Corn futures are 3 to 4 cents higher at midmorning.
- Corn futures are posting corrective gains amid strong export sales and supportive outside markets.
- USDA reported corn export sales of 1.732 MMT for the week ended Nov. 28, up 63% from the previous week and 4% from the four-week average. Net sales topped the pre-report range of expectations from 750,000 MT to 1.5 MMT. Exports for the week totaled 1.045 MMT.
- Argentina will see a mix of rain and sunshine over the next two weeks, while a large part of the country dries down, with areas likely to see rising stress as rains are not likely to be great enough to prevent additional drying, according to World Weather Inc.
- March corn futures are testing the 40- and 10-day moving averages, each trading around $4.32. Initial support lies at $4.28 1/2 and is backed by the 100-day moving average of $4.27 1/2.
Soybeans are mostly 5 to 7 cents higher, while soymeal futures are around $1.00 lower. Soyoil is around 80 points higher.
- Soybean futures are firmer with support stemming from demand and soyoil strength.
- USDA reported daily soybean sales of 136,000 MT to China for 2024-25.
- USDA reported weekly soybean sales of 2.313 MMT, down 7% from the previous week but up 17% from the four-week average. Net sales were near the upper end of the pre-report range of expectations from 1.1 MMT to 2.5 MMT. Exports for the week totaled 2.423 MMT.
- January soybean futures continue to pivot around the 10-day moving average of $9.86 1/4, with support lying at $9.78 3/4, while the 20- and 40-day moving averages near $10.00, continue to serve as resistance.
Wheat futures are 6 to 9 cents higher at midmorning.
- Wheat futures are posting corrective gains amid support from a weaker U.S. dollar.
- USDA reported weekly wheat sales of 378,200 MT, up 3% from the previous week but down 10% from the four-week average. Sales were within analysts’ pre-report range of expectations from 250,000 to 550,000 MT. Exports totaled 322,400 MT for the week.
- Stats Canada reported the country’s all wheat production at 34.96 MMT, just below the average estimate of 35.04 MMT.
- March SRW futures are pivoting around the 10-day moving average of $5.54 1/4. Resistance is at the 20-day moving average of $5.61 1/2. Initial support lies at $5.42 1/2.
Live cattle are posting moderate losses, while feeders are sharply lower.
- Nearby live cattle are weaker as traders await direction from the cash market.
- Feedlots are pricing cattle higher this week, while packers are in no hurry to actively bid for supplies given negative margins and recent strong purchases. It appears active cash cattle trade will likely be pushed to Friday, with cash sources split on the eventual direction of this week’s trade.
- Choice boxed beef prices slid $2.50 to $308.33 while Select rose $2.37 to $277.70. Movement was strong at 155 loads for the day.
- USDA reported net beef export sales of 100 MT for 2024 — a marketing-year low.
- December live cattle are testing support at $188.07, with additional support at $187.76. Initial resistance stands at $188.69.
Hog futures are mixed with a slight downside bias at midmorning.
- December hog futures are weaker, though technical support is curbing seller interest.
- The CME lean hog index is up a penny to $84.01 as of Dec. 3, pausing the three-week price slide.
- The pork cutout slipped a penny to $89.60 on Wednesday. Seasonally, the cash index and pork cutout could face more pressure, though slaughter numbers have been running well under levels implied by USDA’s September Hogs & Pigs Report, limiting normal fourth-quarter price weakness.
- USDA reported net pork sales of 35,200 MT for 2024, up notably from the previous week and four-week average.
- December lean hogs are hovering mostly above the 10-day moving average of $82.34, which is backed by support at $82.07. Resistance stands at $82.63 and then at $83.07.