Corn is mostly unchanged to a penny lower at midmorning.
- Corn futures are modestly weaker in rangebound trade, with resistance at the 200-day moving average and soybean selling limiting buyer interest.
- USDA reported weekly export inspections for the week ended Dec. 4 totaled 1.45 MMT, down 177,474 MT from the previous week but at the top end of the pre-report range of 1.2 to 1.45 MMT.
- Brazil’s total corn production is set to reach 135.3 MMT in 2025-26, down from a record 141.1 MMT in the previous season, according to AgRural.
- March corn futures continue to consolidate between the 200-day moving average of $4.47 1/2, while initial support lies at the 10- and 20-day moving averages, each trading around $4.44.
Soybeans are 10 to 12 cents lower, while soymeal is $2.30 lower. Soyoil is around 40 points lower.
- Soybeans are extending last week’s losses, breaching support at $11.00 for the first time since Oct. 30.
- USDA reported daily sales of 132,000 MT of soybeans to China during 2026-26.
- USDA reported weekly export inspections for the week ended Dec. 4 totaled 1.02 MMT, up 85,641 MT from the previous week and near the upper end of the pre-report range of 900,000 MT to 1.25 MMT.
- U.S. President Donald Trump is set to unveil a $12 billion aid package for U.S. farmers affected by his trade policies. The announcement is due out following today’s close.
- China’s state auction stockpiler Sinograin will auction 512,000 MT of imported soybeans on Thursday, marking the first sale in three months. The soybeans were purchased between 2022 and 2023 and may indicate Sinograin is making pace for U.S. soybean purchases, according to Reuters.
- China’s soybean imports reached their highest November since 2021, according to a Reuters calculation based on customs data earlier today. In the first 11 months of the year, China’s soybean imports rose 6.9% from a year earlier to 103.79 MMT, according to customs data.
- January soybeans have edged below support at the 40-day moving average and psychological support at $11.00. Support now lies at $10.93 3/4, then at $10.83. Initial resistance stands at $11.10 1/4.
Winter wheat futures are mostly a penny to 5 cents lower, while HRS futures are around 2 cents higher.
- SRW wheat futures are modestly weaker amid pressure from a firmer U.S. dollar.
- USDA reported weekly export inspections for the week ended Dec. 4 totaled 393,341 MT, up 7,541 MT from the previous week and near the upper end of the pre-report range of 200,000 to 400,000 MT.
- Ukraine’s wheat production could increase to 23.9 MMT in 2026-27, up from 23.0 million this season, supported by a rise in planted area and improved early crop conditions, according to Argus Media.
- Crop moisture conditions have improved this fall in portions of the U.S. Plains, Midwest, Europe (including France) and the former Soviet Union, according to World Weather Inc.
- March SRW futures are facing resistance at $5.38 1/2, which is backed by the early Nov. high of $5.55. Initial support lies at 20-, 10-, 100- and 40-day moving averages, layered from $5.34 1/4 to $5.26 3/4.
Live cattle are moderately weaker, while feeders are posting heftier losses.
- Live cattle futures are weaker amid a corrective pullback in the wake of notable gains since the Nov. 25 low.
- Cash trade into Friday averaged $220.02, up sharply from the previous week.
- Wholesale beef fell on Friday, with Choice down $1.52 to $351.20 and Select down $2.93 to $347.39.
- February futures are pivoting around the 40-day moving average of $226.91, with additional support stemming from the 100-day moving average of $231.46. Support lies at $225.06.
Hog futures are mixed at midsession.
- Lean hog futures are chopping around unchanged, with support from firming wholesale and cash fundamentals.
- The Philippines has temporarily banned imports of pig and pork products from Spain and Taiwan following outbreaks of African swine fever in both locations, according to Manila’s agriculture ministry.
- The CME lean hog index is down 2 cents to $81.81 as of Dec. 4.
- The pork cutout value firmed $3.06 to $96.39 on Friday, led by gains in primal butts and picnics, though all cuts notched gains.
- February lean hogs are trading within Friday’s lower range, with initial support at the 40-day moving average, while resistance is layered at $82.36, $82.94 and the 200-day moving average of $83.47.