Corn is mostly 4 cents lower.
- Corn futures are weaker with technical resistance at the 200-day moving average limiting buyer interest.
- A Reuters poll indicates analysts estimate corn harvest to be 83% complete, on average, as of Sunday.
- Stonex raised its corn yield estimate to 186.0 bu. per acre this week, up from 185.9 bu. per acre and forecasts total production at 16.748 billion bu.
- South American crop consultant Dr. Michael Cordonnier left his Brazilian corn estimate unchanged at 140 MMT, with planting nearly complete in Southern Brazil, while dry conditions have limited plantings in northern states. Cordonnier left his Argentine corn estimate unchanged at 54 MMT and has a neutral bias going forward.
- Ukraine increased exports of key agriculture commodities to 3.2 MMT in October, up from 2.4 MMT in September, due to larger corn shipments, according to the country’s trader’s union, UGA.
- December corn futures continue to face pressure from the 200-day moving average, currently trading at $4.36 1/2, while initial support lies at the 10-day moving average of $4.29 1/4.
Soybeans are 19 to 20 cents lower, while soymeal is around $4.80 lower. Soyoil is 55 points lower.
- Soybeans are taking back Monday’s gain in corrective trade amid overbought conditions, in tandem with soymeal futures.
- A Reuters poll indicates analysts expect soybean harvest to be 91% complete as of Sunday.
- Stonex lowered its soybean yield estimate to 53.6 bu. per acre, down from its Oct. 1 estimate of 53.9 bu. per acre, with production forecasted at 4.303 billion bu., down from 4.236 billion previously.
- South American crop consultant Dr. Michael Cordonnier left his Brazilian soybean estimate unchanged at 177 MMT but did change his bias from neutral- to higher to just neutral. Dryness in east-central Brazil continues to cause delays in soybean plantings and a widespread storm damage in Parana over the weekend has stirred increasing cautiousness. Cordonnier left his soybean estimate unchanged at 49 MMT and holds a neutral bias.
- January soybeans are facing support at Monday’s low of $11.14, which is backed by support at $11.06 1/4. Initial resistance stands at Monday’s high of $11.35 3/4, then at $11.42.
Winter wheat futures are 2 to 5 cents lower, while HRS futures are unchanged to a penny lower.
- SRW wheat futures are correctively weaker, with additional pressure stemming from continued U.S. dollar strength.
- A Reuters poll shows analysts estimate winter wheat plantings to be 91% complete as of Sunday. Analysts estimated the winter wheat crop was rated 52% “good” to “excellent,” on average.
- Frequent rains in late September and early October in areas of China may have crimped wheat plantings, emergence and establishment, though weather has since improved, allowing some fieldwork and better establishment, according to World Weather Inc.
- Soft wheat exports from the European Union since July had reached 8.03 MMT by Nov. 2, compared to 8.32 MMT a year earlier, according to data published by the European Commission earlier today.
- December SRW wheat futures are trading within Monday’s upper range, limited by resistance at the previous session high of $5.49 3/4, while the 100-day moving average of $5.36 3/4 is initial support.
Live cattle are lower, while feeders are modestly firmer at midsession.
- Cattle futures are modestly weaker as technical resistance and weaker cash trade limit buying interest.
- Ag Secretary Brooke Rollins has confirmed the U.S. is not ready to reopen its border to Mexican cattle amid the New World screwworm outbreak. However, she did note that President Trump was “very focused” on reopening the border, which has been largely closed since May.
- Last week’s average cash cattle trade was $230.86, down $7.03 from the previous week.
- Wholesale beef values rose on Monday, with Choice up $1.12 to $379.25, while Select rose $1.28 to $359.93. Movement was light, however, at only 77 loads.
- December live cattle continue to face initial resistance at $232.89, which is backed by the 10-, 40- and 20-day moving averages. Meanwhile, the 100-day moving average, trading at $229.06, is solid support.
Hog futures are narrowly mixed at midmorning.
- Nearby lean hogs are firmer but continue to face technical headwinds.
- The CME lean hog index is down another 21 cents at $90.98.
- The pork cutout value fell 30 cents on Monday to $101.65, with gains in primal picnics and ribs negated by losses in all other cuts. Movement totaled 295.6 loads.
- December lean hogs are trading with Monday’s range, limited by resistance at the 10-day moving average of $82.28, while support lies at Monday’s low of $79.775, which is backed by support at $79.675.