Corn is a penny to 2 cents lower at midmorning.
- Corn futures are extending last week’s technical selling, with a firmer U.S. dollar negating support from crude oil strength.
- An Indian trade group will visit the U.S. this week as the two nations work toward clinching a deal by the fall deadline, according to a Bloomberg report. During earlier talks, India offered concessions to the U.S., including easing some restrictions on the import of genetically modified corn.
- World Weather Inc. Sunday evening reported the lower and eastern U.S. Midwest, Delta and southeastern states will be drier biased through Friday. Rain is expected in each of these areas during the following full week, occurring in waves and offering some moisture to improve topsoil moisture.
- Brazil’s first corn crop was 45% of the key center-south region was planted as of last Thursday, according to AgRural. This compares to a rate of 41% at the same time a year ago.
- December corn futures are facing support at $4.10 1/2, while resistance stands at $4.14 3/4, then at the 10- and 40-day moving averages, each trading around $4.18.
Soybeans are mostly unchanged to a penny higher, while soymeal is around $1.30 lower. Soyoil is 40 points higher.
- Soybeans are narrowly firmer, with meal pressure, technical resistance and trade uncertainty curbing buyer interest.
- President Trump’s administration on Sunday signaled openness to a deal with China to quell fresh trade tensions while warning that recent export controls announced by Beijing last week are a major barrier to talks.
- The American Soybean Association Friday expressed concern following the news President Trump has apparently canceled his planned meeting with Chinese President Xi.
- China’s soybean imports hit a record high for the month of September, with the country bringing in 12.9 million MT of soybeans, according to a Bloomberg report. Chinese crushers have been bolstering supplies of the oilseed with shipments mainly from Brazil, and shunning U.S. cargoes due to high tariffs and political risks.
- Brazil’s soybean planting efforts reached 14% complete as of last Thursday, according to AgRural, which marked the third fastest progress for the date.
- November soybeans are hovering within Friday’s lower range, with initial support at $10.02 1/2, then $10.00 and the Oct. 1 low of $9.93 3/4. Initial resistance stands at $10.11 1/4, then at the 10- and 20-day moving averages.
Winter wheat futures are chopping around unchanged, while HRS futures are modestly firmer.
- SRW wheat futures are modestly firmer amid short-covering efforts as technically oversold conditions limit a push lower despite pressure from a firmer dollar.
- Russian wheat export prices fell last week amid rising harvest forecasts, with weather in southern ports hampering shipments, according to analysts.
- Precip in the Black Sea region in the coming weekend will be limited, according to World Weather Inc. However, it may increase next week brining some greater soil moisture to wheat growing areas from Ukraine into western Kazakhstan.
- Saudi Arabia’s main state wheat buying agency in the General Food Security Authority (GFSA) said earlier today it had purchased 500,000 MT of wheat from Saudi investors abroad.
- December SRW wheat are trading within Friday’s lower range, with support at last week’s low of $4.94 1/2, while resistance stands at $5.01 1/2 and the 10-day moving average of $5.07 1/2.
Live cattle are mostly firmer, while feeders are marking losses at midsession.
- Cattle futures are solidly firmer for the seventh straight session as wholesale and cash fundamentals turn more positive.
- Cash trade likely firmed amid last week’s futures strength, though last week’s average will not be released until later this morning.
- Boxed beef continued to firm on Friday, with Choice up 35 cents to $365.57 and Select up
- December live cattle have surged to a new contract high, though resistance stands at $244.475. Initial support lies at $240.61.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer with cattle lending spillover support.
- The CME lean hog index is down another 65 cents to $99.43 as of Oct. 9, amid extended seasonal pressure.
- The pork cutout value climbed $1.78 on Friday to $104.42 amid gain in all cuts aside from a $2.26 drop in primal bellies. Movement totaled 358.5 loads.
- December lean hogs are trading within Friday’s upper range, with the 100-day moving average of $84.74 serving as initial support, while resistance stems from the 10-, 40- and 20-day moving averages, layered from $86.36 to $87.62.