Corn is mostly unchanged in directionless trade.
- Corn futures are modestly weaker, limited by technical pressure.
- U.S. harvest will advance well through the next two weeks. Some rain is expected, although it will be infrequent and light enough to allow fieldwork to advance around the precip, notes World Weather Inc.
- After California signed a bill legalizing fuels with 15% ethanol blends (E15), National Corn Growers Association (NCGA) president Jed Bower, stated, “while today’s development is a sign of progress, many consumers across the country still lack year-around access to E15. We call on Congress to pass legislation that will extend access nationwide.”
- December corn futures are facing pressure from the 10-, 20- and 100-day moving averages, layered from $4.21 1/2 to $4.24, while support stems from the 40-day moving average of $4.15 3/4.
Soybeans are mostly 2 cents higher, while soymeal is $2.00 higher. Soyoil is around 20 points lower.
- Soybeans are being led higher by extended short-covering in meal futures.
- Malaysia’s palm oil stocks are poised to fall in September for the first time in seven months, as exports surged while production declined, according to Reuters.
- Rain during the next two weeks will favor Paraguay into Rio Grande do Sul, Santa Catarina and southern Parana, where fieldwork will be slow to advance, but some farming activity should occur on the drier days. World Weather notes rain will often be restricted through the next ten days elsewhere in Brazil and many areas will be left in need of greater rain.
- November soybeans are up against resistance at the 20-day moving average of $10.24 3/4, which is backed by the 200-, 100- and 40-day moving averages. Initial support lies at $10.19 1/4, which is backed by the 10-day moving average.
SRW wheat futures are mostly unchanged to a penny firmer, while HRW is unchanged to a penny lower. HRS futures are mostly unchanged to a penny higher.
- SRW wheat futures are weaker amid pressure from technical resistance, though support stems from a weaker U.S. dollar.
- China’s winter wheat planting usually begins in late September and continues through October and into early November. Recent rain has bolstered topsoil moisture for quick planting and emergence later this month, but additional rains over the next ten days will limit planting time and may lead to some areas becoming too wet, states World Weather.
- Russia’s spring wheat harvest is advancing well while some winter wheat areas are dry in the Southern Region, though rain is likely in central and western Ukraine over the next seven days, which will be ideal in raising moisture for seed germination and plant emergence.
- December SRW futures continue to face resistance at the 10-day moving average of $5.16 1/4, while initial support lies at $5.13 and is backed by this week’s low of $5.02.
Live cattle are modestly weaker, while feeders are mixed at midsession.
- Nearby live cattle are weaker in consolidative trade as wholesale and declining cash fundamentals continue to weigh on futures.
- Cash cattle traded has edged lower and is pointing to another weekly decline.
- Wholesale beef continued to dive on Thursday, with Choice down $5.25 to $363.22, while Select fell $3.49 to $343.40.
- December live cattle are being limited by the 20-, 40-, and 10-day moving averages, layered from $234.85 to $235.55. Meanwhile initial support lies at $233.46, then at $232.47.
Hog futures are mixed at midmorning.
- Nearby lean hogs correctively firmer after notable losses throughout the week.
- The CME lean hog index is down another 56 cents to $103.70, deepening the recent decline.
- The pork cutout value fell $1.00 to $107.35 amid losses in all cuts aside from primal loins. Movement totaled 266.9 loads.
- December lean hogs continue to find support at the 40-day moving average of $86.69, while initial resistance stands at $87.29.