Corn futures are 2 to 4 cents lower at midmorning.
- Corn futures are facing profit-taking following yesterday’s more than two-month highs.
- USDA reported corn export sales of 946,900 MT for the week ended Dec. 5, down 45% from the previous week and 32% from the four-week average. Sales came below expectations ranging from 1.1 MMT to 1.9 MMT.
- Conab lowered the Brazilian corn crop forecast 180,000 MT to 119.63 MMT but maintained its 2024-25 export projection at 34 MMT.
- March corn futures reversed off psychological $4.50 resistance yesterday and continued lower today. Bulls are looking to overcome that mark, while support lies at $4.40 3/4.
Soybeans are 1 to 2 cents lower at midmorning, while soymeal futures are around $1.50 lower. Soyoil is around 15 points higher.
- Soybean futures are modestly lower following downturns in the corn and wheat markets.
- Conab raised its Brazilian soybean production estimate by 70,000 MT from last month to 166.21 MMT, though it maintained the 2024-25 export forecast at 105.5 MMT.
- USDA reported daily soybean sales of 334,000 MT to unknown destinations for 2024-25.
- USDA reported weekly soybean sales of 1.174 MMT, down 49% from the previous week and 42% from the four-week average. Sales were the lowest since the second week of August, before the official start of the marketing year, and below expectations ranging from 1.5 MMT to 2.2 MMT.
- January soybean futures’ range continues to tighten on the daily bar chart. The psychological $10.00 mark continues to serve as resistance, while prices have been supported by stout uptrend support around $9.86 1/2.
Winter wheat futures are 3 to 4 cents lower, while HRS contracts are mostly a penny lower.
- Winter wheat futures turned lower after marking a three-week high on Wednesday.
- The Rosario Grain Exchange raised its 2024-25 Argentine wheat production forecast by 500,000 MT to 19.3 MMT after recent favorable weather.
- USDA reported weekly wheat sales of 290,200 MT, down 23% from the previous week and 31% from the four-week average. Sales were in the lower end of expectations ranging from 275,000 to 600,000 MT.
- March SRW futures are trading near support at the 10-day moving average at $5.58 1/4. Bulls are targeting $5.61 1/2 on a reversal higher, which is reinforced by resistance at $5.66 1/4.
Live cattle futures are choppy while feeders are mostly lower at midmorning.
- Live cattle opened higher but corrective selling has pulled futures from their earlier highs.
- Reports of cash cattle trade taking place at $1.00 to $2.00 higher sparked Wednesday’s technical breakout, which bulls have struggled to build on so far today.
- Choice beef continues to pull back from recent highs, falling 50 cents to $311.23 Wednesday. Select dropped $1.54 to $278.11.
- February live cattle marked a fresh for-the-move high but have pulled back amid corrective selling. Bulls are looking to maintain support at $190.75, while the intraday high of $192.70 serves up initial resistance.
Hog futures are mostly lower at midmorning.
- February hog futures opened higher but have since weakened and are trading near recent lows.
- The CME lean hog index is up 29 cents to $83.61 as of Dec. 10. Traders will closely watch the cash market in the near term for signs of a potential seasonal bottom.
- Pork cutout slipped 27 cents to $92.87 Wednesday, led lower by drops in ribs and loins.
- February lean hogs are testing the 40-day moving average at $84.40. Additional weakness would find support at $83.75, while bulls are looking to overcome psychological $85.00 resistance.