sales exceeded pre-report expectations ranging from 1.2 MMT to 2.2 MMT.
· Far southern Argentina will be drier than usual for the next 10 days and that may maintain a poor environment for early corn planting, emergence and establishment since the region is already drying out, according to World Weather Inc.
· December corn futures failed to clear downtrending resistance near $4.09, which is reinforced by the 10-day moving average at $4.11 1/4. Tentative support at $4.04 1/4 is being tested, with stronger support at $4.00.
Soybeans are mostly 4 to 5 cents lower, while soymeal futures are around $2.00 higher. Soyoil is 75 to 90 points lower.
· Soybeans are lower as selling in soyoil is negating support from soymeal futures.
· USDA reported daily sales of 292,800 MT of soybeans to unknown destinations and 21,000 MT of soyoil to Mexico – both for 2024-25.
· USDA reported soybean exports sales of 1.7 MMT for the week ended Oct. 10, up 35% from the previous week and 16% from the four-week average. Net sales were near the upper end of the pre-report expectations from 1.0 MMT to 2.2 MMT.
· Regular rounds of showers and thunderstorms will occur through the next two weeks across most of Brazil and Paraguay, inducing additional improvements in soil moisture and conditions for germination, establishment and development of summer crops in the drier areas.
· November soybean futures failed to clear resistance at $9.95 1/2, which is backed by the psychological $10.00 mark. Support lies at $9.80 then yesterday’s low of $9.68 1/4.
Winter wheat futures are 13 to 18 cents lower, while HRS futures are 9 to 11 cents lower.
· Wheat futures are lower amid technical selling despite weakness in the U.S. dollar.
· USDA reported wheat sales of 504,100 MT for the week ended Oct. 10, up 16% from the previous week and 57% from the four-week average. Net sales were near the upper end of the pre-report range of expectations from 250,000 to 550,000 MT.
· U.S. HRW wheat areas are advertised to receive less rain this weekend than suggested earlier this week, according to World Weather.
· Some rain developed in Russia’s Southern Region Thursday, and it will continue periodically through the weekend, offering a short-term bout of drought relief. However, this will provide only temporary improvements in winter crop emergence and establishment, with follow-up moisture very important, though there is not much expected.
· Persistent dry weather in southern regions of Australia that suffered frost damage last month is lowering wheat yield potential, but the country could still produce an above-average harvest due to favorable weather in other areas.
· December SRW futures have extended below the 40-day moving average of $5.77, with additional support at $5.70 1/4 being tested. Initial resistance stands at the 10-, 20- and 100-day moving averages of$5.89 1/2, $5.90 and $5.90 1/4.
Live cattle are moderately firmer while feeders are sharply higher.
· Live cattle futures are higher with optimism stemming from firmer cash trade.
· Cash cattle started trading at steady to $1.00 higher prices on Thursday, with the strongest bids in the Southern Plains. While some feedlots opted to hold out for even better prices, sales were relatively active.
· Wholesale beef prices rose on Thursday with Choice gaining 13 cents to $319.26, while Select rose $1.15 to $293.52. Movement totaled 143 loads for the day.
· USDA reported net beef sales of 14,100 MT for 2024, up 3% from the previous week but down 9% from the four-week average.
· December live cattle are trading above the 20-day moving average of $186.24, while resistance at the 10-day moving average of $187.19 is being tested.
Hog futures are narrowly mixed at midsession.
· December hog futures are modestly weaker, with solid technical support curbing selling interest.
· The CME lean hog index is down a penny to $83.84 as of Oct. 16.
· The pork cutout value rose $1.56 on Thursday to $96.41 amid gains in all cuts aside from primal ribs. Movement totaled 291.0 loads.
· USDA reported net pork sales of 38,100 MT for 2024, down 25% from the previous week but up 1% from the four-week average.
· December lean hogs are trading within Thursday’s range, with support at the previous session low of $77.05, while resistance stands at $78.425.