Corn is mostly 6 to 7 cents higher at midmorning.
- Corn futures are extending from technically oversold territory amid corrective buying.
- Traders and investors are once again betting that the Federal Reserve will cut U.S. interest rates again when policymakers meet next month (Dec. 9-10), with markets pricing signaling roughly 80% certainty of a quarter-point rate hike.
- Ethanol production averaged 1.113 million barrels per day (bpd) during the week ended Nov. 21, that was up 2.0% from the previous week but down 0.5% from year-ago. Ethanol stocks declined to 21.968 million barrels.
- March futures have moved above resistance at the 20-day moving average, which is backed by the 200-day moving average of $4.48 3/4, while support is layered at the 40-day moving average of $4.40 1/2, then at $4.36 3/4.
Soybeans are mostly a nickel to 6 cents higher, while soymeal is around $1.30 higher. Soyoil is around 25 points higher.
- Soybeans are firmer, in tandem with the grain complex amid light technical buying.
- China bought at least 10 cargoes of U.S. soybeans in contracts signed since Tuesday, a day after the presidents of both countries spoke on the phone.
- Relief from recent drying is expected from Paraguay and Santa Catarina northward into southern Mato Grosso and Goias this weekend, however, Rio Grande dol Sul may not get much rain and it may be seeing an extended period of drier weather, according to World Weather Inc.
- January soybeans continue to hover around the 20-day moving average of $11.28 3/4, with additional resistance at the Nov. 18 high of $11.69 1/2. Initial support is around $11.18.
Wheat futures are mostly 4 to 6 cents higher.
- SRW wheat futures are modestly firmer, though technical headwinds will likely continue to curb momentum.
- U.S. presidential envoy Steve Witkoff will lead a delegation for talks in Russia next week, a Kremlin official said and as reported by Bloomberg, as President Trump pushes for a deal to end Russia’s war with Ukraine.
- Snow cover in the Northern Plains should be enough across the region to porrect against the upcoming significantly cold temps, notes World Weather.
- March SRW wheat continues to face resistance at the 10-, 100- and 20-day moving averages, layered from $5.45 3/4 to $5.49 1/4, while the 40-day moving average of $5.37 1/2 serves as initial support.
Live cattle and feeders are posting strong gains at midsession.
- Cattle futures are extending Tuesday’s corrective gains in the wake of Monday’s stiff selling.
- The upcoming cold temps throughout the Northern Plains will bring concern over livestock stress from Saturday through Tuesday, when some of the coldest temps occur. More snow is expected in the next seven days.
- Cash cattle trade started the week off in light trade, with steers averaging $208.00 and heifers $207.32.
- December live cattle are facing resistance at $211.23, while initial support lies at $206.83, then at this week’s low of $204.55.
Hog futures solidly higher at midmorning.
- Nearby lean hogs are firmer in a test of resistance at the 20-day moving average for the first time in two weeks.
- The CME lean hog index is down another 80 cents to $82.81 as of Nov. 22
- South Korea was on heightened alert Tuesday after authorities reported an outbreak of African Swine Fever at a pig farm in the country’s top pig-breeding region, Reuters reported. Authorities raised the national alert level to “serious” after 1,423 pigs were culled due to the outbreak at a farm in Danjin, South Chungcheong province, the report said.
- December lean hogs are trading mostly between the 20- and 10-day moving averages, currently trading at $79.64 and $78.54.