Corn is mostly 3 cents lower at midmorning.
- Corn futures are modestly weaker amid technical challenges and pressure from fading crude oil.
- USDA reported daily export sales of 150,320 MT of corn for delivery during 2025-26.
- USDA reported weekly corn inspections totaled 1.583 MMT, down 157,903 MT from the previous week and in the middle of pre-report expectations which ranged from 1.0 MMT to 1.6 MMT.
- March corn futures are facing support at the 10-day moving average of $4.36 ¾, while resistance stands at the 20-, 10-, 40- and 100-day moving averages, layered from $4.43 ½ to $4.46 1/2.
Soybeans are around 8 cents lower, while soymeal is fractionally weaker. Soyoil is around 55 points lower.
- Soybeans have scored a fresh for-the-move low after weaker-than-expected export inspections.
- USDA reported daily sales of 136,000 MT of soybeans to China during 2025-26.
- The National Oilseed Processors Association monthly crush report for November is due out late this morning.A Bloomberg survey of analysts expects, on average, the monthly U.S. soybean crush to be at 220.7 million bushels, which compares to 227.6 million bushels in the October NOPA report and 193.2 million bushels one year ago. Soybean oil stocks are seen at 1.363 billion pounds in November versus 1.305 billion pounds in the October report and 1.084 billion pounds one year ago.
- USDA reported weekly soybean inspections for export at 795,661 MT, down 229,346 MT from the previous week and below pre-report expectations which ranged from 1.0 MMT to 1.25 MMT.
- AgRural reported Brazil’s 2025-26 soybean plantings had reached 97% as of last Thursday, up three percentage points from the previous week. Rains were also reported to have reached nearly all planting areas.
- January soybeans are facing support at the 100-day moving average of $10.68 1/2, while resistance stands at $10.82 1/4 and is backed by the 10-, 40- and 20-day moving averages.
Winter wheat futures are mostly 6 to 8 cents lower, while HRS futures are around 4 cents lower.
- SRW wheat futures have extended to a fresh near-term low despite support from a weaker dollar.
- USDA reported weekly export inspections of 488,025 MT, up 91,967 MT from the previous week and near the upper-end of pre-report expectations ranging from 250,000 to 500,000 MT.
- Ukraine and the U.S. are due to hold a second day of talks in Berlin on a plan aimed at ending Russia’s war, with allied security guarantees for Kyiv a central focus of the negotiations, reports Bloomberg.
- March SRW futures have carved a new for-the-move low, with support at $5.19 3/4. Initial resistance stands at $5.31 1/4.
Live cattle and feeders are firmer at midmorning.
- Live cattle futures are modestly firmer, pausing after last week’s gains.
- Choice boxed beef fell another 67 cents on Friday to $357.44, while Select rose 76 cents to $344.22. Movement totaled 120 loads.
- February futures are being limited by resistance at $230.67, which is backed by last week’s high of $231.78. Initial support lies at $228.74 and is backed by the 10- and 40-day moving averages.
Hog futures are notably weaker at midsession.
- Lean hog futures are weaker following news that Mexico has opened an anti-dumping investigation into U.S. pork
- The pork cutout value fell 63 cents on Friday to $98.21. Movement totaled 282.8 loads.
- Mexico has opened an anti-dumping and anti-subsidy investigation into U.S. pork, leg and shoulder imports as domestic producers alleged unfair pricing and government support.
- February lean hogs are facing support at the 10-day moving average of $82.40, which is backed by the 40-day moving average. Initial resistance is layered at $84.58 and $85.08.