Corn futures are 1 to 3 cents lower at midmorning.
· Corn futures are lower amid general selling across the grain markets with pressure stemming from extended U.S. dollar strength.
· USDA reported daily corn sales of 110,500 MT to Mexico for 2024-25.
· USDA reported corn export inspections of 793,012 (31.2 million bu.) during the week ended Nov. 7, down 58,627 MT from the previous week but within the pre-report range of expectations from 600,000 to 950,000 MT.
· Argentina has experienced a slow start to the rainy season, but timely rain in recent weeks has fieldwork moving along swiftly and production potentials have improved for early corn, notes World Weather Inc.
· December corn futures continue to face resistance at $4.32 1/2, which is backed by last week’s high of $4.34 3/4. Initial support lies at $4.27 and is backed by the 10-, 40-, 20- and 100-day moving averages.
Soybeans are mostly 11 to 13 cents lower, while soymeal futures are hovering just above unchanged. Soyoil is around 200 points lower.
· Soybeans are extending Monday’s losses amid heavy pressure on soyoil futures.
· Brazil rainfall in center-west and center-south is expected to be favorably distributed moving forward, though rainfall in southern Brazil will be less frequent and abundant.
· USDA reported soybean export inspections of 2.28 MMT (83.7 million bu.) during the week ended Nov. 7, down 29,945 MT from the previous week and within the pre-report range of expectations from 2.0 MMT to 2.45 MMT.
· January soybean futures are finding support at the 10-day moving average of $10.07 1/4, while the 40- and 100-day moving averages, trading at $10.24 1/4 and $10.38 1/2, stand as resistance.
Winter wheat futures are 8 to 10 cents lower while HRS futures are mostly 5 to 7 cents lower.
· Wheat futures are facing followthrough selling as technical resistance and U.S. dollar strength weigh on prices.
· USDA reported wheat export inspections of 347,321 MT (12.8 million bu.) during the week ended Nov. 7, up 141,523 MT from the previous week and near the upper end of the pre-report range of expectations from 175,000 to 350,000 MT.
· France’s ag ministry modestly raised its 2024 wheat production estimate to 25.56 MMT, up 130,000 MT from its prior forecast, though still the smallest since the 1980s.
· Recent rain and snow in Russia’s Southern Region, eastern Ukraine and western Kazakhstan was welcome, though much more is needed along with warmer temps to induce better crop establishment, according to World Weather Inc. Some additional moisture and warm-biased conditions will occur into next week, which may induce a little more root and tiller improvement, though the change will be minimal.
· December SRW futures are trading within Monday’s lower range, with initial support at $5.53 3/4, which is backed by the previous session low of $5.51 3/4. Initial resistance stands at the 10-day moving average of $5.70 1/2 and is backed by the 10- and 100-day moving averages, each currently trading at $5.73 1/2.
Live cattle and feeders are moderately to sharply higher at midsession.
· Live cattle futures are building off Monday’s close well off session lows.
· The average cash cattle price fell $3.29 to $186.53 last week, the second straight weekly decline. While packers purchased only 50,000 head at the sharply lower prices, cash sources say they have plentiful near-term supplies, which will likely keep cash prices under pressure.
· Wholesale beef values stabilized on Monday, with Choice rising 28 cents to $308.21, while Select jumped $2.65 to $281.84, narrowing the Choice/Select spread to $26.37. Movement totaled 126 loads.
· December live cattle have edged above resistance at the 200-day moving average of $184.55, though further resistance stands at the 10-day moving average of $185.18. Initial support remains at $182.92.
Hog futures are firmer at midmorning.
· December hog futures are higher despite weakness in cash fundamentals as technical support continues to prop up prices.
· The CME lean hog index is down 41 cents to $90.02 as of Nov. 8, the second straight daily decline.
· The pork cutout value fell 92 cents on Monday to $101.46, led by an $11 decline in primal bellies. Movement totaled 278.7 loads for the day.
· December lean hogs have extended above the 10-day moving average, currently trading at $82.49, while the 20-day moving average of $80.87 serves as initial support.