Corn futures are mostly a penny lower at midmorning.
· Corn futures are facing a second day of light selling pressure on spillover from wheat.
· USDA rated the corn crop as 65% “good” to “excellent” as of Sunday, up one percentage point from last week. The “poor” to “very poor” rating held at 12%. On the Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 representing perfect), the corn crop held at 368.2. Click here for details.
· Remnants of Hurricane Francine produced significant rains across the northern Delta and Tennessee River basin, but World Weather Inc. says water levels on the lower Mississippi River will rise for only a few days before falling again. The forecaster says rainfall was not likely enough to remove barge restrictions, especially with hot, dry weather forecast to return.
· December corn futures continue to find support at the 10-day moving average of $4.08 1/2, while initial resistance stands at $4.13.
Soybeans are mostly 3 to 4 cents higher, while soymeal futures are $1.50 to $2.00 lower. Soyoil is around 80 points higher.
· Soybeans are firmer amid strength from soyoil futures, while meal weakness and technical pressure limit the upside.
· Brazil’s “Fuels of the Future” bill could increase the soybean crushing for biodiesel production to 55.8 MMT in 2025, up from the current 31 MMT forecast for 2024, according to data from the Brazilian Association of Vegetable Oil Industries (Abiove).
· USDA rated the soybean crop as 64% “good” to “excellent” and 11% “poor” to “very poor.” On our CCI, the soybean crop fell 3.0 points to 359.2.
· Ukraine is likely to have a record soybean harvest in 2024 despite poor weather, due to larger planted area, analyst APK-Inform reported.
· November soybeans are trading mostly between the 40- and 10-day moving averages of $10.06 1/4 and $10.09 3/4, with additional support/ resistance at $10.11 1/4 and $9.98 1/4.
Winter wheat futures are mostly 2 to 5 cents lower, while HRS futures are mostly 2 cents higher.
· Winter wheat futures are lower for a second straight day after notching strong gains since the end of August.
· SovEcon raised its forecast for Russia’s 2024 wheat crop to 82.9 MMT, up from 82.5 MMT, citing higher-than-expected yields.
· France’s farm ministry cut its estimate for the country’s 2024 soft wheat crop to 25.78 MMT, down from 26.32 MMT last month and now 27% below last year’s volume.
· December SRW wheat futures have extended below the 10-day moving average, currently trading at $5.77 1/4, with additional support at $5.69 3/4. Initial resistance stands at $5.82 3/4.
Live cattle and feeders are marking strong gains at midmorning.
· Live cattle are solidly higher with optimism surrounding last week’s higher average cash price negating wholesale weakness.
· Last week’s cash cattle average rose after stronger-than-expected trade in the northern market on Friday, ending the streak of six straight weeks of weaker trade.
· Wholesale beef prices continued to slide, with Choice dropping 34 cents to $304.57, while Select fell $2.03 to $292.14 on Monday. Movement totaled 134 loads for the day.
· October live cattle continue to face resistance at $179.16, while initial support lies at the 10- and 20-day moving averages of $177.34 and $177.30, which are backed by support at $176.57.
Hog futures are posting moderate to strong gains at midsession.
· October hog futures are extending Monday’s gains amid notable technical buying.
· The CME lean hog index is down another 49 cents to $83.48 as of Sept. 13.
· The pork cutout value rose 32 cents amid gains in all cuts except primal hams. Movement totaled 312.4 loads.
· October lean hogs have extended above the 200-day moving average of $81.47, with resistance at $81.81 being tested, while initial support lies at the 20-day moving average of $80.11.