Corn futures are mostly 3 to 4 cents lower at midmorning.
· Corn futures are facing corrective selling pressure, in tandem with wheat futures, in the wake of Friday’s strong gains.
· USDA reported corn export inspections of 521,118 MT (20.5 million bu.) for the week ended Sept. 12, down 312,180 MT from the previous week and near the low-end of the pre-report expectations from 250,000 MT to 1.0 MMT.
· Temps will run above normal across the Corn Belt, Plains and Delta over the next week to 10 days. Dry conditions are expected from the lower Midwest through the Tennessee River basin, while there will be rain chances late this week for the upper Midwest and Southern Plains. Potential tropical storm eight could bring heavy rains to areas of the Southeast.
· December corn futures are trading within Friday’s range, with initial support at the 10-day moving average of $4.08 1/2, while resistance stands at Friday’s high of $4.14.
Soybeans are mostly unchanged to a penny higher, while soymeal futures are marginally firmer. Soyoil is around 20 points higher.
· Soybeans are favoring the upside but are consolidating in sideways trade as technical pressure continues to curb the upside.
· USDA reported daily soybean sales of 132,000 MT to unknown destinations for 2024-25.
· USDA reported weekly soybean export inspections of 401,287 MT (14.7 million bu.), up 36,284 MT from the previous week and within the pre-report range of 325,000 to 650,000 MT.
· Analysts expect the National Oilseed Processors Association (NOPA) to report its members crushed 171.3 million bu. of soybeans in August, according to a Reuters survey. That would be down 6.3% from July but up 6.1% from last year and a record for the month. Soyoil stocks at the end of August are expected to total 1.356 billion pounds.
· Brazil’s soybean planting for the 2024-25 season has started but is still limited to some small areas in the states of Parana and Mato Grosso as of Sept. 12, according to AgRural. The firm said farmers have been struggling with low humidity levels and high temps.
· November soybeans are trading near the 40-day moving average of $10.07 1/2, with resistance at $10.17 1/2. Initial support lies at $9.98 1/2.
Winter wheat futures are mostly 16 to 20 cents lower, while HRS futures are 17 to 18 cents lower.
· Wheat futures have taken back Friday’s gains amid profit-taking despite notable outside market support.
· USDA reported wheat export inspections of 556,901 MT (20.5 million bu.) for the week ended Sept. 12, down 63,901 MT from the previous week but near the upper end of pre-report expectations from 350,000 to 650,000 MT.
· Western portions of the Commonwealth of Independent States (CIS) will continue to experience drought conditions for at least another 10 days, according to World Weather Inc. Little to no rain is expected during the forecast period and what few showers do evolve will have a low impact on soil moisture.
· December SRW wheat futures are testing support at the 10-day moving average of $5.76 1/4, which is backed by the 40- and 20-day moving averages, each currently trading around $5.59. Initial resistance stands at Friday’s high of $5.98 3/4.
Live cattle and feeders are choppy at midmorning.
· Live cattle are rather directionless as technical resistance and fading cash and wholesale fundamentals limit buying interest.
· Cash cattle prices remained weak last week, which continues to limit buying in futures.
· Wholesale beef prices fell $2.27 for Choice to $304.91 and $1.47 for Select to $294.17 on Friday. While movement has remained strong, averaging 148.8 loads last week, Choice beef dropped to the lowest level since mid-May.
· October live cattle continue to find support at $176.80, while initial resistance stands at $178.80.
Hog futures are posting slight to moderate gains at midsession.
· October hog futures are notably higher amid technical buying.
· The CME lean hog index is down another 48 cents to $84.87 as of Sept. 12, down $8.77 from the seasonal peak on Aug. 1.
· The pork cutout value fell 28 cents on Friday to $93.90, though movement was solid at 321.6 loads for the day.
· China’s sow herd stood at 40.41 million head at the end of July, down 5.4% from last year, the agricultural ministry said.
· October lean hogs are facing resistance at the 20- and 10-day moving averages, each trading around $79.82, while initial support lies at the 100-day moving average of $78.69 and is backed by the 40-day of $77.79.