Corn futures are 5 to 6 cents lower at midmorning.
· Corn futures are edging lower amid notable weakness in crude oil futures and extended selling in soybeans.
· USDA reported weekly corn inspections of 430,323 MT (16.9 million bu.) during the week ended Oct. 1, down 517,640 MT from the previous week and below the pre-report range of 600,000 MT to 1.0 MMT.
· Mexican rail consortium Ferromex and U.S. railroad company Union Pacific Corp said they have stopped issuing permits for some grain rail shipments moving through Eagle Pass, Texas, after a recent train derailment in Mexico closed the track. The halt is a temporary measure until rail traffic gets cleared after the track reopens, Ferromex told Reuters. Total volume of grain movement between Union Pacific and Ferromex will not be affected.
· Mexican President Claudia Sheinbaum has reaffirmed the country’s ban on the planting and consumption of genetically modified (GMO) white corn, emphasizing the commitment to food sovereignty. Mexican Secretary of Agriculture Julio Berdegué Sacristán reiterated that no transgenic white corn will be produced or consumed in Mexico.
· December corn futures are finding support at $4.02 1/2, while resistance stands at the 40-day moving average of $4.09 1/2.
Soybeans are mostly 10 to 12 cents lower, while soymeal futures are around $5.00 lower. Soyoil is around 50 points higher.
· Soybeans are posting losses for the fourth consecutive session as selling in soymeal continues to weigh on the complex.
· USDA reported daily sales of 131,000 MT of soybeans to China during 2024-25.
· USDA reported weekly export inspections of 1.575 MMT (57.9 million bu.) during the week ended Oct. 10, down 49,716 MT from the previous week but near the upper-end of the pre-report range of 800,000 MT to 1.875 MMT.
· Analysts expect the National Oilseed Processors Association (NOPA) to report its members crushed 170.3 million bu. of soybeans in September, which would be up 7.8% from August and 2.9% above last year’s record for the month. Soyoil stocks held by NOPA members as of Sept. 30 were estimated at 1.083 billion lbs., down 4.9% from August and the smallest end-of-month supply since December 2014.
· Brazil’s soybean crop is expected to reach 166.05 MMT in 2024-25, up 12.7% from the previous season, national crop agency Conab noted earlier today in its first estimates for the new cycle.
· November soybean futures have extended to the lowest level since Aug. 29, with support serving at $9.78 1/2, while resistance is at $10.00.
Wheat futures are mostly 2 to 5 cents lower.
· SRW wheat futures are favoring the downside as technical selling persists but have bounced off earlier lows with support from a weaker U.S. dollar.
· USDA reported daily sales of 120,000 MT of SRW wheat to Mexico during 2024-25.
· USDA reported export inspections of 371,004 MT (13.6 million bu.) during the week ended Oct. 10, up 7,544 MT from the previous week and within the pre-report range of 300,000 to 550,000 MT.
· France’s ag ministry trimmed its wheat crop estimate to 25.43 MMT, down 350,000 MT from last month. That’s the smallest output since 1986 as repeated heavy rains throughout the growing season reduced plantings and crop development.
· Turkey relaxed its wheat import rules ahead of the scheduled expiry of a ban. In June, Turkey banned wheat imports until Oct. 15 to protect farmers from low prices, promote domestic procurement of grains by the Turkish state grain board (TMO).
· December SRW futures are trading within Monday’s lower range, with support at $5.79 1/4 limiting heavier selling efforts, though resistance is serving at the 20-day moving average of $5.88 1/2.
Live cattle and feeders are sharply lower at midmorning
· Nearby live cattle are notably weaker amid corrective selling in the wake of recent strong gains.
· Cash cattle averaged $187.21 last week, up 32 cents and the fifth consecutive weekly gain. During that span, cash cattle prices have firmed $6.03.
· Wholesale beef prices rose on Monday, with Choice gaining $2.10 to $313.32, while Select increased 38 cents to $289.10, widening the Choice/Select spread to $24.22. Movement was light, however, at only 87 loads.
· December live cattle have extended below the 10-day moving average of $187.30 but have found additional support at the 20-day moving average of $185.45.
Hog futures are modestly weaker at midsession.
· Hog futures are chopping around unchanged in narrow trade as technical support limits an extension of Monday’s selling efforts.
· The CME lean hog index is down 13 cents to $84.16 as of Oct. 11.
· The pork cutout value rose 50 cents to $94.97 on Monday amid gains in all cuts aside from primal butts. Movement totaled 293.5 loads.
· China imported 541,000 MT of meat during September, down 24,000 MT (4.2%) from August and 54,000 MT (9.1%) less than last year. Through the first nine months of the year, China imported 4.94 MMT of meat products, down 770,000 MT (13.5%) from the same period last year.
· December lean hogs are trading within Monday’s lower range, between the 10-day moving average of $76.54 and 20-day moving average, currently trading at $75.39. Initial resistance stands at $187.78.