Corn is mostly unchanged to a penny lower at midmorning.
- Corn futures are modestly lower in corrective trade as technical resistance at the 200-day moving average curbs momentum.
- USDA reported weekly corn inspections for export totaled 1,421,258 (56.0 million bu.) for the week ended Nov. 27, down 274,424 MT from the previous week but above the pre-report range of 1.0 MMT to 1.25 MMT.
- Ukraine’s grain exports decreased to 3.0 MMT, down from 3.6 MMT in November 2024, mostly due to smaller corn exports, according to economy ministry data.
- March futures are trading mostly between the 200- and 20-day moving averages, currently trading at $4.48 ½ and $4.44 3/4.
Soybeans are mostly 3 to 4 cents lower, while soymeal is around $2.80 lower. Soyoil is around 30 points higher.
- Soybeans are correctively weaker in tandem with meal futures.
- USDA reported weekly soybean inspections for export totaled 920,194 MT (33.8 million bu.) for the week ended Nov. 27, up 111,454 MT from the previous week and within the pre-report range of 800,000 MT to 1.25 MMT.
- Brazil rainfall was restricted during the weekend, and greater rain is needed to ensure the best possible crop development, according to World Weather Inc. Net drying is expected in southern Brazil in the coming ten days while timely rain falls in other areas.
- January soybeans are hovering mostly above the 20-day moving average of $11.31m while resistance stands at $11.41, which is backed by the Nov. 18 high of $11.69 1/2.
SRW wheat futures are mostly unchanged to a penny lower, while HRW futures are unchanged to a penny firmer. HRS futures are 1 to 3 cents higher.
- SRW wheat futures continue to face technical headwinds, though a weaker U.S. dollar is limiting seller interest.
- USDA reported weekly wheat inspections for export totaled 384,881 (14.1 million bu.), down 95,548 MT from the previous week and below the pre-report range of 400,000 to 600,000 MT.
- Not much precip is expected in U.S. HRW country over the next seven days, though some snow will finish up in eastern areas today, which will be followed by a lack of precip for some time, notes World Weather.
- Ukraine’s wheat harvest could rise to between 24 MMT and 25 MMT in 2026, up from 23 MMT in 2025, according to the Ukrainian deputy economy minister earlier today.
- March SRW wheat continues to be limited by the 10-, 100- and 20-day moving averages, layered from $5.43 1/2 to $5.48 1/4. Initial support lies at $5.34 1/2, which is backed by last week’s lwo of $5.31 3/4.
Live cattle and feeders are notably weaker at midsession.
- Cattle futures are notably lower after forging a solid rebound from last week’s fresh near-term lows.
- Cash cattle trade pointed to another week of lower prices, which continues to pressure futures.
- Wholesale beef edged lower on Friday, with choice down $1.46 to $366.82, while Select declined $4.46 to $351.05. Movement totaled 85 loads.
- December live cattle are being limited by the 200- and 20-day moving averages, trading at $216.79 and $219.05, while support lies at $212.30.
Hog futures are firmer at midmorning.
- Nearby lean hogs are modestly firmer, though technical resistance and continued cash weakness continue to limit buyer interest.
- Spain has called in its military, according to Reuters, to help contain an outbreak of African swine fever near Barcelona, a move aimed at protecting the country’s multi-billion-euro pork industry.
- The CME lean hog index is down another 54 cents to $82.27.
- December lean hogs are facing resistance at the 200- and 40-day moving averages, trading at $81.06 and $81.35, while initial support lies at $80.14, which is backed by the 20- and 10-day moving averages.