Corn futures are mostly 3 cents higher at midmorning.
· Corn futures are higher on support from export demand news and strength in crude oil.
· USDA reported daily corn sales of 781,322 MT to Mexico. Of the total, 715,800 MT was for 2024-25 and 65,532 MT for 2025-26.
· Analysts expect USDA to report corn-for-ethanol use totaled 447.8 million bu. in September, which would be down 24.9 million bu. (5.3%) from August but up 19.4 million bu. (4.5%) from last year.
· December corn is testing the 20-, 100-, 10- and 40-day moving averages, each trading around $4.14, which are backed by resistance at $4.16. Initial support lies at $4.10 3/4.
Soybeans are mostly 2 to 3 cents higher, while soymeal futures are around $3.00 lower. Soyoil is around 90 to 110 points higher.
· Soybeans have declined from earlier highs but continue to trade higher on support from export demand news and rallying soyoil futures.
· USDA reported daily soybean sales of 132,000 MT to China and 198,000 MT to unknown destinations – both for 2024-25. Daily sales of 30,000 MT of soybean oil to India was also reported for 2024-25.
· Analysts expect USDA to report September soybean crush totaled a record 187.6 million bu., which would be up 20.1 million bu. (12%) from August and 12.8 million bu. (7.3%) from year-ago.
· Malaysian palm oil futures jumped more than 3% on Friday, reaching the highest level in almost two and half years in response to stronger soyoil and crude oil prices, along with positive domestic export estimates.
· January soybean futures tested resistance at the 20-day moving average of $10.05 3/4 for the first time since Oct. 8 before pulling back. Support is at the 10-day moving average around $9.94 3/4 has been tested on the intraday pullback.
Winter wheat futures are mostly a penny higher while HRS futures are narrowly mixed.
· Wheat futures are modestly firmer in consolidative trade.
· Ukraine’s October grain exports rose 58.6% from last year to 3.95 MMT. In the first four months of 2024-25, Ukraine shipped 14.4 MMT of grain.
· Significant rain is expected in the first week of the outlook in central Oklahoma and south-central Kansas, with World Weather Inc. noting the rain event could be “unprecedented” or close to it for the month of November.
· December SRW futures are facing resistance at the 100-day moving average of $5.77 1/2, while initial support remains at $5.64 3/4.
Live cattle are lower while feeders are mostly firmer at midsession.
· Live cattle futures are weaker amid pressure from declining wholesale fundamentals and weakening technicals but have worked well off their earlier lows.
· Wholesale beef prices dropped $1.84 for Choice to $317.60 and $3.95 for Select to $285.37 on Thursday, extending the price pullback from recent highs.
· The cash cattle market has performed relatively well, with generally steady prices in the Southern Plains and steady/weaker in the northern market, where supplies are more plentiful.
· December live cattle are facing support at the 40- and 100-day moving averages, currently trading at $184.79 and $183.72, while resistance is around Thursday’s close of $186.425
Hog futures are moderately firmer at midmorning.
· December hog futures have scored to a new contract high for the fifth straight day amid strengthening cash and wholesale fundamentals.
· The contra-seasonal rise in the cash hog index is gaining steam, jumping another $1.15 to $87.93 as of Oct. 30, the highest since Aug. 22. That’s the 10th straight daily gain during which the index has surged $4.07. After Thursday’s corrective losses.
· The pork cutout value rose $1.54 on Thursday to $103.15 amid gains in all cuts. Movement was strong at 344.6 loads.
· December lean hogs posted contract high at $85.075. Next resistance is at $90.00 on the continuation chart. Support lies at $84.04.