Corn futures are mostly 2 cents lower at midmorning.
· Corn futures are being pressured by sharp losses in crude oil futures
· USDA reported daily corn sales of 124,000 MT to Japan and 120,000 MT to unknown destinations for 2024-25.
· Weekly corn export inspections totaled 823,664 MT (32.4 million bu.) during the week ended Oct. 24, down 177,498 MT from the previous week and near the low-end of the pre-report range of expectations from 700,000 MT to 1.4 MMT.
· As of last Thursday, Brazil’s corn planting advanced to 52%, according to AgRural, one point behind last year at this time. Rain fell across center-west and center-south Brazil during the weekend and more rainfall through these areas is expected over the next two weeks.
· December corn futures gapped lower overnight but found support at the 10-day moving average of $4.10 3/4. Meanwhile, the 40-day moving average near $4.13 1/2 is resistance, with backing from the 100-day moving average of $4.16 1/2.
Soybeans are mostly 8 to 9 cents lower, while soymeal futures are around $2.00 lower. Soyoil is around 120 to 140 points lower.
· Soybeans are lower amid heavy selling in soyoil and extended weakness in meal.
· USDA reported weekly soybean export inspections of 2.4 MMT (87.9 million bu.) during the week ended Oct. 24, down 154,957 MT from the previous week but near the upper end of the pre-report range of expectations from 2.0 MMT to 2.55 MMT.
· Brazil’s soybean planting reached 36% of estimated area as of last Thursday, according to AgRural, up 18 percentage points from the previous week but still behind 40% on that date last year. After a slow start, farmers in Mato Grosso, Brazil’s top production state, actively planted soybeans as rains developed.
· November soybean futures are trading below the 10-day moving average of $9.86 1/4, with support at $9.77.
Winter wheat futures are 4 to 5 cents lower, while HRS futures are 4 to 7 cents lower.
· Wheat futures are extending Friday’s losses as technical selling continues to weigh on the market.
· Wheat inspections during the week ended Oct. 24 totaled 248,534 MT (9.1 million bu.), down 19,941 MT from the previous week but within the pre-report range of 200,000 to 350,000 MT.
· Rain is expected in some of the drier areas of the U.S. Central and southwestern Plains, Midwest and a few Pacific Northwest crop areas in the coming week, according to World Weather Inc. A few showers of limited significance will also occur in Russia’s Southern Region while little moisture of significance occurs in South or Western Australia.
· December SRW futures are finding support at $5.61 1/2 while resistance at the 10-, 10-, 40- and 20-day moving averages is layered from $5.75 1/2 to $5.82.
Live cattle are modestly weaker while feeders are firmer at midmorning.
· Live cattle futures are favoring the downside as traders take profits following recent strength.
· USDA estimated there were 11.600 million head of cattle in large feedlots (1,000-plus head) as of Oct. 1, virtually unchanged from last year. Placements declined 1.9%, while marketings rose 2.0% from year-ago levels in September. The feedlot inventory and placements numbers were a little heavier than the average pre-report guesses, but not enough to have much if any market impact.
· Wholesale beef firmed on Friday after losses earlier last week hinted the strong price rally may be running out of steam. Choice beef firmed $1.07 to $322.24 while Select rose 74 cents to $295.08.
· December live cattle are being limited by resistance at Friday’s high of $189.50, while support remains at $188.22.
Hog futures are modestly firmer at midsession.
· December hog futures are modestly firmer as cash strength lends support.
· The CME lean hog index is up another 22 cents to $85.43 as of Oct. 24, the sixth consecutive daily gain.
· The pork cutout value rose 79 cents on Friday to $98.94, led by an $8-plus gain in primal bellies. Movement totaled 253.0 loads for the day.
· December lean hogs continue to face resistance at $80.21, while support lies at $79.19.