NOTE: Government offices are closed for the federal holiday but grain and livestock markets are open. We’ll have a full slate of Pro Farmer market reports throughout the day. Pro Farmer salutes all those who served this great country so we can enjoy freedom.
Corn futures are 3 to 4 cents lower at midmorning.
· Corn futures are favoring the downside, with pressure weakness stemming from wheat and outside markets.
· New Mexican President Claudia Sheinbaum is expected to maintain restrictions on genetically modified (GM) corn planting and its use in tortillas, despite reports of a U.S. victory in a trade case, reports note. Tufts researcher Timothy Wise, according to Politico, noted that Mexico’s restrictions have minimal impact on U.S. exports and are popular domestically.
· Corn planting efforts in Brazil advanced to 72% complete as of last Thursday, four points behind last year, according to AgRural.
· December corn futures are trading within Friday’s range. Initial resistance stands at the previous session high of $4.34 3/4, while support lies at $4.26 3/4.
Soybeans are mostly 4 to 6 cents lower, while soymeal futures are around 50 cents to $1.50 higher. Soyoil is around 80 cents lower.
· Soybeans have given up earlier gains as soyoil weakness and easing strength in soymeal pressure prices.
· Brazilian producers had planted 67% of estimated soybean area as of last Thursday, according to AgRural, up 13 percentage points for the week and six points ahead of year-ago. The firm said planting was in the final stretch in Mato Grosso and Paraná, the two largest production states.
· Malaysian palm oil futures rose overnight, following emergence of new buying interest and short covering. Malaysian benchmark palm oil futures have risen more than 35% this year, supported by tight supply and bullish demand.
· January soybean futures continue to face resistance at the 100-day moving average of $10.39 3/4, while initial support lies at the 40-day moving average of $10.24 3/4.
Winter wheat futures are 15 to 20 cents lower while HRS futures are around 11 to 14 cents lower.
· Wheat futures are marking strong losses to begin the week amid improved growing conditions in the U.S. and a sharply higher U.S. dollar.
· Recent rain and snow in U.S. HRW wheat areas will lead to improved winter crop emergence and establishment. A few areas are too wet right now, but dryness in the subsoil will allow the topsoil to firm up relatively quickly, according to World Weather.
· Analyst APK-Inform kept its estimate of Ukraine’s grain production unchanged at 52.5 MMT. It expects Ukraine to export 37.3 MMT of grain in 2024-25, unchanged from its prior outlook but down sharply from around 51 MMT in 2023-24.
· December SRW futures have dropped below support at the 10-day moving average of $5.69 1/2, as well as the October low at $5.57 3/4. Next support is at the psychological $5.50 level.
Live cattle and feeders are weaker at midsession.
· Live cattle futures have rebounded from earlier lows but remain weaker amid followthrough selling after last Friday’s technical breakdown.
· Last week’s cash cattle average is likely to drop for the second consecutive week, though trade heading into Friday remained light, especially when compared to the prior couple of weeks.
· Wholesale beef values continued to weaken on Friday, with Choice falling $1.53 to $307.93, while Select fell 53 cents to $279.19. Movement totaled 151 loads for the day.
· December live cattle have extended to the lowest intraday level since Sept. 20, with support at $182.62, while resistance stands at the 200-day moving average of $184.55.
Hog futures are firmer at midmorning.
· December hog futures are correctively higher following recent weakness, as traders narrow steep discounts to the cash index.
· The CME lean hog index dropped 18 cents to $90.43 as of Nov. 7, ending a 15-day string of gains.
· The pork cutout value rose $4.42 to $102.38, led by a $19-plus gain in primal bellies. Movement totaled 282.3 loads for the day.
· December lean hogs are facing resistance at the 10-day moving average of $82.45, while support extends from the intraday low of $80.95 to last Friday’s low at $79.80.