Corn futures are steady to a penny lower at midmorning.
· Corn futures are favoring the downside, though strength in the soy complex is limiting selling.
· USDA reported corn old-crop sales of 120,500 for the week ended Aug. 8, a marketing-year low and short of the expected pre-report range of 300,000 to 550,000 MT. New-crop sales totaled 800,500 MT during the week, topping pre-report estimates from 150,000 to 800,000 MT.
· The Rosario Grain Exchange raised its estimate for this year’s Argentine corn crop by 1.5 MMT to 49 MMT. The exchange expects corn production to be steady for the 2024-25 growing season.
· The International Grains Council (IGC) raised its world corn crop outlook 1 MMT to 1.226 billion tons.
· December corn is facing resistance at $4.03 1/4, while initial support lies $3.96 3/4.
Soybeans are mostly 9 cents higher, while soymeal futures are mostly $4.50 to $5.00 higher. Soyoil is 25 to 40 points higher.
· Soybeans are building yesterday’s corrective gains. Strength in soymeal futures are adding support.
· USDA reported old-crop soybean sales of 221,700 MT for the week ended Aug. 8, down 32% from the previous week and 1% from the four-week average. Net new-crop sales totaled 1.34 MMT, exceeding the pre-report range of 400,000 to 1.0 MMT.
· Analysts polled by Reuters expect the National Oilseed Processors Association (NOPA) to report its members crushed 182.4 million bu. of soybeans during July, which would be the most ever for the month. The crush pace is expected to rise 3.9% from June and 5.2% from year-ago. Soyoil stocks as of July 31 were estimated at 1.608 billion pounds.
· November soybeans are testing resistance at $9.76 1/2. Initial support is at $9.65 3/4.
Wheat futures are mixed, with SRW modestly firmer and the other two markets mildly lower.
· Wheat futures are modestly weaker with U.S. dollar strength curbing buying interest.
· Russian forces attacked port infrastructure in Ukraine’s southern city of Odesa on Wednesday evening, striking a Louis Dreyfus Company grain facility. The company said a missile hit the truck discharge bay at its Brooklyn Kyiv facility, but no employees were harmed and products stored in silos were undamaged.
· USDA reported wheat export sales of 399,900 MT for the week ended Aug., up 24% from the pervious week but down 6% from the four-week average. Net sales were within the pre-report range from 200,000 to 500,000 MT.
· IGC trimmed its world wheat production forecast by 2 MMT to 799 MMT.
· December SRW wheat continue to face resistance at the 20-day moving average of $5.73 3/4, while support at $5.56 1/2 is being tested.
Live cattle and feeders are mixed at midmorning.
· Cattle futures are mostly firmer as traders wait for direction from cash cattle trade.
· Cash cattle trade has been light so far this week, with not enough volume to set a clear price trend.
· Choice boxed beef dropped $2.05 on Wednesday to $314.88, while Select fell a modest 11 cents to $300.50. Movement totaled 129 loads for the day.
· USDA reported net beef sales of 28,100 MT during 2024, a marketing-year high and up noticeably from the previous week and 99% from the four-week average.
· October live cattle are trading around yesterday’s closing level of $182.125. Initial support lies at the 10-day moving average of $180.31.
Hog futures are mostly firmer at midsession.
· October hog futures are edging lower after strong gains yesterday.
· The CME lean hog index is down another 16 cents to $90.18 as of Aug. 12.
· The pork cutout value slipped $1.02 to $99.31, while movement totaled 340.5 loads for the day.
· USDA reported net pork sales of 20,900 MT for the week ended Aug. 8, a marketing-year low, down 40% from the previous week and 30% from the four-week average.
· October lean hogs continue pushed above the 20-day moving average of $74.52, while initial support lies at the 10-day moving average $74.82.