Corn is mostly 13 to 15 cents higher.
- Corn futures are solidly higher amid general optimism ahead of President Trump and President Xi’s meeting this week and strong export inspections in late morning trade.
- USDA reported weekly corn inspections totaled 1.939 MMT during the week ended Sept. 17, up 386,513 MT from the previous week. Net inspections topped analysts’ pre-report range of estimates from 1.2 MMT to 1.85 MMT.
- Oil and liquefied natural gas shipments through the Strait of Hormuz in the past two weeks reached the highest level in six months, signaling that U.S. naval protection and mine clearance efforts are “paying off,” a regional US commander said. “Clearly, momentum is building,” Admiral Brad Cooper, head of U.S. Central Command, said in a video message Saturday,Bloomberg reported.
- December corn futures are testing resistance at the 10- and 20-day moving averages, with resistance serving at the Sept. 1 high of $5.49 ¾, while initial support lies at $5.24 1/2.
Soybeans are 20 to 21 cents higher, while meal is around $8.50 higher. Soyoil futures are around 81 points higher.
- Soybeans are posting solid gains to start the week amid technical buying as preliminary discussions between the U.S. and China lean optimistic.
- U.S. and Chinese officials have begun talks in New York to lay the groundwork for a high-profile summit between Presidents Donald Trump and Xi Jinping. The negotiators are expected to discuss issues spanning trade and investment, artificial intelligence and the Iran war. A trade truce that saw both sides lower tariffs and export restrictions is set to expire in November and is high on the agenda for the talks.
- USDA reported weekly soybean inspections totaled 759,193 MT during the week ended Sept. 17, up 78,941 MT from the previous week. Net inspections topped analysts’ pre-report estimates, which ranged from 300,000 to 750,000 MT.
- November soybeans continue to face resistance at the $13.17, which is backed by the Sept. 11 high of $13.35 1/4. The 20-day moving average, trading at $12.98 1/4 is initial support.
Winter wheat futures are 13 to 14 cents higher, while HRS futures are mostly 7 to 8 cents higher.
- Winter wheat futures are posting gains but continue to struggle against technical resistance.
- USDA reported weekly export inspections totaled 335,253 MMT during the week ended Sept. 17, down 137,727 MT from the previous week. Net inspections were within the expected pre-report range of 300,000 to 500,000 MT.
- A Moscow oil refinery was hit during drone attacks that were part of the largest overnight Ukrainian barrage this year. Russia’s Defense Ministry said it downed 1,110 Ukrainian drones across 19 regions of Russia as well as in Crimea,Bloomberg reported.
- December SRW wheat continues to face resistance at the 10-day moving average of $7.29, which is backed by the 20-day moving average, trading at $7.40 1/4. The 40-day moving average of $7.06 3/4 serves as initial support.
Live cattle and feeders are notably higher at midsession.
- Cattle futures are solidly higher following USDA’s bullish Cattle on Feed Report on Friday.
- Cash cattle trade held a slightly weaker tone in Friday’s late-morning report, though the official quote for last week won’t be released until later this morning.
- USDA’s monthly Cattle on Feed Report released after Friday’s close showed a 1% rise from a year ago in the number of cattle on feed, while placements during August slumped 9% to the lowest reading for the month on record going back to 1996. August marketings were down 3% from a year ago. Read:Cattle on Feed inventory up just slightly from year-ago levels.
- Choice boxed beef fell 21 cents on Friday to $371.94, while Select rose $1.38 to $353.26. Movement totaled 86 loads.
- October live cattle gapped higher at the open and are facing resistance at the 40-day moving average, trading at $219.13, while upprot lies at $217.14.
Hog futures are higher at midmorning.
- October lean hogs are correctively firmer despite continued fundamental pressure.
- The CME lean hog index is down $1.00 to $84.02 as of Sept. 17.
- The pork cutout value fell 56 cents to $86.98 on Friday despite a near $5 gain in primal bellies. Movement totaled 227.5 loads.
- October lean hogs are trading within Friday’s lower range, with support at the previous session low of $77.975, while initial resistance stands at $78.94, $79.78 then at the 10- and 20-day moving averages.