Corn futures are chopping around unchanged at midmorning.
· Corn futures are seeing light and choppy trade, as weakness in wheat futures negates outside market support.
· USDA reported daily corn sales of 124,000 MT to unknown destinations for 2024-25.
· Corn harvest was 91% complete as of Nov. 3, according to USDA, well ahead of the five-year average of 75%.
· South American crop consultant Dr. Michael Cordonnier kept his Brazilian corn crop estimate unchanged at 125 MMT amid improving weather conditions. He also kept his Argentine estimate unchanged at 48 MMT.
· December corn futures are trading within Monday’s upper range, with support at the 10-, 40-, 100- and 20-day moving averages layered from $4.15 1/2 to $4.13, while resistance stands at $4.20.
Soybeans are mostly 2 to 4 cents higher, while soymeal futures are around 40 to 70 cents firmer. Soyoil is 50 points lower.
· Soybeans are modestly firmer, though selling in soyoil is limiting buyer interest.
· USDA reported soybean harvest was 94% complete as of Nov. 3, well ahead of the five-year average of 85%.
· Cordonnier left his Brazilian soybean crop estimate unchanged at 165 MMT with a neutral bias, though he noted that could change to neutral/higher if weather continues to improve. He also kept his Argentine soybean estimate unchanged at 57 MMT.
· South America weather will likely continue to be mostly favorable over the next two weeks, notes World Weather Inc. Recent rain in southern Argentina was ideal for improving topsoil moisture, though more is needed in central and northeastern areas. Parts of center-west Brazil still need greater rain.
· January soybean futures are testing resistance at the 200-day moving average of $10.01 for the third straight session, while support lies at the 10-day moving average of $9.95 1/4.
SRW wheat futures are narrowly mixed, while HRW and HRS wheat are mostly a penny to 2 cents higher.
· Wheat futures are choppy in consolidative trade despite a weaker U.S. dollar again today.
· USDA rated the winter wheat crop 41% “good” to “excellent,” and 23% “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index (0 to 500-point scale, with 500 being perfect), the HRW crop inched up 0.4 point to 308.3. The SRW rating improved 6.9 points, led by a 3.2-point increase in top SRW producer Illinois. Click here for details.
· Russia is set to lose 20 MMT to 22 MMT of grains from this year’s harvest due to adverse weather conditions, Agriculture Minister Oksana Lut told the Vedomosti newspaper. Lut said that farmers had initially expected to harvest 150 MMT of grains, according to the area sown and predicted yields, but frosts, drought and rains have brought the forecast down to about 130 MMT – a level the ag ministry has been forecasting for a while.
· December SRW futures are consolidating in narrow trade, mostly between the 100-day moving average of $5.75 1/2 and support at $5.63 3/4.
Live cattle and feeders are modestly firmer at midsession.
· Live cattle futures are favoring the upside as technical support limits extended selling efforts.
· The average cash cattle price weakened 23 cents last week, ending a seven-week string of gains, though the decline from recent highs in wholesale beef prices was greater. Given eroding margins and recent hefty purchases, packers are likely to attempt to get cattle bought at lower prices again this week.
· Wholesale beef values bounced on Monday, with Choice rising 57 cents to $316.91, while Select firmed $2.13 to $287.16. Movement totaled 103 loads for the day.
· December live cattle are trading within Monday’s lower range, with support lying at the 200-day moving average of $184.56, while resistance stands at $185.89.
Hog futures are posting moderate- to heavy losses at midmorning.
· December hog futures are extending Monday’s sharp losses as traders anticipate an end to the contra-seasonal strength in the cash market.
· The CME lean hog index is up another 82 cents to $89.38 as of Nov. 1, extending the string of gains to 12 straight days.
· The pork cutout value rose a modest 4 cents on Monday, with losses in primal bellies and hams offset by gains in all other cuts. Movement totaled 272.8 loads for the day.
· December lean hogs have extended below the 10-day moving average for the first time since Oct. 21, with additional support at $80.47. Initial resistance stands at $82.44 and is backed by $83.63.