Corn futures are around 2 cents lower at midmorning.
- Corn futures are facing spillover selling from extended losses in wheat futures.
- USDA reported daily sales of 454,090 MT of corn to Mexico, of which 364,792 MT were for 2024-25 and 89,298 during 2025-26.
- USDA reported weekly export inspections of 903,049 MT (35.6 million bu.) for the week ended Nov. 21, up 29.388 MT from the previous week and near the upper end of the range of 700,000 to 950,000 MT.
- December corn futures are trading mostly between the 10- and 20-day moving averages of $4.26 and $4.23, though additional resistance/support serves at $4.28 1/4 and the 40-day moving average of $4.39 1/4.
Soybeans are mostly 2 cents higher, while soymeal futures are around $6.00 higher. Soyoil is about 100 points lower.
- Soybean futures are modestly firmer despite strong gains in soymeal.
- Some rainfall is expected across most of Brazil this week, including dry southern areas from midweek through the weekend. Argentina will experience timely rainfall this week with all areas getting rain at one time or another.
- China’s commerce ministry approved plans for building a hub for the allocation of bulk commodities in the free-trade zone in the eastern Zhejiang province. The ministry will support the building of bonded soybean trading warehouses in Zhoushan port in Zhejiang.
- USDA reported weekly export inspections of 2.1 MMT (77.2 million bu.) for the week ended Nov. 21, down 164,413 MT from the previous week but near the upper end of the pre-report range of 1.4 MMT to 2.4 MMT.
- January soybean futures gapped higher overnight, though resistance at the 10-day moving average of $9.95 1/4 has curbed buying interest, while support lies at $9.81 1/4.
Winter wheat futures are 11 to 13 cents lower, while HRS futures are around 6 cents lower.
- Wheat futures are notably weaker amid technical selling despite strong losses in the U.S. dollar.
- SovEcon cut its 2024-25 Russian wheat export forecast by 1.8 MMT to 44.1 MMT.
- USDA reported weekly export inspections of 360,513 MT (13.2 million bu.) for the week ended Nov. 21, up 163,770 MT from the previous week and within the pre-report range of 175,000 to 400,000 MT.
- March SRW futures are facing support at $5.52 1/4, while resistance stands at $5.69 3/4.
Live cattle are posting slight gains while feeders are sharply higher at midsession.
- Nearby live cattle are firmer with support stemming from strength in cash cattle.
- On Nov. 22, Mexico’s Chief Veterinary Officer informed USDA of a positive detection of New World screwworm in a cow in the southern Mexico state of Chiapas, at an inspection checkpoint close to the border with Guatemala. These fly larvae infest warm-blooded animals, including humans, causing severe infections. USDA’s Animal and Plant Health Inspection Service (APHIS) has heightened import restrictions on animal products from Mexico and intensified efforts in Central America to contain the pest’s spread.
- USDA estimated there were 11.986 million head of cattle in large feedlots (1,000-plus head) as of Nov. 1, up 30,000 head (0.3%) from year-ago. Analysts on average expected a 0.1% decline in feedlot inventories. October placements increased 5.3% and marketings rose 4.7% from year-ago levels.
- The official average price of last week’s cash cattle trade won’t be known until later this morning, but cattle traded generally steady to $1 higher last week, snapping a three-week price skid.
- Choice boxed beef prices rose 62 cents on Friday to $307.41, while Select declined 85 cents to $272.07, widening the Choice/Select spread to $35.34. Movement totaled 98 loads for the day.
- December live cattle gapped higher at the open and extended to the highest intraday level since Oct. 29, though resistance stands at $186.64. Initial support lies at$186.64.
Hog futures are modestly firmer at midmorning.
- December hog futures favoring the upside despite weakening cash and wholesale trade.
- The CME lean hog index is down another 43 cents to $87.01 as of Nov. 21, $3.60 below the Nov. 6 peak.
- The pork cutout value fell $1.30 to $91.77 on Friday amid a decline in all cuts aside from primal picnics. Movement totaled 322.9 loads for the day.
- December lean hogs are pivoting around the 20-day moving average of $81.65, while resistance stands at $82.14. Initial support is $81.28.