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Corn futures are mostly 4 to 5 cents higher at midmorning.
· Corn futures are extending Friday’s gains, though technical resistance is curbing heavier short-covering efforts.
· Scouts will be sampling corn and soybean fields across the seven Crop Tour states over the next four days. Scouts on the eastern leg of the tour are making their way today from Dublin, Ohio to Noblesville, Indiana. Those on the western leg are scouting fields between Sioux Falls, South Dakota, and Grand Island, Nebraska.
· USDA reported export inspections of 1.17 MT (45.9 million bu.), up 179,907 MT from the previous week and near the upper-end of the pre-report range of 700,000 MT to 1.2 MMT.
· December corn futures are facing resistance at the 10-day moving average of $3.98 1/4, while initial support lies at $3.93 1/4 and is backed by Friday’s low of $3.90.
Soybeans are mostly 13 cents higher, while soymeal futures are around $4.00 higher. Soyoil is about 50 points higher.
· Soybeans have recouped Friday’s losses, led by strength in soymeal futures.
· USDA reported 332,000 MT of soybeans for delivery to China and 110,000 MT to unknown destinations during 2024-25.
· USDA reported export inspections of 398,233 MT (14.6 million bu.), up 48,597 MT from the previous week and within the pre-report range of 250,000 to 450,000 MT.
· Rain fell across the central and eastern Midwest over the weekend, varying between 0.1 inch to a little over a half inch. Some localized areas received larger totals. Net drying occurred in the Delta, western Corn Belt and much of the western Plains. The forecast calls for net drying with warm temperatures, which should be good for crop maturation.
· November soybeans are facing resistance at Friday’s session high of $9.70 1/4, while initial support lies at the previous session low of $9.55.
Winter wheat futures are mostly a penny to 4 cents higher, while HRS future are 3 to 4 cents lower.
· Wheat futures are trading narrowly in consolidative trade despite notable U.S. dollar weakness.
· USDA reported export inspections of 347,519 MT (12.8 million bu.), down 319,143 MT from the previous week but within the pre-report range of 300,000 to 725,000 MT.
· World Weather Inc. reports ten days to two weeks of additional dry and warm weather is expected in southeastern Europe and southern Russia. Crop Stress will expand to the north into southeastern portions of Russia’s Central Region while intensifying in Ukraine, Russia’s Southern Region and the lower Danube River Basin.
· December SRW wheat futures continue to find support at $5.46 3/4, while initial resistance stands at $5.56 3/4.
Live cattle and feeders marking moderate gains at midmorning.
· Cattle futures are posting moderate corrective gains in the wake of strong Friday’s strong losses.
· Trade into Friday of last week was light though and averaged around $1.50 below the prior week. Weakness in futures likely favored packers in negotiations late in the week, causing weakness in the cash market. Trade is likely to be delayed again this week due to Friday’s Cattle on Feed Report.
· Wholesale beef values rose on Friday, with Choice up 51 cents to $317.45 and Select up 56 cents to $302.59. Movement totaled 116 loads for the day.
· October live cattle are facing support at Friday’s low of $176.75, while initial resistance stands at the 10-day moving average of $179.82.
Hog futures are moderately firmer at midsession.
· October hog futures are taking back a portion of Friday’s losses amid technical buying despite returned cash weakness and fading wholesale fundamentals.
· The CME lean hog index is down 11 cents to $90.09 as of Aug. 15.
· The pork cutout value dropped $1.20 on Friday to $98.67 amid losses in all cuts aside from primal picnics and ribs. Movement for the week totaled 255.28 loads.
· October lean hogs are hovering mostly above the 10-day moving average of $74.38, which is backed by the 40-day moving average of $74.39. The 20-day moving average of $75.73 serves as initial resistance.