Corn is mostly 2 cents higher at midmorning.
- Corn futures are modestly firmer, with general corrective strength across the grain and soy complexes.
- USDA reported daily sales of 186,000 MT of corn to unknown destinations during 2025-26.
- USDA reported weekly export sales of 2.38 MMT for the week ended Nov. 13, above the average pre-report range of 800,000 MT to 2.0 MMT.
- March corn futures continue to face pressure from the 10- and 200-day moving averages, trading at $4.46 3/4 and $4.50 1/4. The 10-day moving average of $4.43 1/2 is serving up support.
Soybeans are a penny to 2 cents higher, while soymeal is $2.00 higher. Soyoil is around 150 points lower.
- Soybeans are being led modestly higher by corrective gains in meal futures.
- USDA reported daily sales of 264,000 MT of soybeans to China and 226,000 MT to unknown destinations, each for delivery during 2025-26.
- USDA reported weekly soybean sales of 695,600 MT for the week ended Nov. 13, which were near the low-end of the pre-report range of 600,000 MT to 1.4 MMT.
- Conab lowered Brazil’s 2025-26 soybean production forecast by 550,000 MT earlier today to 177.12 MMT, which would still be a record if realized.
- China’s state stockpiler Sinograin sold most of the soybeans it offered in an auction of state reserves, according to traders earlier today, making room for an expected influx of U.S. cargoes.
- January soybeans continue to face resistance at $10.95 3/4, while initial support lies at $10.84.
SRW wheat futures are mostly a penny firmer, while HRW futures are around a penny to 2 cents lower. HRS futures are a penny firmer.
- SRW wheat futures are firmer with support stemming from a notably weaker dollar.
- USDA reported weekly wheat sales of 850,400 MT for the week ended Nov. 13, which were well above the expected pre-report range of 200,000 to 600,000 MT.
- World Weather Inc. resorts winterkill is unlikely both in the U.S. and western Russia this weekend as bitter cold temps impact both areas, as snow will be on the ground in any area that experiences temps near the damage threshold.
- March SRW futures are trading within Wednesday’s range, limited by resistance at 10-, 20-, 40- and 100-day moving averages, layered from $5.45 3/4 to $5.42 1/4.
Live cattle and feeders are posting hefty gains at midmorning.
- Live cattle futures gapped higher at the open and are posting solid gains amid a much improved technical perspective.
- Cash cattle negotiations are likely to pick up towards the end of the week, with early trade commencing at slightly firmer prices.
- Wholesale beef values faded on Wednesday, with Choice down $1.68 to $359.36, while Select fell $3.15 to $344.88. Movement totaled 152 loads.
- February futures gapped higher at the open, but are now facing resistance at the 100-day moving average of $231.69, while support lies at today’s open of $229.85.
Hog futures are posting solid gains at midsession.
- Lean hog futures are posting strong gains in a breakout of the recent range, with heftier gains in the cash index spurring buyer interest.
- The CME lean hog index is up another 27 cents to $82.16 as of Dec. 9.
- The pork cutout value rose 83 cents to $97.27, led by a near $6 gain in primal hams and $2.50 gain in picnics. All other cuts posted losses. Movement totaled 332.5 loads.
- February lean hogs have edged above the 200-day moving average of $83.52, while initial support lies at $82.35.