Corn futures are mostly a penny to 3 cents higher at midmorning.
· Corn futures are extending Friday’s gains, with support stemming from strength in soybeans and crude oil, along with a sharply lower U.S. dollar.
· USDA reported daily corn sales of 150,000 MT to Mexico and 120,000 MT to unknown destinations for 2024-25.
· USDA reported corn export inspections of 779,078 MT (30.7 million bu.) during the week ended Oct. 31, down 61,357 MT but within the pre-report range of expectations from 700,000 MT to 1.2 MMT.
· AgRural reported corn planting in Brazil advanced to 59%, seven points behind a year ago.
· December corn futures have extended above resistance at $4.16 1/2 and $4.18 3/4, with additional resistance at $4.21 3/4. Initial support lies at 10-, 40-, 100- and 20-day moving averages, layered from $4.15 to $4.13.
Soybeans are mostly 3 to 4 cents higher, while soymeal futures are around $5.00 to $6.00 firmer. Soyoil is 90 to 120 points lower.
· Soybeans are being led higher supportive trade in soymeal and outside markets, while corrective selling in soyoil is curbing buyer interest.
· USDA reported daily soybean sales of 132,000 MT to unknown destinations for 2024-25.
· USDA reported soybean export inspections of 2.16 MMT (79.3 million bu.) during the week ended Oct. 31, down 469,793 MT from the previous week but within the pre-report range of expectations from 1.8 MMT to 2.65 MMT.
· Brazil’s rainfall during the weekend was widespread from Rio Grande do Sul to southwestern Minas Gerais and Mato Grosso do Sul. Amounts were varied across Mato Grosso. Argentina’s weekend rainfall was greatest in central and southeastern Buenos Aires, providing relief to one of the country’s driest regions. More rains are expected across Brazil and Argentina over the next two weeks.
· After the slowest start to Brazil’s soybean planting season since 2020-21, a surge the past two weeks has now become the second fastest pace. As of last Thursday, AgRural said Brazil’s soybean planting reached 54% of planted area, up 18 percentage points for the week and three points ahead of last year.
· January soybean futures are facing resistance at the 20-day moving average of $10.02 1/2, while the 10-day moving average of $9.95 1/4 is support.
Wheat futures are a penny to 3 cents firmer.
· Wheat futures are modestly firmer, with support stemming from U.S. dollar weakness.
· USDA reported wheat export inspections of 193,523 (7.1 million bu.) during the week ended Oct. 31, short of pre-report expectations ranging from 200,000 to 350,000 MT.
· Rain that fell in portions of HRW wheat county during the weekend should lead to much improved crop establishment, according to World Weather Inc. Some flooding occurred in Oklahoma and southeastern Kansas wheat areas, although the damage was less than expected.
· December SRW futures are trading within Friday’s range, limited by resistance at the 100- and 20-day moving averages at $5.76 1/2 and $5.79 3/4. Initial support remains at $5.62 1/4.
Live cattle and feeders are moderately lower at midsession.
· Live cattle futures continue to face pressure from sliding wholesale prices, though technical support and near-term oversold conditions are limiting heavier selling.
· Cash cattle prices are poised to fall for the first time in eight weeks, though the drop was less than was expected early last week.
· Wholesale beef prices slid on Friday, with Choice falling $1.26 to $316.34, while Select fell 34 cents to $285.03. Movement was light at 95 loads.
· December live cattle are trading within Friday’s lower range, with initial support at the 40- and 200-day moving averages of $185.01 and $184.56.
Hog futures are mostly lower at midmorning.
· December hog futures are correctively lower following recent strong gains.
· The CME lean hog index is up another 63 cents to $88.56 as of Oct. 31, rising for an 11th consecutive day and reaching the highest level since Aug. 21.
· The pork cutout firmed 82 cents to $103.97 on Friday, as strong gains in primal bellies and hams offset weakness in other cut, rising to the highest level since Aug. 5.
· December lean hogs are facing resistance at $84.81, which is backed by Friday’s high of $85.075. Initial support lies at $83.14.