Corn futures were neutral-lower, the morning of the November Supply/Demand report, due out at 11 am CST, Tuesday. Corn export inspections slumped again at 295,701 tonnes, compared to the expected 475,000-600,000. Corn harvest was reported at 95% complete, vs 92% last week and the 93% five-year average. World corn ending stocks are projected at 188.7 million tonnes and U.S. corn ending stocks are forecast at 1.587 billion bushels. The production estimate is 13.556 billion bushels with yields at 168.0, according to a Dow Jones poll. The US dollar index was up .2% to a seven-month high. December corn futures fell 0.75 cents to $3.66/bushel early Tuesday morning, while March lost 1.25 cents to $3.7475.   

The soy complex was fairly neutral Tuesday morning ahead of the WASDE. Soybean export inspections disappointed at 2.026 million tonnes vs the estimate of 2.15-2.45 million. Soybean harvest was reported at 95% complete vs 92% last week and the 93% five-year average. The World soybean ending stocks forecast came in at 85.1 million tonnes and U.S. ending-stocks were estimated at 429 million bushels. U.S. soybean production is projected to be 3.912 billion bushels with yields at 47.5 bu/ac. January soybeans lost 1.5 cents to $8.75/bushel Tuesday morning, while December soyoil gained 0.07 cents to 27.84 cents/pound and December meal lost $0.1 to $294.9.                

Wheat futures were higher Tuesday morning, after falling 4% Monday. Wheat export inspections were at 282,551 tonnes, compared to the expected 225,000-350,000 tonnes. US winter wheat was reported at 92% planted, vs 88% last week and the 94% five-year average while the condition rating jumped two points to 51% good to excellent vs 49% last week and 60% a year ago. World wheat ending stocks are estimated at 227.9 million tonnes and U.S. ending stocks are forecast at 866 million bushels. Russian wheat export prices were flat last week as the rouble weakened with the rise in global benchmark prices. Russia, one of the largest wheat exporters in the world, has harvested 107 million tonnes of wheat so far this year, before drying and cleaning. The ag ministry estimates their  2015 wheat production, after cleaning/drying, will be down 3 million tonnes from a year ago, to 102 million tonnes. December CBOT wheat futures gained 1 cent to $5.0275/bushel Tuesday morning, while Dec KC wheat rose 1.25 cents to $4.7525, and December MWE gained 3 cents to $5.0725.

Live cattle futures fell Monday for the seventh consecutive session to the lowest levels in a month, testing contract lows. Boxed beef cutouts were mixed with choice up .79 to 216.45 and select down .56 to 206.69. Cattle slaughter so far this week was at 111,000 head, compared to 111,000 head last week and 108,000 head this time last year. Technical selling and worries about wholesale beef demand, as equities turned lower, helped contribute to the spiral downward. December live cattle fell 3 cents to 131.92 cents/pound Monday, while February futures lost 3 cents to 134.15.January feeder cattle fell 4.5 cents to 167.52 and March feeders dropped 4.5 cents to 164.57.

Weak cash hog and pork prices amid seasonal softness weighed on lean hog futures Monday. Country hogs came in 1.24 lower to 52.10 cents/pound. Hog slaughter so far this week was at 440,000 head, compared to 432,000 head last week and 425,000 head this time last year. The lean hog continuous chart is at the lowest level since 2006. USDA data showed Monday morning’s average pork cutout at 77.15 cents/pound. December hog futures fell 1.40 cents to 53.72 cents/pound Monday and April hogs dropped 1.45 cents to 62.40.  

Pre-WASDE positioning has cotton futures higher Monday morning. U.S. production, exports, and ending stocks data will help shape price direction going forward and the direction of the U.S. dollar index as well is its relative strength against world currencies will help paint a better picture of cotton demand. December cotton futures were 0.29 cents higher to 61.95 cents/pound, while May cotton gained 0.53 cents to 62.87.