GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: 1 cent lower to 1 cent higher.
Wheat: 1 cent lower to 1 cent higher.
GENERAL COMMENTS: Grains were quiet overnight with corn, soybeans and wheat straying little from unchanged. Each is trading near key technical levels which could be difficult to overcome given key reports next Monday. Outside markets are mixed this morning with front-month crude oil futures higher on corrective buying while the U.S. dollar index is around 205 points higher.
USDA reported daily export sales of 132,000 MT of soybeans for delivery to China during the 2025-26 marketing year.
U.S.-based employers announced 35,553 job cuts in December, the lowest since July of 2024, down from 71,321 in November and 8% below the level seen in December 2024, according to Challenger, Gray & Christmas today. “The year closed with the fewest announced layoff plans all year. While December is typically slow, this coupled with higher hiring plans, is a positive sign after a year of high job cutting plans,” said Andy Challenger with the firm. In 2025, employers announced 1,206,374 job cuts, an increase of 58% from 2024 and the highest total since 2020. The government led all industries in job cuts with 308,167, primarily at the federal level. Technology led in the private sector with 154,445 cuts. “Tech has been pivoting to both developing and implementing AI much more quickly than any other industry. This coupled with over-hiring over the last decade created a wave of job loss in the industry,” said Challenger. Meanwhile, employers announced 507,647 planned hires, down 34% from 2024 and the lowest since 2010.
President Trump could find out as soon as Friday whether the Supreme Court will strike down a key portion of his tariffs campaign. “The court is considering whether Trump can use an emergency law that had previously never been wielded to impose import taxes, and its decision could be included in an upcoming opinions release on unspecified cases. Lower courts have already ruled that Trump exceeded his authority by invoking the 1977 International Emergency Economic Powers Act to justify his sweeping ‘reciprocal’ duties targeting America’s trading partners, as well as separate levies aimed at China, Canada and Mexico,” said a Bloomberg report. The U.S. tariffs have remained in effect as the legal proceedings continue. If the Supreme Court concurs that these duties are unlawful, large swathes of the levies Trump has imposed so far in his second term could come undone and leave the U.S. government on the hook for tens of billions of dollars in refunds. “Still, there are other means by which his tariffs policy could continue. While the Constitution gives Congress the power to levy taxes and duties, lawmakers have delegated some of their authority to the executive branch through a number of statutes. These laws give Trump at least five fallback options to impose tariffs in different ways. In general, these alternatives come with more limits and procedural restrictions, meaning there’s less leeway for Trump to impose tariffs virtually immediately and set the rates as high as he chooses,” said Bloomberg.
French farmers drove dozens of tractors to the Eiffel Tower and other Parisian landmarks to pressure the government not to support a European Union free-trade deal with South American nations. Farming unions say the deal would expose them to unfair competition, and pledges by French Agriculture Minister Annie Genevard to secure a blocking minority have failed to placate farmers. The deal could be signed as early as next week if agreed. The tractor protests only add to France’s mounting political turmoil after repeated government collapses since 2024 snap legislative elections. The farmers have been driving toward the French capital for several days, heeding a call for action from the Coordination Rurale union. Dozens of tractors were parked Thursday around the Arc de Triomphe and other areas in and around Paris.
CORN: March corn continues to pivot around the 200-day moving average. That level remains key at $4.46 1/4. Resistance stands at $4.50 on strength while support stands at $4.44 1/4.
SOYBEANS: March soybeans consolidated overnight. Bulls are looking to hold prices above psychological support at $10.50, else a trip to $10.47 seems likely. Resistance comes in at $10.59 1/2, the 20-day moving average.
WHEAT: March SRW futures have stalled near the 20-day moving average at $5.18. Continued strength targets the psychological $5.25 mark. Support stands at $5.14 1/4 on a turn lower.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open with a mostly weaker tone in a continuation of yesterday’s selling pressure. A test of the 10-day moving average in February futures seems likely, with that level coming in at $233.00. Traders seems hesitant to push futures much above the cash market given poor packer margins. Wholesale beef ended Wednesday mixed with choice cutout rising $3.03 to $354.28 while select slid $1.80 to $349.28.
HOGS: Lean hogs are expected to open with a mostly firmer tone as technical support is expected to lift prices, though persistent followthrough selling from the past couple days could limit gains after the open. The CME lean hog index continues to push lower, falling another 29 cents to $81.25 as of Jan. 6. That weakness could break the uptrend in futures dating back to the middle of November. Pork cutout rose $1.04 to $92.29 Wednesday, led by gains in ribs.