Corn futures are 9 to 10 cents higher.
· Corn futures are recouping losses from the past couple sessions, with soybean strength underpinning prices.
· The Northern and west-central Plains and upper Midwest will be dry this week. The lower Midwest, Delta and Southeast will trend wetter than normal this week. Temperatures will be close to normal in the Southern Plains and Delta, while temps will trend cooler than normal in other areas.
· USDA reported weekly export inspections of 1.1 MMT (43.4 million bu.) during the week ended Sept. 19, up 533,911 MT from the previous week and above the pre-report range of expectations from 475,000 MT to 900,000 MT.
· December corn futures have moved above the 40- and 10-day moving average of $4.02 1/4 and $4.08 1/4, with resistance at $4.11 1/4. Initial support stands at $4.00.
Soybeans are 20-plus cents higher, while soymeal futures are more than $6.00 higher. Soyoil is around 90 to 100 points higher.
· Soybeans have broken out of the recent consolidation range, trading at the highest level since Aug. 6 amid technical buying.
· USDA reported daily soybean sales of 165,000 MT to unknown destinations for 2024-25.
· USDA reported weekly export inspections of 485,216 MT (17.8 million bu.), up 11,940 MT from the previous week and within pre-report expectations from 350,000 to 650,000 MT.
· Brazilian farmers have planted 0.5% of the projected 2024-25 soybean area in the country, below the 1.6% seen in the same period a year earlier, according to Safras & Mercado. AgRural pegged soybean planting at 0.9% as of last Thursday.
· Brazil’s center-west and center-south crop areas will receive some showers during the latter part of this week and into next week, but the resulting rainfall is not likely to be enough to plant early soybeans, according to World Weather Inc. The forecaster notes greater rain will still be needed.
· November soybeans have moved to the highest level since early August, with resistance at $10.38. Support is at the 10-day moving average of $10.06 1/2.
Winter wheat futures are 12 to 15 cents higher, with HRS futures up 8 to 10 cents.
· Wheat futures are firmer to being the week amid corrective buying in the wake of last week’s price pressure.
· USDA reported weekly wheat export inspections of 711,073 MT (26.1 million bu.), up 122,288 MT from the previous week and above the pre-report range of 400,000 to 650,000 MT.
· U.S. wheat areas are receiving sufficient rain to improve planting and emergence conditions from the Great Plains into the southwestern Midwest and precip is possible farther to the east this weekend into next week.
· December SRW wheat futures have moved above resistance at the 10-day moving average of $5.77 1/4, with additional resistance at $5.84 3/4. Initial support lies at the 20-day moving average of $5.66 1/2.
Live cattle and feeders are posting slight- to moderate gains at midsession.
· Live cattle have backed off of earlier highs but remain solidly higher.
· USDA estimated there were 11.198 million head of cattle in large feedlots (1,000-plus head) as of Sept. 1, up 71,000 head (0.6%) from last year. August placements declined 1.4%, while marketings fell 3.6% from year-ago levels. All of the categories were close to the average pre-report estimates.
· Cash cattle traded as much as $2.00 higher late last week, though official data won’t be released until later this morning. The expected uptick in the average cash cattle price gives bulls optimism for higher cash prices again this week.
· Wholesale beef values rose on Friday, with Choice rising 63 cents to $300.19, while Select rose 33 cents to $288.59. Movement totaled 130 loads for the day.
· October live cattle have moved to the highest level since early August, with resistance at $183.71, while support lies at the 100-day moving average of $181.30.
Hog futures modestly firmer at midsession
· October hog futures are favoring the upside but continue to consolidate sideways.
· The CME lean hog index is down 2 cents to $84.36 as of Sept. 19, following a one-day 16 cent uptick.
· The pork cutout value fell 66 cents on Friday to $94.15, with losses in all cuts aside from primal loins and picnics. Movement totaled 232.9 loads.
· October lean hogs are consolidating between resistance at $82.60 and support at $81.90.