Corn futures are mostly a penny higher at midmorning.
· Corn futures are modestly favoring the upside, with support from SRW wheat and crude oil.
· USDA reported daily corn sales of 155,000 MT to Mexico for 2024-25.
· USDA reported weekly corn export inspections of 933,274 (36.7 million bu.), down 216,250 MT from the previous week but within the pre-report range of expectations from 800,000 MT to 1.3 MMT.
· The central U.S. will remain dry over the next week, while temps will run above normal. That will continue to facilitate rapid harvest progress.
· Brazil’s center-west and center-south crop areas will see slowly improving shower activity, but resulting rainfall won’t reverse the dry pattern. Argentina will be wetter in the north half to two-thirds of the nation during the next 10 days.
· December corn futures are trading mostly between the 100- and 10-day moving averages of $4.22 1/4 and $4.26 1/4, with additional resistance/support at $4.27 1/4 and $4.20 1/2.
Soybeans are mostly 2 to 3 cents lower, while soymeal futures are around $3.00 to $6.00 lower. Soyoil is about 40 points higher.
· Soybeans are being pressured by extended selling in soymeal futures, though soyoil and strong export inspections are limiting pressure.
· USDA reported daily soybean sales of 172,500 MT to unknown destinations for 2024-25.
· USDA reported soybean export inspections of 1.431 MMT (52.6 million bu.), up 748,493 MT from the previous week and above analysts’ pre-report range of 450,000 MT to 1.125 MMT.
· Brazil’s soybean planting for the 2024-25 season as of last Thursday reached 4.5% of the total expected area, well behind last year’s pace of 10% for the same period, according to AgRural. Planting in key producing Mato Grosso is seen at the slowest pace since 2015-16 amid hot, dry conditions.
· November soybean futures gapped lower overnight and have extended below the 20-day moving average, currently trading at $10.29 1/2, for the first time since Sept. 20, with next support at $10.24. Initial resistance stands at today’s high of $10.37 1/4.
Wheat futures are mostly 2 to 4 cents higher.
· Wheat futures are marking modest corrective gains following notable selling at the end of last week.
· USDA reported wheat export inspections of 363,460 (13.4 million bu.), down 187,475 MT from the previous week but within the expected range of 250,000 to 650,000 MT.
· A Russian missile strike damaged a civilian Saint Kitts and Nevis-flagged vessel loaded with corn in Ukrainian port of Pivdennyi on Sunday, the Ukrainian restoration ministry said. The 15 crew members were not injured. This is the third Russian attack on a civilian vessel in the Black Sea region in a month.
· Russia’s grain harvest will be hit by impacts of the invasion of Ukraine on grain-producing regions close to the border and by bad weather in many other regions, RIA news agency cited Agriculture Minister Oksana Lut as saying.
· December SRW futures bounced from support at the 20-day moving average of $5.84 1/2. Resistance stands at $5.93 1/2, which is backed by psychological resistance at $6.00.
Live cattle are mostly firmer while feeders are mixed at midmorning.
· Nearby live cattle are firmer amid continued strength in cash cattle prices last week.
· Cash cattle prices firmed for a fourth consecutive week, though the official price for last week won’t be known until late this morning. With margins deep in the red, it’s unlikely packers will want to raise cash cattle prices again this week, though feedlots won’t be in any hurry to move cattle at lower prices. Extended cash negotiations are likely.
· Wholesale beef values firmed on Friday with Choice rising $2.78 to $302.58, while Select soared $4.32 to $287.61, narrowing the Choice/Select spread to $14.97. Movement totaled 105 loads for the day.
· December live cattle are being limited by resistance at $187.53, while initial support remains at $186.28.
Hog futures are mostly firmer at midsession.
· October hog futures are edging lower, though solid technical support is curbing seller interest.
· The CME lean hog index is down 7 cents to $84.83 as of Oct. 3, ending a three-day string of gains.
· The pork cutout slipped 49 cents on Friday to $94.31 amid declines in primal butts, picnics and hams. Movement totaled 287.5 loads for the day.
· October lean hogs are testing support at $83.70, while initial resistance stands at $84.10.