Corn futures are mostly 2 to 3 cents higher midmorning.
· Corn futures are higher on support from corrective buying, in tandem with wheat and soybeans.
· USDA reported corn export sales of 1.32 MMT during the week ended Nov. 7, down 53% from the previous week and 52% from the four-week average. Net sales were near the lower end of analysts’ pre-report range of expectations from 1.25 MMT to 2.6MMT. Exports totaled 698,600 MT for the week.
· World Weather Inc. notes central Argentina is advertised to be drier than usual for the coming week, raising some concerns over drying soil from parts of Cordoba into Entre Rios. But rain is expected during the following weekend and if it verifies it will prove to the timely and beneficial for crops.
· December corn futures tested support at the 40-day moving average, currently trading at $4.18 1/4, and initial resistance at $4.21 3/4.
Soybeans are 11 to 15 cents higher, while soymeal futures are 50 cents to $1.50 higher. Soyoil is around 150 points higher.
· Soybean futures are being led higher by corrective buying in soyoil futures.
· USDA reported soybean export sales of 1.56 MMT during the week ended Nov. 7, down 24% from the previous week and four-week average. Net sales were near the middle of pre-report expectations from 1.0 MMT to 2.2 MMT.
· Analysts expect the National Oilseed Processors Association (NOPA) to report its members crushed 196.8 million bu. of soybeans during October, which would be a record for any month, eclipsing 196.4 million bu. in March. Soyoil stocks are expected to rise for the first time in seven months to 1.090 billion pounds.
· Soyoil is being supported by market talk that China may reduce incentives for its exports of used oil.
· January soybean futures are trading within Thursday’s broad range, with the 20-day moving average of $10.01 3/4 serving as resistance, while support lies at the previous session low of $9.86 1/4.
Wheat futures are 5 to 9 cents higher.
· Wheat futures are firmer amid corrective buying, despite persisting U.S. dollar strength.
· USDA reported wheat export sales of 380,100 MT during the week ended Nov. 7, up 1% from the previous week but down 17% from the four-week average. Net sales were within the range of expectations from 250,000 to 550,000 MT. Exports totaled 301,300 MT during the week.
· French farmers had seeded 78% of expected soft wheat area for next year’s harvest as of Nov. 11, France’s ag ministry reported. That was ahead of 70% planted at this time last year but still behind the five-year average of 83%.
· December SRW futures are trading within Thursday’s range, with support at the previous session low of $5.28, while resistance stands at $5.40 1/4.
Live cattle are mixed while feeders are posting strong gains.
· Nearby live cattle are weaker in narrow trade as technical resistance and fading cash and wholesale fundamentals continue to limit buyer interest.
· Cash cattle activity so far this week has been mostly around $185.00, both in the Southern Plains and northern market. That was down around $1.50 from last week’s five-area weighted average. Packers’ purchase volume could be light again this week, as feedlots resisted actively moving cattle at the lower prices.
· USDA reported net beef sales of 14,200 MT for 2024, up 78% from the previous week and 8% from the four-week average.
· Wholesale beef dropped on Thursday, with Choice falling $3.14 to $303.80, while Select fell $2.00 to $276.66. Movement was strong at 212 loads for the day.
· December live cattle are finding initial support at $182.43, while initial resistance stands at the 100-day moving average of $183.50.
Hog futures are moderately to sharply lower at midmorning.
· December hog futures are extending Thursday’s steep losses amid declining cash fundamentals.
· The CME lean hog index is down 16 cents to $89.78 as of Nov. 13.
· The pork cutout value dropped $3.19 on Thursday to $94.07, pressured by a $20.78 plunge in primal bellies. Movement totaled 284.2 loads for the day.
· USDA reported net pork sales of 19,800 MT for 2024, up notably from the previous week’s net reductions.
· December lean hogs are finding support at $78.88, while initial resistance stands at $80.62 and is backed by the 20- and 10-day moving averages of $81.22 and $81.28.