Corn is mostly unchanged to a penny lower.
- Corn futures are modestly weaker, with pressure stemming from a firmer U.S. dollar.
- U.S. House Republican leaders have told their members to stay away from Washington while the federal government is shut down. House Majority Whip Tom Emmer said House Republicans are ready to get back to work as soon as Chuck Schumer and Democrats in the Senate reopen the government, said Bloomberg in a report.
- Brazil’s center-south first corn planting was estimated to be 40% complete as of last Thursday, according to AgRural.
- December corn futures are facing initial resistance at $4.20 1/4, which is backed by the 10-, 20- and 100-day moving averages, layered from $4.21 1/2 to $4.23 3/4.
Soybeans are chopping around unchanged, while soymeal is around 60 cents lower. Soyoil is around 20 points higher.
- Soybeans are slightly weaker in corrective trade as traders await an announcement from President Trump.
- Malaysian palm oil futures on Monday fell for the second straight session, hovering below MYR 4,450 per MT, weighed by weaker soybean oil prices on the Chicago Board of Trade. Trading activity also remained subdued as the Dalian Commodity Exchange stayed closed for China’s Golden Week holiday until Oct. 8.
- Brazil’s soybean planting efforts advanced to 9% complete as of last Thursday, marking the second highest level for the date, according to AgRural.
- November soybeans are trading within the 20- and 10-day moving averages of $0.23 3/4 and $10.13 1/4.
Winter wheat futures are mostly a penny lower, while HRS futures are around a penny firmer.
- SRW wheat futures are weaker amid light profit-taking and firmer U.S. dollar.
- U.S. HRW wheat areas will experience a good mix of rain and sunshine during the next ten days, resulting in good planting, germination and emergence conditions.
- Weather conditions at the end of September were favorable for the germination and initial development of Ukrainian winter crops, according to APK-Inform, citing data from Ukrainian state meteorologists.
- December SRW futures are trading within Friday’s range, with support at $5.12 1/2 and resistance at $5.19 1/4, then at the 20-day moving average of $5.19 1/2.
Live cattle are posting solid gains, while feeders are marking strong gains at midsession.
- Nearby live cattle are firmer but are being limited by technical resistance.
- Cash cattle traded lower again last week, edging below $230.00.
- Choice boxed beef slid another 95 cents on Friday to $362.27, while Select rose $1.98 to $345.38.
- December live cattle are being limited by the 20-, 10 and 40-day moving averages, layered from $234.69 to $235.42, while initial support lies at $233.44.
Hog futures are lower at midmorning.
- Nearby lean hogs have turned from earlier lows as traders keep futures’
discounts limited to the cash index. - The CME lean hog index is down 86 cents to $102.84 as of Oct. 2.
- The pork cutout value rose 95 cents to $108.30 on Friday, led by gains in bellies and picnics.
- December lean hogs continue to face support at the 40-day moving average of $86.79, which is backed by support at $86.00 and $85.525. Initial support stands at $87.775, which is backed by the 20- and 10-day moving averages.