Corn futures are mostly a penny to 2 cents higher at midmorning.
· Corn futures are modestly firmer, though fading soybeans and soymeal are limiting buying interest.
· USDA reported corn harvest was 81% complete as of Oct. 27, well ahead of the five-year average of 64%.
· South American crop consultant Dr. Michael Cordonnier left his Brazilian corn crop estimate unchanged at 125 MMT, noting soybean planting progress over the past week means less safrinha corn will likely be planted after the ideal window. Cordonnier also left his Argentine corn crop estimate unchanged at 48 MMT.
· Overnight, South Korea purchased 136,000 MT of corn to be sourced from the U.S., South America or South Africa.
· December corn futures are facing resistance at the 20- and 100-day moving averages, each trading around $4.16, while support remains at $4.08 3/4.
Soybeans are mostly 1 to 3 cents, while soymeal futures are around $1.50 to $3.00 lower. Soyoil is around 35 points higher.
· Soybeans are choppy, with corrective gains in soyoil lending support, though continued selling in meal futures is weighing on futures.
· USDA reported soybeans were 89% harvested as of Oct. 27, well ahead of the five-year average of 78%.
· Cordonnier kept his Brazilian soybean estimate at 165 MMT as needed rains fell on central production areas with more expected this week. Cordonnier says there was strong soybean planting progress over the past week, especially in Mato Grosso. He also left his Argentine soybean estimate unchanged at 57 MMT.
· November soybean futures continue to be limited by the 10-day moving average of $9.84 1/4 while initial support lies at $9.69 3/4, which is backed by the Oct. 17 low of $9.68 1/4.
Wheat futures are mostly 9 to 12 cents higher.
· Wheat futures are correctively higher, with poor initial U.S. winter crop ratings spurring some short-covering.
· USDA’s initial winter wheat conditions rated the crop 38% “good” to “excellent,” down nine points from last year and the second lowest on record behind two years ago. The amount of crop rated “poor” to “very poor” was 23%, up five points from last year. Click here for details.
· Ukrainian farmers had seeded 4.68 million hectares of winter grains for harvest next year as of Oct. 28, or 90.2% of the expected area of 5.19 million hectares, the agriculture ministry said. That included 4.13 million hectares of winter wheat, or 92.2% of the projected area.
· December SRW futures are trading within Monday’s range, with initial support at the previous session low of $5.57 3/4, while resistance stands at $5.71 1/2.
Live cattle and feeders are modestly weaker at midmorning.
· Live cattle futures are weaker after extending to a near four-month high in early trade.
· Last week, the cash cattle average rose another $2.44 to $190.05, marking the seventh consecutive weekly gain and the highest price since early August.
· Wholesale beef prices were mixed on Monday, with Choice rising $1.26 to $323.50, while Select fell $2.90 to $292.18, widening the Choice/Select spread to $31.32. Movement totaled 156 loads for the day.
· December live cattle extended to a fresh near-term high, though resistance at $189.65 and $190.03 continue to limit stronger buying. Initial support is at $189.05.
Hog futures are slightly to sharply higher at midsession.
· December hog futures are sharply higher amid persisting fundamental and technical strength.
· The CME lean hog index is up another 12 cents to $85.55 as of Oct. 25, the seventh straight daily gain. During that span, the index has firmed $1.69.
· The pork cutout value surged $3.01 on Monday to $101.95 amid gains in all cuts. Movement totaled 263.0 loads for the day.
· December lean hogs gapped higher at the open, reaching a fresh contract high. Initial resistance will now at $82.86. Initial support is at today’s low of $81.25, extending to the bottom of the gap at $80.825.