GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 1 cent lower to 1 cent higher.
Wheat: SRW 1 to 3 cents higher; HRW 3 to 5 cents higher; HRS 3 to 5 cents higher.
GENERAL COMMENTS: Corn continues to lead strength while late session buying pushed wheat prices near session highs. Soybeans continue to struggle garnering much bullish momentum. This morning’s release of CPI data from the Bureau of Labor Statistics brought some volatility into the marketplace. Equity futures are sharply higher while front-month crude oil futures are working to put in a bottom. The U.S. dollar index is around 125 points lower.
USDA reported daily sales of 114,000 MT of soybeans for delivery to unknown destinations during the 2025-26 marketing year.
The consumer price index (CPI) indicated inflation fell to 2.7% on an annual basis in November, the lowest since July. That is well below forecasts of 3.1% and September’s figure of 3.0%.Inflation in energy, fuel and shelter remained above average. The Bureau of Labor Statistics did not collect data for October, thus figures for October and monthly rates for November were not available. Annual core CPI, which excludes food and energy, fell to 2.6%, well below forecasts of 3.0%. Equity futures shot higher following the CPI report as hopes that falling inflation could support lower interest rates in 2026.
China has secured at least 7 million MT of U.S. soybeans after heavy buying in the past two weeks, Bloomberg reports, passing the halfway mark toward meeting its 12 million-MT purchase agreement with the Trump administration, according to people familiar with the deals. “The tally follows a wave of buying from Sinograin, the state company in charge of managing China’s strategic grain reserves. The stockpiler booked about 2 million tons from the U.S. last week, according to the people. That has continued this week, with purchases of at least seven soybean cargoes, or more than 400,000 tons, they said. The appearance of Sinograin in the market, which adds to deals booked by state-owned firm Cofco, could ramp up the pace of China’s imports. The purchases also are coming as the Asian nation was auctioning large volumes of soybeans from state reserves to clear space for the incoming cargoes,” said the Bloomberg report, adding that Sinograin did not immediately reply to a fax seeking comment. “The pace of buying has been opaque. Officially, USDA has reported less than 4 million tons of soybeans sold to China, but the total has been widely considered to be higher. The U.S. government shutdown has also delayed weekly export sales data, keeping some of the purchases by China under wraps. Additionally, U.S. exporters have sold nearly 3 million MT of soybeans to unknown destinations through Nov. 20, according to USDA data. Such cargoes can see their destinations changed to China at shipment,” said Bloomberg.
U.S. Trade Representative Jamieson Greer has indicated he supports keeping the U.S. in the present trade accord with Canada and Mexico but acknowledges issues with both nations remain. The USMCA is undergoing a mandatory review as it approaches its sixth year, when signatories can choose to extend it, revise it or end it entirely. U.S. lawmakers on both sides of the aisle have largely categorized this week’s meetings with Greer as positive, saying that they open the door for potential revisions to the trade deal that impact their home-state industries
CORN: March corn saw followthrough buying overnight. Resistance comes in at $4.42 1/2, the 40-day moving average, on strength. Additional resistance stands at $4.46 1/4. Support stands at $4.40 then $4.36 1/2 on a reversal lower.
SOYBEANS: January soybeans are working lower for the fifth consecutive session. Support stands at $10.50 on continued selling. Resistance comes in at $10.68 3/4, the 200-day moving average, on a bounce.
WHEAT: March SRW futures continue to trade near recent lows. Support persists at the psychological $5.00 mark. Resistance stands at $5.15 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open with a mostly firmer tone, though further consolidation could lead to continued sideways trade. Cash cattle trade remains light so far this week, with a small lot trading hands at $229.00, modestly above last week’s five-area average. Wholesale beef ended Wednesday lower, as choice slid $2.79 to $356.09 and select fell $2.67 to $346.43, though demand picked up at lower prices.
HOGS: Lean hog futures are expected to open with a mostly firmer tone as technical buying could lift prices. Continued selling pressure from Thursday could limit gains after the open, but bulls retain control of the technical advantage.The CME lean hog index is up another 57 cents to $83.87, extending the recent climb. Pork cutout fell 2 cents to $98.54 Thursday, led by losses in hams.