Corn futures are mostly 2 cents lower at midmorning.
- Corn futures have dropped from earlier gains and are modestly lower despite supportive outside markets.
- USDA reported corn export sales of 1.49 MMT for the week ended Nov. 14, up 14%from the previous week but down 40% from the four-week average. Net sales were within the pre-report range of expectations from 1.0 MMT to 2.2 MMT. Exports totaled 957,000 MT for the week.
- Overnight, South Korea purchased two cargoes (around 132,000 MT) of corn expected to be sourced from the U.S. or South America.
- December corn futures are trading within Wednesday’s range, with support at the 10-day moving average of $4.27 1/2, while resistance stands at the previous session high of $4.32.
Soybeans are 8 to 10 cents lower, while soymeal futures are around $1.00 lower. Soyoil is around 100 points lower.
- Soybean futures are lower for the third straight session on spillover from active selling in the soyoil market.
- USDA reported daily soybean sales of 198,000 MT to China and 135,000 MT to unknown destinations, along with 133,000 MT of soymeal sales to the Philippines – all for 2024-25.
- USDA reported net soybean sales of 1.86 MMT for the week ended Nov. 14, up 20% from the previous week but down 7% from the four-week average. Net sales exceeded pre-report expectations ranging from 1.0 MMT to 1.6 MMT. Exports during the week totaled 2.45 MMT, a marketing-year high.
- January soybean futures continue to face resistance at the 20- and 10-day moving averages, currently trading at $10.00 1/2 and $10.04, while support lies $9.83 1/4 and $9.76 1/4.
Wheat futures are unchanged to 3 cents lower.
- Wheat futures have given up earlier gains, despite U.S. dollar weakness and lingering global supply uncertainties.
- USDA reported weekly wheat sales of 549,600 MT for the week ended Nov. 14, up 45% from the previous week and 29% from the four-week average. Net sales were within the pre-report range of 275,000 to 600,000 MT. However, exports during the week reached a marketing-year low of 133,900 MT.
- Wheat growers in several exporting countries are reluctant to sell their crops with prices near four-year lows, traders, farmers and millers told Reuters, leaving flour makers with dwindling supplies and vulnerable to any potential upswing in prices.
- December SRW futures are being supported by the 10-day moving average of $5.50, while resistance stands at $5.57 1/4, which is backed by the 20-day moving average of $5.59 3/4.
Live cattle are mixed while feeders are modestly higher at midmorning.
- Nearby live cattle are correctively lower following strong gains earlier in the week.
- Cash cattle negotiations remained limited on Wednesday, while opinions on the eventual direction of trade were mixed. Unless packers unexpectedly raise cash bids, it appears the bulk of this week’s trade may not take place until Friday, which is rather common during weeks featuring a Cattle on Feed Report.
- Choice boxed beef prices slid $2.40 to $306.39 on Wednesday, while Select fell 92 cents to $270.99. Movement totaled 128 loads for the day.
- USDA reported net beef sales of 14,300 MT for 2024, up modestly from a week ago.
- December live cattle are being limited by resistance at the 40-day moving average of $186.24, which is backed by Wednesday’s high of $186.925. Meanwhile, the 20-day moving average of $185.53 is serving up support.
Hog futures are firmer at midmorning.
- December hog futures are modestly firmer despite continued cash weakness.
- The CME lean hog index is down another 26 cents to $87.83 as of Nov. 19, the eighth decline in the last nine days.
- The pork cutout value declined 8 cents on Wednesday to $94.60 with gains in primal picnics and hams offsetting losses in bellies, ribs, butts and loins. Movement totaled 292.4 loads for the day.
- USDA reported net pork sales of 18,100 MT for 2024, down 9% from the previous week but steady with the four-week average.
- December lean hogs have extended above the 10-day moving average of $80.71, though the 20-day moving average of $81.51 is serving up additional resistance. Initial support lies around $80.18.