Pro Farmer wishes you a Merry Christmas! Please be advised of the following holiday schedule:
Markets: Early close Wednesday; closed Thursday.
Reports: On Wednesday and Friday, we will observe an abbreviated schedule, publishing First Thing Today (8:00 a.m. CT) and After the Bell (Post-close). We will resume our regular publishing schedule on Monday, Dec. 29.
GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 1 to 3 cents higher.
Wheat: 1 cent lower to 1 cent higher.
GENERAL COMMENTS: The holiday doldrums have begun to take hold of the ag complex as volume was abysmal overnight. That being said, the path of least resistance being higher is a positive for grain bulls as corn, soybeans and wheat each favored the upside modestly overnight. Outside markets are quiet this morning as front-month crude oil futures are modestly higher while the U.S. dollar index continues to slide, down around 250 points.
President Trump warned Venezuelan President Nicolas Maduro not to challenge the United States and vowed to keep oil seized from a supertanker. Trump declined to say if he’s seeking to oust Maduro, saying, “That’s up to him” when asked if he would try to push Maduro out. The U.S. has stepped up its blockade of tankers going to and from Venezuela, boarding a non-sanctioned ship and pursuing another oil tanker off the coast of Venezuela. More than a dozen tankers have loaded oil off Venezuela’s coast since the Trump administration intensified efforts to curb Caracas’ crude revenue by targeting sanctioned vessels, Bloomberg reported. Since Dec. 11, roughly 14 vessels have loaded and at least six of them were under sanctions, according to data from maritime intelligence firm Kpler. The majority of the loadings took place at the ports of Bajo Grande and Puerto Jose, said Bloomberg.
Russian forces launched a missile and drone attack across Ukraine, killing civilians and hitting energy targets as negotiators pressed ahead with talks to end the nearly four-year war. President Volodymyr Zelenskiy said the strikes on several Ukrainian regions, with some 650 drones and more than 30 missiles, took place “in the midst of negotiations,” as Kyiv’s team returned home from talks with U.S. officials in Florida. “This Russian strike sends an extremely clear signal about Russia’s priorities,” Zelenskiy said on Tuesday on X and as reported by Bloomberg.
About one-third of the U.S. Department of Agriculture’s employees in the Washington, D.C., area left the agency from January to June, according to a report from the agency’s Office of Inspector General. More than 1,000 employees at the agency’s Washington, D.C., headquarters have departed and about 18% of the USDA’s total employees left during the period. The U.S. Forest Service, Animal and Plant Health Inspection Service, National Resources Conservation Service, National Institute of Food and Agriculture, and National Agricultural Statistics Service were among the areas that lost employees. The moves came even before USDA said in July that it would more than halve its Washington, D.C.-based workforce and relocate employees elsewhere, sparking concern about further departures. A spokesperson said USDA aims to “return the department to a customer-service focused, farmer-first agency,” and added that it has not stopped hiring for critical roles that protect Americans, national forests and food safety, said a Bloomberg report.
CORN: March corn continues to lead strength. Resistance persists at $4.50 on continued strength. Bulls are looking to hold support at $4.46 1/4, the 200-day moving average, on a reversal lower.
SOYBEANS: January soybeans continue to exhibit modest strength. Resistance lies at $10.66 on a continued bounce, while bulls are seeking to hold price above support at $10.50.
WHEAT: March SRW futures struggled to overcome 10-day moving average resistance at $5.18 overnight. Bulls are looking to hold support at $5.10 on persistent selling.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Higher.
CATTLE: Cattle futures are expected to open higher in a continuation of recent strength. Cash cattle trade last week was a little lighter than normal and came in 22 cents below the previous week at $227.97. That could limit the upside somewhat as futures continue to trade above the cash market. Wholesale beef continues the recent push higher, though movement remains light. Choice rose $1.24 to $362.87 Monday while select climbed $4.67 to $350.69.
HOGS: Lean hog futures are expected to open higher in a continuation of recent strength. The cash market has fallen under modest seasonal pressure recently but a seasonal low still appears to be in place. Traders are eyeing this afternoon’s Hogs & Pigs report for guidance on the hog population, a decline in inventories and kept for breeding numbers is expected. Pork cutout fell $1.35 to $98.41 Monday, led by losses in hams.