Corn futures are mostly 3 cents higher at midmorning.
- Corn futures are posting followthrough gains despite negative outside markets.
- Brazil’s corn exports totaled 4.726 MMT in November, down from 6.406 MMT in October and 7.406 MMT last year.
- Argentina’s two-week outlook is back to a more restricted rainfall distribution in central and interior southeastern parts of the nation after previous model runs had greatly increased potential rainfall.
- March corn futures are testing resistance at $4.37 3/4, which is backed by $4.40 3/4. Initial support lies at the 20-day moving average of $4.35 1/2 and is backed by the 40- and 100-day moving averages, currently trading at $4.31 3/4 and $4.27 3/4.
Soybeans are mostly 1 to 2 cents lower, while soymeal futures are around $4.50 lower. Soyoil is around 90 points higher.
- Soybean futures are following soymeal lower, though soyoil strength is limiting selling interest.
- Brazil exported 2.553 MMT of soybeans in November, down from 4.710 MMT the previous month and 5.196 MMT last year.
- Heavy rain will impact some areas from central Paraguay to southern Parana, Santa Catarina and northern Rio Grande do Sul today into Monday and some local flooding is likely. Overall, Brazil’s crop conditions are favorable and soybean production potential is on the rise.
- January soybean futures are testing support at the 10-day moving average of $9.87 1/2, while additional support is at $9.85 3/4. Resistance stands at the 40-day moving average of $9.97 1/4.
Wheat futures are mostly unchanged to 3 cents lower.
- Wheat futures are modestly weaker in narrow trade as a firmer dollar and technical resistance are curbing buying.
- Russia’s tax on wheat exports will jump to 4,871.5 rubles ($49.28) per metric ton for the week of Dec. 11-17 up from 3,696.3 rubles ($37.39) the previous week. The export tax has surged 437% since mid-September, as Russia’s ag ministry tries to slow shipments.
- Argus Media forecasts Ukraine’s wheat production at 23.7 MMT in 2025, up from 22.4 MMT this year. Argus projects Russia’s wheat production at 81.5 MMT, up marginally from 81.3 MMT this year.
- March SRW futures are trading within the 20- and 10-day moving averages of $5.59 3/4 and $5.53, with additional resistance/support at $5.63 3/4 and $5.49 1/4.
Live cattle are modestly firmer while feeders are posting moderate gains.
- Nearby live cattle are firmer amid corrective buying and a supportive cash market.
- Cash cattle activity remained light on Thursday, with limited trade taking place at steady to $2.00 higher prices, as most feedlots held out for even stronger bids.
- Wholesale beef values dipped on Thursday, with Choice declining 49 cents to $307.84 while Select fell 60 cents to $277.10. Movement totaled 112 loads for the day.
- December live cattle are pivoting around the 10-day moving average $187.52, while resistance stands at $188.00 and initial support is at the 40-day moving average of $186.49.
Hog futures are choppy with a slight downside bias at midmorning.
- December hog futures are choppy to lower amid cash weakness.
- The CME lean hog index is down 15 cents to $83.93 as of Dec. 4, though that’s still 9 cents above the October low.
- The pork cutout fell 96 cents to $88.64 on Thursday, as sharp losses in ribs, bellies and hams offset strength in other cuts.
- December lean hogs continue to find support at $81.96, while resistance stands at the 10-day moving average of $82.47.