GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: 4 to 6 cents higher.
Wheat: 1 cent lower to 1 cent higher.
GENERAL COMMENTS: Soybeans lead strength overnight but encountered resistance near this week’s highs. Meal helped push soy prices higher as well. Meanwhile, corn and wheat saw modest losses, though did not stray much from unchanged. This morning’s jobs report did little to spur volatility in outside markets, as equities are modestly higher, front-month crude oil futures continue their recent rebound and the U.S. dollar index is up around 50 points.
USDA reported daily export sales of 198,000 MT of soybeans for delivery to unknown destinations during the 2025-26 marketing year.
The U.S. economy added 50,000 jobs in December, with the unemployment rate falling to 4.4%, the Labor Department reported today in the first on-time report since last fall’s government shutdown. Non-farm payrolls came in below expectations for a rise of 73,000, while the jobless rate came in below forecasts for a reading of 4.5%. It caps a busy data week that painted a picture of a labor market that’s cooling but not tanking. Data on Thursday showed first-time jobless claims rose from the previous week but came in below expectations, while the November Job Openings and Labor Turnover Survey on Wednesday showed labor demand continued to weaken. Wall Street analysts have widely described a situation in which employers are reluctant to hire or to let workers go – a “low hire, low fire” environment.
President Trump today said a second wave of attacks on Venezuela has been canceled, citing improved cooperation from the country, Bloomberg reported. Venezuela is “working well” with the U.S. on rebuilding its oil and gas infrastructure and releasing “large numbers” of political prisoners, Trump wrote in a social-media post on Truth Social early today. That means another wave of strikes doesn’t appear necessary, he said. Trump is meeting with U.S. oil executives later today as his administration pushes them to rebuild Venezuela’s energy sector. The U.S. military activity in the region may not be over, though. Trump said on Thursday that strikes were being prepared against drug cartel facilities, just days after he ordered an operation to capture Venezuelan strongman Nicolas Maduro.
Iran’s supreme leader signaled Friday that security forces would crack down on protesters after they screamed from windows and marched through the streets overnight, directly challenging President Trump’s pledge to support those peacefully demonstrating. Supreme Leader Ayatollah Ali Khamenei dismissed Trump as having hands “stained with the blood of Iranians” as supporters shouted “Death to America!” in footage aired by Iranian state television, the Associated Press reported. Protesters are “ruining their own streets to make the president of another country happy,” Khamenei said, referring to Trump. There was no immediate response from Washington, though Trump reiterated his pledge to strike Iran if protesters are killed.
CORN: March corn continues to struggle against the 200-day moving average, which currently trades at $4.46. Support comes in at $4.44 on a push lower, while resistance stands at $4.50 on a break higher.
SOYBEANS: March soybeans made up Thursday’s loss overnight. Resistance stands at $10.71 1/2 on persistent strength, while support comes in at $10.63 on a turn lower.
WHEAT: March SRW futures saw some profit-taking overnight. Key resistance persists at the 20-day moving average at $5.17 3/4, which is backed by $5.24. Bulls are looking to hold support at $5.14 3/4 on persistent selling.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open with a mostly firmer tone. February futures found support at the 10-day moving average Thursday, spurring resurgent strength. Cash trade remains light this week with a slow week of negotiations likely. Trade so far this week has averaged $232.00, roughly steady with a week ago. Boxed beef ended Thursday 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 in a continuation of yesterday’s strength, though persistent declines in the cash market could undercut futures. The CME lean hog index continues to chip lower, with the index down another 27 cents to $80.98 as of Jan. 7, a fresh seasonal low. Pork cutout continues to undergo weakness as well, falling $1.50 to $90.79 Thursday, led by losses in picnics and ribs.