Corn futures are mostly a penny to 2 cents higher at midmorning.
- Corn futures are modestly firmer, though fading soybeans are limiting buyer interest.
- AgRural estimates Brazil’s corn production at 121.3 MMT. World Weather Inc. says Brazil will continue to receive rains over the next two weeks, supporting crop development. Southern Argentina is forecast to be mostly dry over the next week.
- USDA reported corn export inspections of 1.13 MMT (44.5 million bu.) during the week ended Dec. 12, up 71,862 MT and within the pre-report range of expectations from 750,000 MT to 1.2 MMT.
- March corn futures are being supported by the 10-day moving average of $4.40 1/2, while initial resistance stands at $4.44 1/4 and $4.46 1/4.
Soybeans are mostly 3 to 5 cents lower, while soymeal futures are $2.00 to $3.00 higher. Soyoil is around 90 points lower.
- Soybean futures are being pressured by selling in soyoil, while strength in soymeal is helping limit seller interest.
- Rains fell across nearly all of Brazil’s crop areas last week. AgRural notes there are only a few isolated areas of concern. The firm estimates Brazil’s soybean crop at 171.5 MMT.
- Analysts expect members of the National Oilseed Processors Association (NOPA) to report November soybean crush at 196.7 million bu., which would be down 1.6% from the all-time record in October but a new high for the month. Soyoil stocks are expected to rise to 1.123 billion lbs. at the end of November.
- USDA reported soybean export inspections of 1.68 MMT (61.6 million bu.), down 60,339 MT from the previous week but within the pre-report range of expectations from 1.3 MMT to 2.2 MMT.
- January soybean futures continue to face resistance at the 10-day moving average of $9.94 1/4, while initial support at $9.84 1/2 is being tested.
Wheat futures are mostly 2 to 6 cents higher.
- Wheat futures are mostly firmer, with support stemming from U.S. dollar weakness and global demand.
- USDA reported wheat export inspections of 298,075 MT (11.0 million bu.), up 50,121 MT from the previous week but near the low end of pre-report expectations from 200,000 to 350,000 MT.
- Saudi Arabia purchased 804,000 MT of HRW wheat in an international tender from multiple origins.
- March SRW futures continue to be limited by the 10- and 20-day moving averages of $5.68 1/2 and $5.79 1/4, while initial support lies at $5.48 1/2 and is backed by last week’s low of $5.40 1/4.
Live cattle and feeders are mostly weaker at midsession.
- Live cattle and feeders opened higher, though modest profit-taking has ensued.
- Cash cattle prices rose for a fourth consecutive week, despite negative packer margins, suggesting they were short-bought on needs through year-end. With holiday-shortened slaughters in two of the next three weeks, cash sources say packers could pull back the reins on cash bids this week.
- Wholesale beef prices rose on Friday, with Choice increasing $1.15 to $316.39, while Select jumped $3.38 to $283.86. Movement totaled 123 loads for the day.
- February live cattle extended above resistance of $192.73 before additional resistance at $193.425 spurred profit-taking. Initial support at $191.55 is being tested.
Hog futures are slightly to moderately weaker at midmorning.
- December hog futures are weaker as technical resistance limits buyer interest.
- The CME lean hog index is down a penny to $83.90 as of Dec. 12, though the index rose in three of the last eight days.
- The pork cutout firmed $2.30 to $94.61 on Friday amid gains in all but ribs and is $5.97 off its Dec. 5 low.
- February lean hogs are facing resistance at the 20- and 10-day moving averages of $85.81 and $85.88, which are backed by $86.59. The 40-day moving average of $85.18 is being tested.