Corn futures are 3 to 4 cents lower at midmorning.
· Corn futures are extending lower for the third straight session as outside market pressure continues to curb buying interest.
· USDA reported daily corn sales of 401,357 MT to Mexico and 290,820 MT to unknown destinations, both during 2024-25.
· USDA reported corn harvest was 95% complete as of Nov. 10, eleven points ahead of the five-year average.
· December corn futures are facing support at $4.25 ½, which is backed by the 10-day moving average of $4.22 3/4. Initial resistance continues to serve at $4.32 1/2.
Soybeans are 8 to 9 cents lower, while soymeal futures are around $2.00 lower. Soyoil is around 150 points lower.
· Soybeans are edging lower amid spillover weakness from sinking soyoil futures.
· USDA reported soybean harvest was 96% complete as of Nov. 10.
· China’s soybean imports will drop to 98.8 MMT in 2024-25 from 109.4 MMT last year, an executive of China National Cereals, Oils and Foodstuffs Corporation (COFCO) said. The COFCO executive did not provide reasons for the anticipated drop in soybean imports but said they would need to see if buyers are willing to take on U.S. cargoes.
· Indonesia’s government reaffirmed to lawmakers a plan to implement a 40% mandatory biodiesel mix with palm oil-based fuel, known as B40, in January 2025, as part of the new government’s “quick wins” program. Energy Minister Bahlil Lahadalia also told a parliamentary hearing the government expects to implement a B50 mandate by 2026.
· January soybean futures are hovering above support at $10.00 1/4, while resistance stands at $10.13 3/4 and is backed by the 40-day moving average of $10.23 1/2.
SRW wheat futures are 12 to 13 cents lower, while HRW wheat is around 6 to 8 cents lower. HRS futures are mostly 6 cents lower.
· Wheat futures have plunged to an eleven-week low amid pressure stemming from U.S. dollar strength.
· USDA rated the winter wheat crop 44% “good” to “excellent,” and 18% “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index (0 to 500-point scale, with 500 being perfect), the HRW crop improved 11.9 points to 320.2, which is now 1.3 points above year-ago. The SRW rating increased 8.2 points to 371.4, still 4.4 points below year-ago. Click here for details.
· Winter wheat seedings in Russia will shrink to 15.4 million hectares in 2025-26, the lowest since 2018-19, according to Igor Pavensky, an expert at Russian grain carrier Rusagrotrans. Drought in key regions restricted winter wheat plantings this fall. He forecasts Russia’s total grain production for 2025-26 at around 133 MMT, including 84.5 MMT of wheat.
· Ukrainian traders have exported just over a half of the government-agreed 16.2 MMT of wheat available for export in 2024-25, ag ministry data showed. As of Nov. 13, Ukraine’s 2024-25 wheat exports totaled 8.2 MMT.
· December SRW futures have extended below support at $5.44 1/2, with further support lying at $5.36 3/4, while initial resistance stands at $5.56 1/2.
Live cattle are mixed while feeders are pivoting near unchanged.
· Live cattle futures are narrowly mixed as fading cash fundamentals curb buyer interest.
· Estimated beef packer margins continued their recent decline and are now around $50.00 per head in the red, according to HedgersEdge.com. That’s likely to keep packers cautious with cash cattle bids this week, though feedlots aren’t likely to be too open to actively move cattle at lower prices.
· Choice boxed beef prices rose a modest 6 cents on Tuesday to $308.27 while Select faded $1.92 to $279.92. Movement totaled 123 loads for the day.
· December live cattle are trading within Tuesday’s upper range, with resistance serving at the 200- and 10-day moving averages of $184.53 and $184.94. Initial support lies at the 100-day moving average of $183.59.
Hog futures are moderately lower at midmorning.
· December hog futures are edging lower amid the fading hog index combined with wholesale weakness.
· The CME lean hog index is down 14 cents to $89.88 as of Nov. 11, the third straight daily decline.
· Primal pork belly prices plunged $11.56 on Tuesday, which along with a $5.27 drop in loins, triggered a $3.78 decline in the pork cutout to $97.68. The sharp drop in price sparked a jump in movement to 379.60 loads, signaling strong underlying retailer demand.
· December lean hogs have tested support at the 20-day moving average of $81.03, with additional support serving at $80.25. Meanwhile, the 10-day moving average of $82.16 is serving as initial resistance.