GRAIN CALLS
Corn: Steady to 2 cents higher
Soybeans: 10 to 12 cents higher
Wheat: Steady to 2 cents lower
GENERAL COMMENTS: Soybeans initially sank following President Donald Trump’s meeting with Chinese leader Xi Jinping but reversed losses after Treasury Secretary Scott Bessent told Fox Business News Thursday morning that China agreed to purchase 12 million metric tons of the crop “during this season,” indicating that meant “between now and … should be January.” He added that China should buy at least 25 million metric tons of soybeans each year during the next three years. Soybeans had rallied Monday and Tuesday after Bessent over the weekend indicated an agreement that would see China resume soybean purchases was in the offing but saw pressure on a “buy the rumor, sell the fact” Wednesday after Beijing purchased a few cargoes. Corn futures firmed after Bessent’s latest remarks.
CORN: Resistance for corn is seen at this week’s high of $4.36 ¼, with the next layer at $4.40. Bulls are looking to close December above solid resistance at $4.50. Support is seen at this week’s low of $4.26.
SOYBEANS: Bulls are targeting a close for January above important resistance at $11.35. Support is seen at the top of the gap marked by this week’s low at $10.70 ¼.
WHEAT: Support for December SRW is seen at this week’s low of $5.16 ¾ and then at $5.10. Resistance is seen at this week’s high of $5.35 and then $5.40.
LIVESTOCK CALLS
CATTLE: Choppy/higher
HOGS: Choppy/higher
CATTLE: Live-cattle and feeders found their footing Wednesday, posting sharp rebounds after a steep selloff triggered by the Trump administration’s decision to increase Argentine beef imports and the prospect a ban on imports of Mexican feeder cattle could be lifted. Remarks by Mexico’s agriculture minister indicating that a lifting of border restrictions didn’t appear imminent helped stabilize the market. USDA reported active cash cattle trading at mid-week. The agency at midday Wednesday reported cash trade has averaged at $229.70 versus last week’s average of $237.89. Wholesale beef remained strong Wednesday, with Choice-grade up $1.73 to $381.38, while Select-grade rose $1.79 to $361.79.
HOGS: Lean-hog futures ended at a three-month low Wednesday. The latest CME lean hog index is down another 24 cents at $92.03. Today’s projected cash hog index is down another 17 cents at $91.86. Wednesday’s national direct 5-day rolling average cash hog price quote was $87.90. The next upside price objective for the hog bulls is to close December futures prices above solid chart resistance at $84.00. The next downside price objective for the bears is closing prices below solid technical support at $80.00. First resistance is seen at this week’s high of $82.575 and then at last week’s high of $84.05. First support is seen at $80.00 and then at $79.00.