GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: 3 to 5 cents lower.
Wheat: Winter wheat 5 to 7 cents lower; HRS steady to 2 cents lower.
GENERAL COMMENTS: Soybeans continue to lead weakness as technical sellers have taken hold of the market. Corn and wheat saw sympathy selling overnight, with wheat falling below key technical support. Action in outside markets remains subdued with front-month crude oil futures just modestly higher overnight while the U.S. dollar index is around 125 points lower.
USDA reported daily sales of 136,000 MT of soybeans for delivery to China, 331,000 MT of soybeans for delivery to unknown destinations, and 120,000 MT of soybean meal for delivery to Poland — each during the 2025-26 marketing year.
The National Weather Service today reported a strong clipper system located over the upper Midwest is forecast to pivot into the interior Northeast today, ushering wintry weather and gusty winds into the region. At the end of the work week, yet another clipper will follow on the heels of this system, bringing with it the chance for freezing rain and heavy snow from the northern High Plains into the Ohio Valley. In advance of this upcoming system, a handful of winter storm watches are posted for eastern Montana. Meanwhile, a prolonged atmospheric river continues to produce heavy rain in the Pacific Northwest and lower elevations of the northern Rockies. Temperatures over Midwest and Plains will be below average in the coming days. Yet another intrusion of frigid Arctic air into the Northern Plains will translate to daily high temperatures which struggle to break into the teens on Friday.
The Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday morning ends this afternoon with an FOMC statement and then a press conference from Fed Chair Jerome Powell. Markets have priced in a 90% chance of a 0.25% interest rate cut from the Fed. However, the FOMC statement’s and Powell’s guidance on the trajectory of Fed monetary policy are what the marketplace will be very closely watching today. Market expectations have grown that the FOMC and Powell will lean more hawkish on U.S. monetary policy due to worries about sticky inflation
U.S. Secretary of Agriculture Brooke Rollins, U.S. Health and Human Services Secretary Robert F. Kennedy Jr., and the Centers for Medicare & Medicaid Services Administrator Dr. Mehmet Oz will make an agriculture announcement in effort to Make America Healthy Again (MAHA), according to a USDA press release issued Tuesday afternoon. “Secretary Rollins, Secretary Kennedy, and Dr. Oz will deliver a major announcement tomorrow as part of the Administration’s ongoing commitment to the Make America Health initiative,” said the press release. Time of the announcement is 8:50 a.m. CST today.
CORN: March corn gave up a portion of Tuesday’s gain overnight. Support lies at $4.45 on persistent selling, while bulls are eyeing resistance at yesterday’s high of $4.49.
SOYBEANS: January soybeans continue to lead weakness. Bulls are eyeing support at $10.79 1/4, which is backed by support at $10.68 1/2. REsistance comes in at the psychological $11.00 mark on a bounce.
WHEAT: March SRW futures broke down overnight. Prices broke below key $5.30 support, a key pivot today. Additional support stems from $5.25. Bulls are looking to break prices back above $5.30 before tackling resistance at $5.36 1/4.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeder cattle futures are expected to open with a mostly firmer tone in a continuation of recent strength. Bulls now hold the technical advantage and are looking to followthrough on strength after the past two sessions of consolidation. Cash cattle trade has had a modestly bullish start to the week with trade taking place at $222.00. Wholesale beef ended Tuesday mixed with choice rising 14 cents to $361.04 while select slid 57 cents to $348.03.
HOGS: Lean hog futures are expected to open with a motley firmer tone. While February futures closed lower Tuesday, they closed well off intraday lows and found stiff technical support at the 10-day moving average. The CME lean hog index is up another nickel to $81.89 as of Dec. 8, further cementing a seasonal low could be in place. Pork cutout ended Tuesday 93 cents higher at $96.44, led by strength in bellies and hams.