Corn is mostly a penny higher.
- Corn futures are firmer with support from a weaker U.S. dollar and strength in crude oil.
- A Reuters poll showed analysts estimate the U.S. corn harvest is 92% complete, on average, as of Sunday.
- President Trump said he “at some point” would reduce the tariff rate on Indian goods, saying the U.S. is getting “pretty close” to a trade deal with India, Bloomberg reported.
- Thailand’s cabinet has agreed to ramp up the amount of corn it imports from the U.S. and cut the tariff to zero, according to Reuters.
- Crop consultant Dr. Michael Cordonnier left his Brazilian corn production estimate unchanged at 140 MMT and holds a neutral bias going forward. However, he notes increasing concern about potential delays of safrinha corn, as soybean plantings continue to face delays in Mato Grosso and Goias.
- December corn futures are trading mostly between resistance at the 10-day moving average, currently trading at $4.31 and support at the 20-day moving average, trading at $4.27 1/2.
Soybeans are around a penny to 2 cents lower, while soymeal is around $2.70 lower. Soyoil is 50 points higher.
- Soybeans are facing pressure from soymeal but have turned from earlier lows amid solid technical support.
- A Reuters poll showed analysts estimate soybeans to be 96% harvested, on average, as of Sunday.
- China’s COFCO oilseed unit reported Monday that it had signed agreements to purchase Brazilian soybeans, soybean oil, palm oil and other agricultural products, with a total volume of nearly 20 million tons worth over $10 billion.
- Dr. Michael Cordonnier left his Brazilian and Argentine soybean production estimates unchanged at 177 MMT and 49 MMT and holds a neutral bias going forward.
- Northeast and center west Brazil rainfall distributions need to be closely monitored despite, with most of the increased rainfall in these areas likely to prove erratic with much of the northeast part of Brazil soybean country staying drier than usual until the Nov. 9- 25 period. World Weather notes that with planting and establishment behind the norm, it leaves the door open for crop moisture stress later this summer.
- January soybeans are being supported by the 10-day moving average of $11.18 1/2, while resistance stems from last week’s high of $11.37.
Winter wheat futures are mostly unchanged to four cents lower, while HRS futures are around 2 to 3 cents higher.
- SRW wheat futures are chopping around unchanged, though a weaker U.S. dollar is lending support.
- A Reuters poll showed analysts estimate winter wheat plantings are 95% complete, on average, as of Sunday. Meanwhile, analysts estimated the crop to rated as 52% “good” to “excellent.”
- Rain in far southern Brazil this weekend into next may delay wheat harvest and could raise some concern over unharvested grain quality, according to World Weather Inc.
- Flooding and geological disasters damaged 364,000 hectares of crops in China during October, amid an unseasonably rainy month hindered a key harvest season, most notably in the north and west, according to Reuters.
- Jordan’s state grains buyer purchased 60,000 MT of hard milling wheat to be sourced from optional origins in an international tender earlier today.
- December SRW wheat futures continue to face resistance at $5.39 1/2, while initial support lies at $5.29 3/4.
Live cattle are weaker, while feeders are posting notable gains at midsession.
- Cattle are posting modest corrective losses in the wake of Monday’s strong gains.
- Cash cattle trade averaged $228.70 last week, down $2.16 from the previous week.
- Choice boxed beef rose 92 cents on Monday to $377.32, while Select fell $1.39 to $359.70. Movement was light at only 79 loads.
- December live cattle are up against resistance at the 100-day moving average of $229.85, while initial support lies at the 10-day moving average of $226.85.
Hog futures are mixed at midmorning.
- Nearby lean hogs are extending Monday’s gains, though a push into overbought territory and hovering technical resistance are curbing momentum.
- The CME lean hog index is down another 55 cents to $90.05.
- The pork cutout value rose $1.24 on Monday, amid gains in all cuts aside from primal hams. Movement totaled 376.1 loads.
- December lean hogs are being limited by resistance at the 40- and 100-day moving averages, currently trading at $84.41 and $84.48, while initial support lies at the 20-day moving average of $81.52.