Corn is mostly a penny to 3 cents higher.
- Corn futures are extending Monday’s gains back above the 200-day moving average, though resistance from last week’s high is curbing momentum.
- USDA reported 91% of the corn crop was harvested as of Nov. 16, three percentage points behind the five-year average.
- South American crop consultant left his Brazilian corn production estimate unchanged at 140 MMT and maintains a neutral bias going forward. However, with delayed soybeans plantings, Cordonnier estimates as much as 30% of the safrinha crop will be planted after the ideal planting window, with an additional 20% also at risk. He also left his Argentine corn production estimate unchanged at 54 MMT.
- December corn futures have edged back above the 200-day moving average and are facing resistance at $4.38 1/2, which is backed by last week’s high of $4.42 3/4. The 10- and 20-day moving averages, trading at $4.32 1/2 and $4.29 1/2 are serving up initial support.
Soybeans are around a penny to 2 cents higher, while soymeal is around $3.50 lower. Soyoil is more than 100 points higher.
- Soybeans are caught in the meal/soyoil crossfire amid active spreading but are modestly favoring the upside.
- USDA reported daily sales of 792,000 MT of soybeans to China during 2025-26.
- USDA reported the soybean crop was 95% harvested as of Nov. 16, one percentage point behind the five-year average.
- Dr. Michael Cordonnier left his Brazilian soybean estimate unchanged at 177 MMT and maintains a neutral bias despite delayed plantings amid irregular rainfall. He also left his Argentine soybean production estimate unchanged at 49.0 MMT.
- Farmers in Argentina’s central Buenos Aires province are grappling with extensive flooding that’s blocking access to their fields, delaying plantings.
- A cargo of Argentine soybean meal has cleared Chinese customs, marking the first shipment since Beijing approved such imports in 2019, signaling a new trade channel with the world’s top soymeal exporter, according to Reuters.
- January soybeans are trading between last week’s high of $11.35 3/4 and the 10-day moving average of $11.12 1/4.
Winter wheat futures are mostly unchanged to 3 cents higher, while HRS futures are around a penny to 6 cents higher.
- SRW wheat futures are modestly firmer, as technical resistance curbs buyer interest.
- USDA reported that 92% of the winter wheat crop was planted as of Nov. 16 and 79% emerged. The “good” to “excellent” rating stood at 45%, while 19% was rated “poor” to “very poor.”
- A beneficial storm system will impact HRW wheat country in the U.S. Wednesday through Friday, with the rain most significant in southeastern production areas, according to World Weather Inc. However, some meaningful rainfall is likely in western parts of the region as well.
- Farmers in India are set to expand wheat acreage by about 5% to a record high, aided by higher returns and October’s untimely rains, which improved soil moisture and encouraged cereal plantings, according to Reuters.
- December SRW wheat futures are facing resistance, which stems from the Nov. 5 high of $5.55 and the 200-day moving average of $5.63 1/2. Meanwhile, initial support lies at the 10-, 100- and 20-day moving averages, layered from $5.37 3/4 to $5.32 1/2.
Live cattle are mixed, while feeders are mostly firmer at midsession.
- Cattle continue to be technically limited, coupled with fading cash fundamentals.
- Last week’s cash cattle trade was down another $3.64 to $225.06, which will likely continue to keep futures suppressed.
- Choice boxed beef slipped 32 cents on Monday to $370.41, while Select rose $2.06 to $356.30.
- December live cattle continue to face initial resistance at the 10-day moving average, currently trading at $222.18, which is backed by the 20-day moving average. Initial support lies at $217.78 and is backed by the 200-day moving average.
Hog futures are weaker at midmorning.
- Nearby lean hogs are weaker in sideways trade amid wholesale and extended cash weakness.
- The CME lean hog index is down another 94 cents to $87.00 as of Nov. 14.
- The pork cutout value fell another 21 cents on Monday to $97.01, led by losses in primal butts.
- December lean hogs are facing support at last week’s low of $77.85, while resistance stands at the 10- and 20-day moving averages, trading at $79.80 and $80.49.