Corn is mostly a penny higher.
- Corn futures are modestly firmer to start the week, with support from strength in both soybeans and wheat, though technical resistance continues to crimp buyer interest
- USDA reported weekly corn inspections of 1.425 MMT (56.1 million bu.) for the week ended Nov. 6, down 287,196 MT from the previous week but within the pre-report range of 1.0 MMT to 2.3 MMT.
- Freezes occurring in the U.S Delta and southeastern states the next couple of days will end the growing season but have little permanent damage, according to World Weather Inc. U.S. Midwest and Delta precipitation should increase during the weekend and next week improving soil moisture for use in the spring while delaying some late season harvest progress.
- December corn futures are trading mostly between support at the 20-day moving average, currently trading at $4.26 1/2 and resistance at the 10-day moving average of $4.31 1/4.
Soybeans are 7 to 9 cents higher, while soymeal is around $1.70 higher. Soyoil is 45 points higher.
- Soybeans are posting followthrough strength, in step with meal futures.
- USDA reported weekly soybean export inspections totaled 1.089 MMT (40 million bu.) for the week ended Nov. 6, up 103,702 MT from the previous week and within the pre-report range of 1.0 MMT to 1.7 MMT.
- A boost in center west Brazil rainfall is expected during the latter part of this week into late next week, notes World Weather, though subsoil moisture is still below normal in most of Brazil’s norther crop areas.
- Malaysia’s palm oil stocks rose for an eighth consecutive month to a 6-1/2-year high by the end of October, as the biggest output in a decade outweighed a jump in exports, data from the industry regulator showed earlier today.
- January soybeans gapped higher overnight but are facing resistance from last week’s high of $11.37, while the 10-day moving average of $11.15 serves as initial support.
Winter wheat futures are 3 to 5 cents higher, while HRS futures are mostly a penny higher.
- SRW wheat futures are firmer but are facing technical challenges at the 100- and 10-day moving averages.
- USDA reported weekly wheat inspections totaled 290,513 MT (10.7 million bu.) for the week ended November 6, down 59,780 MT from the previous week but within the pre-report range of 250,000 to 450,000 MT.
· Cold weather in Canada and the U.S. during the weekend and that which lingers early this week in the U.S. will not have a negative impact on winter wheat. Warming later this week and into the weekend will be welcome, according to World Weather.
- December SRW wheat futures are up against resistance at the 100- and 10-day moving averages, layered from $5.34 3/4 to $5.36 1/4. Initial support is at $5.23 1/2, which is backed by the 20- and 20-day moving averages.
Live cattle and feeders are posting notable gains at midsession.
- Cattle are firmer in corrective trade as futures stabilize in the wake of recent selling.
- Cash cattle trade was active at lower prices in late-week trade, down around $2.00 from the previous week.
- Choice boxed beef fell $1.67 on Friday to $377.58, while Select rose $1.32 to $361.25. Movement totaled 167 loads.
- December live cattle are facing support at last week’s low of $218.075, while resistance stems from the 10- and 100-day moving averages, currently trading at $226.28 and $229.61.
Hog futures are mixed at midmorning.
- Nearby lean hogs are firmer in corrective trade, with support from a rebound in wholesale values.
- The CME lean hog index is down another 87cents to $89.73.
- The pork cutout value rose $1.80 on Friday to $98.98 amid gains in all cuts aside from primal ribs. Movement totaled 300.5 loads.
- December lean hogs gapped higher at the open but continues to face resistance at 200-day moving average of $80.86, which is backed by the 20-day moving average. Initial support lies around $79.98.