Corn futures are mostly 2 to 4 cents higher midmorning.
· Corn futures are firmer with support stemming from strength in wheat and crude oil futures.
· USDA reported corn export inspections of 820,608 MT (32.3 million bu.) during the week ended Nov. 14, down 23,361 MT from the previous week and within the pre-report range of expectations from 650,000 to 900,000 MT.
· China imported 250,000 MT of corn in October, down from 310,000 MT in September, customs data showed. This brought China’s corn imports for the first 10 months of 2024 to 13.043 MT, 29.9% lower than the same period last year.
· December corn futures have extended above the 10-day moving average of $4.25 3/4, with resistance now at $4.30. Support at the 20- and 40-day moving averages between $4.20 1/2 and $4.18 1/2.
Soybeans are a penny to 3 cents higher, while soymeal futures are around $1.00 to $2.00 higher. Soyoil is around 30 points lower.
· Soybean futures are marking slight gains, though selling in soyoil is limiting buyer interest.
· USDA reported daily sales of 261,264 MT of soybeans to Mexico, 30,000 MT of soyoil to India and 135,000 MT of soymeal to the Philippines – each for 2024-25.
· USDA reported soybean export inspections of 2.17 MMT (79.6 million bu.) during the week ended Nov. 14, down 198,066 MT from the previous week but within the pre-report range of expectations from 1.9 MMT to 2.5 MMT.
· Brazil’s soybean planting advanced to 80% complete as of last Thursday, according to AgRural, up from 67% the previous week and 68% a year earlier.
· Central Argentina was missed by weekend rain as expected and will remain dry for the next week. Sao Paulo and northern Parana, Brazil are also unlikely to see much rain over the next week to 10 days. Other areas of the two countries should see some rainfall.
· January soybean futures are consolidating mostly between the 10-day moving average of $10.09 and support at $9.88 3/4.
Wheat futures are 12 to 16 cents higher.
· Wheat futures are firmer amid increasing geopolitical tensions and a weaker U.S. dollar.
· USDA reported wheat export inspections of 196,281 MT (7.2 million bu.) during the week ended Nov. 14, down 157,126 MT from the previous week and short of the pre-report range of expectations from 300,000 to 425,000 MT.
· Additional rain in U.S. hard red winter wheat areas through Monday will maintain moisture abundance for long-term crop development. A dry and warm scenario would be best following the precipitation event, although it looks like temperatures a short-term bout of cooler weather is expected this week, according to World Weather Inc.
· December SRW futures gapped higher in the overnight open. Resistance stands at the 10-day moving average of $5.56 1/2, while support lies at $5.37.
Live cattle and feeders are mostly firmer at midsession.
· Nearby live cattle are firmer as the discount to cash continues to limit seller interest.
· Cash cattle prices are expected to decline for the third straight week.
· Wholesale beef values slipped on Friday, with Choice declining 46 cents to $303.34, while Select fell 52 cents to $276.14. Movement totaled 115 loads.
· December live cattle are facing resistance at the 10- and 200-day moving averages of $184.15 and $184.45, while support lies at Friday’s close of $182.95.
Hog futures are mostly firmer at midmorning.
· December hog futures are moderately firmer despite fading cash fundamentals.
· The CME lean hog index is down 51 cents to $89.27 as of Nov. 14, the fifth decline in the last six days.
· The pork cutout value rose $3.04 to $97.11 on Friday, led by an $18 jump in primal bellies. Movement totaled 312.6 loads for the day.
· China imported 90,000 MT of pork in October, down 10% from September and 1.6% less than last year. Through the first 10 months of the year, China imported 890,000 MT of pork, down 34.9% from the same period last year.
· December lean hogs are trading within Friday’s range, with resistance standing at the previous session high of $80.60 and backed by the 10- and 20-day moving averages. Initial support lies at Friday’s close of $79.50.