Corn is mostly unchanged at midmorning..
- Corn futures are chopping around unchanged as technical resistance continues to curb buyer interest.
- USDA reported daily sales of 135,660 MT of corn to Mexico and 110,668 MT to unknown destinations during 2025-26.
- USDA reported export inspections of 1.83 MMT during the week ended Sept. 25, up 141,179 MT from the previous week and near the upper-end of the pre-report range of 1.1 to 1.6 MMT.
- Recent rain in Argentina was great for early season and future corn planting, though more rain is needed in northern Argentina, according to World Weather Inc.
- AgRural reported 32% of Brazil’s first corn crop in its key center-south region was planted as of last Thursday, two percentage points ahead of year-ago.
- December corn futures are being limited by the 20-day moving average, trading at $4.22 1/2, which is backed by the 100- and 20-day moving averages, each trading around $4.24 1/2.
Soybeans are mostly 2 cents lower, while soymeal is $3.00 higher. Soyoil is around 40 points lower.
- Soybeans are weaker in extended sideways consolidation, though meal strength is curbing the downside.
- USDA reported export inspections of 593,956 MT for the week ended Sept. 25, up 28,326 MT from the previous week and within the expected pre-report range of 450,000 to 900,000 MT.
- Rain will be lacking in center south and center west Brazil for the next ten days, inducing some delay to soybean and some first season corn planting and emergence, notes World Weather.
- AgRural reported Brazil’s soybean planting efforts reached 3.2% complete as of last Thursday
- November soybeans are trading mostly between resistance at 10.16 3/4 and support at $10.06.
Wheat futures are a penny to 3 cents higher.
- SRW wheat futures are slightly firmer with support from a weaker U.S. dollar.
- USDA reported export inspections of 738,604 MT for the week ended Sept. 25, down 201,199 Mt from the previous week but near the upper-end of analysts’ pre-report range of 500,000 to 800,000 MT.
- U.S. HRW wheat areas and most of the Midwest SRW region will trend drier this week, supporting planting
- December SRW futures are facing resistance at the 10- and 20-day moving averages, each trading at $5.22 1/4. Initial support lies at $5.16 1/2.
Live cattle are mixed, while feeders are modestly firmer at midsession.
- Nearby live cattle are favoring the downside amid a weakened technical posture and persistent cash and wholesale weakness.
- Last week’s cash cattle trade edged lower and will likely forge a sizable drop in the average cash trade.
- Falling wholesale prices continue to pressure packer margins. On Friday, Choice boxed beef dipped another 54 cents to $371.43, while Select fell $1.01 to $352.44.
- December live cattle are up against resistance at the 40-day moving average of $234.78, while initial support lies at $232.61.
Hog futures are narrowly mixed at midmorning.
- Nearby lean hogs are modestly weaker in narrow trade, with resistance stemming from last week’s contract high.
- The CME lean hog index is down 23 cents to $104.83 as of Sept. 25.
- The pork cutout value rose $2.53 to $113.52 amid gains in all cuts. Movement totaled 278.8 loads.
- December lean hogs are trading within Friday’s range, with resistance stemming from last week’s high of $91.525. Initial support lies at $90.01.