Corn is mostly 5 to 6 cents higher.
- Corn futures are correctively firmer, in tandem with wheat and soybeans after Friday’s heavy selling.
- USDA incorrectly included a 100,000 MT sale to Japan on Friday.
- USDA reported weekly export inspections of 2.054 MMT (80.9 million bu.) during the week ended Nov. 13, well above the pre-report range of 1.0 MMT to 1.825 MMT.
- December corn futures are facing support at the 20-day moving average of $4.30 1/2, while resistance is layered at $4.38 3/4, then at last week’s high of $4.42 3/4.
Soybeans are around 28 to 32 cents higher, while soymeal is around $7.00 higher. Soyoil is 100 points higher.
- Soybeans have edged to a fresh near-term high, support from evidence of strong crush demand.
- NOPA crush hit a record high in October at 227.647 million bu., up 15.1% from the 197.863 million bu. crushed in September and up 13.9% from Oct. 2024, topping all trade forecasts. It also eclipsed the previous monthly crush record of 206.604 million bu. set in December 2024. Soyoil stocks rose to 1.305 billion pounds as of Oct. 31, up 5.0% from a nine-month low of 1.243 billion pounds at the end of Sept.
- President Donald Trump said that China would buy U.S. soybeans and other farm products and that Washington and Beijing had talks on the subject on Friday, according to Reuters. Trump said he expected the purchases were already underway and would take place before the spring.
- USDA issued a correction to Friday’s daily export sales release. The correct quantity was 132,000 MT of soybeans to China, as the 100,000 MT sale has been canceled.
- Brazil’s soybean plantings reached 71% as of last Thursday, trailing the year-ago pace of 80% due to irregular rainfall, according to AgRural.
- USDA reported weekly soybean inspections of 1.176 MMT (43.2 million bu.) for the week ended Nov. 13, which was within the pre-report range of 1.0 MMT to 1.45 MMT.
- January soybeans have notched a fresh for-the-move high, with resistance at $11.62 3/4, while initial support lies at the 10-day moving average of $11.30.
Winter wheat futures are 13 to 17 cents higher, while HRS futures are around 7 to 10 cents higher.
- SRW wheat futures have broken out of the recent sideways range, amid technical buying.
- USDA reported weekly export inspections totaled 247,000 MT (9.1 million bu.) for the week ended Nov. 13, which was below analysts’ expectations ranging from 250,000 to 400,000 MT.
- Russia’s grain exports from its Baltic Sea terminals have increased by 30% this year, with nearly half going to African countries, according to data from the Federal Centre for Agriculture Products Safety Evaluation earlier today.
- December SRW wheat futures have edged back above the 20, 100- and 10-day moving averages and are facing resistance from last week’s high of $5.55. Initial support lies at the 40-day moving average of $5.19 3/4.
Live cattle are firmer, while feeders are posting notable gains at midsession.
- Cattle are firmer but continue to be technically strapped as buyers remain hesitant after recent selling.
- Cash cattle likely posted another decline last week, which could continue to pressure futures.
- Choice boxed beef fell $2.84 on Friday to $370.73, while Select fell 79 cents to $354.24.
- December live cattle are hovering above the 200-day moving average of $215.81, while resistance stands at the 10-, 20- and 40-day moving averages, layered from $22.79 to $233.71.
Hog futures are mixed at midmorning.
- Nearby lean hogs are firmer, but technical woes and extended weakness in the cash index continues to curb momentum.
- The CME lean hog index is down another 89 cents to $87.94 as of Nov. 13.
- The pork cutout value rose $1.96 on Friday to $97.22, led by gains in primal butts.
- December lean hogs are facing initial resistance at $79.36, which is backed by the 10- and 20-day moving averages. Initial support stems from last week’s low of $77.85.