GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 1 to 3 cents higher.
Wheat: 4 to 6 cents higher.
GENERAL COMMENTS: Wheat led strength overnight, breaking out of the recent sideways trend. Corn and soybeans saw modest followthrough strength as well, building on yesterday’s gains. All eyes are on today’s reports from USDA. Outside markets are mixed this morning as equity futures are seeing staunch followthrough selling while front-month crude oil futures are modestly higher. The U.S. dollar index is near steady.
USDA will release its monthly World Agricultural Supply and Demand report for November this morning at 11:00 a.m. CST. The agency did not release a monthly report in October due to the federal government shutdown. Pre-report expectations can be found here. USDA also said it has compiled a list of daily sales reported by exporter companies for the timeframe October 1 through November 13, 2025, which will also be released today at 11:00 a.m. CST.
The U.S. and Argentina reached a deal to deepen bilateral trade and investment cooperation, the White House said Thursday in a notice posted to its government website. “The countries will open their markets to each other on key products,” according to the White House statement that said Argentina would provide “preferential markets access for U.S. goods exports” including certain medicines, chemicals, machinery, information technology products, medical devices. The White House also said the “countries have committed to improved, reciprocal, bilateral market access conditions for trade in beef.” The moves to ease trade in cattle come as the Trump administration is looking to provide relief to U.S. consumers, with wholesale beef prices rising in recent years after the U.S. cattle herd dwindled to its lowest level in decades, and on the heels of elections in which Republicans suffered losses with an electorate increasingly focused on affordability. The U.S. on Thursday also announced frameworks for trade deals with El Salvador and Ecuador.
CORN: December corn hit a fresh high overnight. Followthrough buying finds resistance at $4.45 3/4. Bulls are seeking to hold prices above support at $4.37 on a reversal lower.
SOYBEANS: January soybeans saw followthrough buying overnight. Resistance persists at $11.50 on a push higher, with backing from $11.60. Support stands at $11.37 then the 10-day moving average at $11.27 1/2.
WHEAT: December SRW broke higher overnight. Bulls are eyeing resistance at $5.50 while support comes in at $5.35 on a reversal lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Cattle futures are expected to open with a mostly firmer tone, supported by last week’s lows. Selling efforts stalled just shy of support on Thursday and steep discounts to the cash market could continue to limit the downside. Cash cattle trade picked up midweek and has averaged $225.58 thus far, down from last week’s average of $228.70, which could weigh on prices, though futures continue to trade at discounts to cash. Wholesale beef fell under pressure again on Thursday.
HOGS: Lean hog futures are expected to open with a mostly weaker tone in a continuation of recent selling pressure. Prices have fallen back into the downward sloping trend dating back to late September. Prices are in the lower end of that range, which could limit the downside after the open. The CME lean hog index is down another 30 cents to $88.83 as of Nov. 12. Pork cutout slid another 88 cents to $95.26 Thursday, led by losses in butts.