Corn is mostly unchanged in midmorning trade.
● Corn futures are slightly weaker, though technical support and strong gains in crude oil are limiting the downside.
● Stress to crops in Argentina will increase through this weekend in parts of west-central and into southern Argentina where rain should not be great enough to prevent continued drying of the soil, according to World Weather Inc.
● March corn futures are facing support at the 200-, 40-, 20-,10- and 100-day moving averages, layered from $4.45 to $4.39 1/4. Initial resistance is at $4.46 1/2, which is backed by the Dec. 26 high of $4.53.
Soybeans are 3 to 5 cents higher, while soymeal is 20 cents lower. Soyoil is 55 points higher.
● Soybeans are firmer but are forging a consolidative range ahead of Monday’s USDA reports.
● USDA reported 198,000 MT of soybeans to unknown destinations for 2025-2026.
● China’s Sinograin will auction 1.1 MMT of imported soybeans on January 13, marking its first sale of the year and fourth since last month as the state stockpiler makes room for arriving U.S. shipments, according to Reuters.
● March soybeans are up against resistance at the 20- and 200-day moving averages, each trading around $10.67. Initial support lies at the 10-day moving average of $10.60 1/2.
Winter wheat futures are unchanged to 2 cents lower, while HRS futures are mostly a penny lower.
● SRW wheat futures are favoring the downside as pressure stems from a firmer U.S. dollar.
● World Weather Inc. notes the biggest concern for U.S. HRW crops is an additional warm up next week and the new-found moisture along with already warm soil temps could induce a little crop development at a time when it needs to remain dormant ahead of colder weather.
● Southeastern Australia will face one more day of excessive heat today before a welcoming cool period takes place, according to World Weather. Temp extremes in southern Australia reached reading as high as 118 degrees Fahrenheit in southern Australia on Thursday.
● March SRW futures continue to be supported at the 20- and 10-day moving averages, trading at $5.15 1/4 and $5.13 1/4, while initial resistance is at $5.21 3/4, which is backed by the 40- and 100-day moving averages.
Live cattle and feeders are edging lower at midmorning.
● Cattle futures are notably weaker as traders retreat from technically oversold territory. A strong technical posture should limit follow-through selling near-term.
● Cash trade so far this week has averaged $228.60 for steers and $232.00 for heifers, near steady with last weeks average of $232.00.
● Boxed beef firmed on Thursday, with Choice up $2.51 to $356.79 and Select up $2.78 to $352.06. Movement was strong at 166 loads.
● February futures are trading narrowly within Thursday’s range. Support lies at the 10- and 20-day moving averages of $230.59 and $229.52, while resistance stands at this week’s high of $237.45.
Hog futures are modestly weaker at midsession.
● Nearby lean hog futures are weaker amid wholesale pressure.
● The CME lean hog index is down another 27 cents to $80.98.
● The pork cutout value slipped $1.50 on Thursday to $90.79, led by declines in all cuts aside from primal loins. Movement totaled 384.9 loads.
● February lean hogs are being supported by the 20-day moving average of $84.83, while resistance stems from this week’s high of $86.50.