Corn futures are mostly 6 to 8 cents higher at midmorning.
- Corn futures are firmer amid technical buying, with support from a weaker U.S. dollar.
- USDA reported corn export inspections for the week ended Jan. 2 totaled 847,463 MT (33.4 million bu.), down 60,102 MT from the previous week but within the pre-report range of expectations from 750,000 MT to 1.0 MMT.
- Rio Grande do Sul, Brazil, will remain dry over the next week, though some relief rains are in the forecast for next week.
- March corn futures have marked a fresh for-the-move high, with resistance now at $4.63 3/4. Support lies at the 10-, 200-, 20- and 40-day moving averages, layered from $4.53 3/4 to $4.42.
Soybeans are mostly 10 to 12 cents higher, while soymeal futures are around $1.50 firmer. Soyoil is around 65 points higher.
- Soybean futures are correctively higher following Friday’s losses, with increasing South American weather concerns are underpinning the complex.
- Argentina’s main crop areas, along with far southern Brazil, Paraguay and Uruguay will be dry this week with seasonal temperatures. Argentina is expected to remain dry next week as temps turn hotter, increasing crop stress, while some relief rains should move into southern Brazil. Central Brazil will continue to see active rainfall.
- USDA reported soybean export inspections of 1.29 MMT (47.2 million bu.) for the week ended Jan. 2, down 358,232 MT from the previous week but within the pre-report range of expectations from 800,000 MT to 1.4 MMT.
- March soybean futures are being supported by the 10- and 20-day moving averages of $9.93 1/2 and $9.90 1/2, while initial resistance stands at $10.08 3/4.
Wheat futures are mostly 11 to 14 cents higher.
- Wheat futures are sharply higher with support from a weaker dollar and global supply uncertainties.
- USDA reported wheat export inspections of 412,342 MT (15.2 million bu.) for the week ended Jan. 2, up 73,241 MT from the previous week and above pre-report range expectations from 200,000 to 350,000 MT.
- A narrow strip of the northern Plains from interior northeastern Montana into north-central South Dakota has very thin to no snow cover, and could see some winterkill this week due to exposure to significant cold temps, according to World Weather Inc.
- India’s wheat prices jumped to a record high on Monday due to dwindling supplies amid robust demand from flour mills that are struggling to secure wheat to operate at full capacity, industry officials told Reuters.
- Indonesia plans to impose a quota on wheat imports for animal feed to protect local corn farmers, its senior minister for food affairs said. The government soon will hold a meeting to set the feed wheat import quota.
- March SRW futures are trading within Friday’s range, with resistance at the previous session high of $5.47, which is backed by the 20-day moving average of $5.47 1/2. Initial support lies at last week’s low of $5.27 1/2.
Live cattle and feeders are posting strong gains at midmorning.
- Nearby live cattle are firmer amid persisting cash cattle strength.
- Packers paid up for cash cattle for a seventh consecutive week and last week’s average price likely topped the record from July 2024. Despite negative margins, packers have had to raise cash bids to entice feedlots to sell cattle.
- Wholesale beef values rose on Friday, with Choice edging $1.76 higher to $325.24, while Select jumped $2.49 to $$296.72. Movement totaled 149 loads.
- The U.S. ban on feeder cattle imports from Mexico, implemented in late November due to the detection of New World screwworm (NWS) in Chiapas, Mexico, remains in place.
- February live cattle have extended to a fresh for-the-move high, with resistance at today’s high of $196.325, which is backed by $197.35. Initial support is at $194.55.
Hog futures are posting slight to heavy losses at midmorning.
- Nearby hog futures are facing heavy pressure amid fading cash fundamentals.
- The CME lean hog index is down another 87 cents to $83.12 as of Jan. 2, the fifth straight daily decline and below the December low, signaling a seasonal low has not yet been posted.
- The pork cutout value rose 22 cents on Friday to $89.54. Movement totaled 334.0 loads.
- February lean hogs are facing resistance at the 100-day moving average of $80.88, while support lies at last week’s low of $79.50.