Corn futures are near unchanged at midmorning.
· Corn futures are modestly firmer in narrow trade ahead of USDA’s October crop reports.
· USDA will update the production forecast for corn at 11 a.m. CT. Analysts expect a slightly smaller crop, with the average pre-report estimate at 15.155 billion bu., down from 15.186 billion bu. in September. The new production forecast, along with changes to usage projections, will drive a change to projected new-crop ending stocks, which are expected to be 1.926 billion bu., down from 2.057 billion bu. in September.
· USDA reported daily corn sales of 577,928 MT to unknown destinations for 2024-25.
· December corn futures are being supported by the 20-day moving average of $4.18 1/4, while resistance stands at the 100- and 10-day moving averages, currently trading at $4.23 3/4 and $4.24 1/2.
Soybeans are mostly 6 to 8 cents higher, while soymeal futures are around $1.00 to $2.00 higher. Soyoil is around 40 points higher.
· Soybeans are higher along with meal and soyoil futures amid modest corrective buying.
· The average pre-report estimate for soybean production is 4.579 billion bu., down from 4.586 billion bu. in September. Ending stocks are expected to be 549 million bu., down from 550 million bu. In September.
· USDA reported daily soybean sales of 132,000 MT to unknown destinations for 2024-25.
· November soybean futures are trading within Thursday’s lower range. The 40-day moving average of $10.12 1/2 is support, while initial resistance lingers around $10.31.
Wheat futures are mostly 1 to 3 cents lower.
· Wheat futures have faded after earlier price strength as traders await USDA’s reports.
· Final wheat production was set at 1.971 billion bu. in the Small Grains Summary at the end of September. That will be incorporated into the 2024-25 balance sheet, along with changes to usage forecasts. New-crop ending stocks are expected to be 819 million bu., down from 828 million bu. in September.
· Russia announced a 41% increase in its wheat export duty for Oct. 16-22 as the agriculture ministry called the country’s top exporters for a closed-door meeting on this year’s exports.
· Black Sea consultancy SovEcon cut its 2024 Russian wheat crop estimate by 1.4 MMT to 81.5 MMT.
· Partial relief from dryness is expected during mid-week next week in eastern Ukraine and western Russia where winter crops may become a little better established. Follow up rain will still be imperative, according to World Weather Inc.
· Russia fired missiles overnight on Ukraine’s Odesa region, marking the fourth attack on the key southern grain port hub or vessels hauling Ukrainian grain this week.
· December SRW futures failed to find sustained buying above resistance at $6.09 1/4, while support lies at the 10- and 100-day moving averages of $5.99 1/4 and $5.98 1/4.
Live cattle are modestly weaker while feeders are mostly firmer at midmorning.
· Nearby live cattle are modestly weaker despite firmer cash cattle trade and wholesale strength.
· Cash cattle trade got underway Thursday with $1.00 higher prices than week-ago in the Southern Plains, while northern dressed market reported generally steady prices. Givin the general strength of initial cash trade, some feedlots continue to hold out for even higher bids.
· Wholesale beef prices firmed on Thursday, with Choice rising $1.77 to $209.95, while Select climbed $2.10 to $290.73. Movement totaled 108 loads for the day.
· December live cattle are facing resistance at Thursday’s high of $188.475, which is backed by $189.03, while initial support is at $187.72.
Hog futures are posting slight gains in deferred contracts at midsession.
· Hog futures are mostly firmer amid technical strength.
· The CME lean hog index is steady with yesterday’s quote of $84.47.
· The pork cutout value slid 22 cents on Thursday to $94.87, led lower by primal bellies, loins and butts. Movement totaled 318.3 loads for the day.
· October lean hogs are trading within Thursday’s range, with resistance at $84.18, while support lies at the 10-day moving average of $83.87.