GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: Steady to 2 cents lower.
Wheat: 2 to 4 cents lower.
GENERAL COMMENTS: Soybeans failed to maintain an early overnight rally while corn saw some profit-taking. Wheat continued Friday’s technical breakdown. Outside markets are mixed this morning as front-month crude oil futures are sharply lower and in the lower end of the recent range while the U.S. dollar index is down over 430 points, giving up half of Friday’s surge.
USDA reported daily export sales of 110,000 MT of corn for delivery to Mexico during the 2026-27 marketing year.
China on Monday said it had effectively extended its trade truce with the U.S. by two months to Jan. 10, formalizing an agreement reached by President Donald Trump and Chinese leader Xi Jinping at a summit meeting in Washington in September. China will suspend retaliatory measures, such as a 24% additional tariff on U.S. goods for another two months and hold off from charging special fees on U.S. ships docking at its ports until Jan. 10, Bloomberg reported. Meanwhile, signs of tensions between Washington and Beijing over China’s trade commitments were on the rise late last week (see item below).
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer spoke with China’s Vice Premier He Lifeng,Bloomberg reported Friday, expressing concerns about China’s recent actions. Trump and Xi are expected to meet later this month in Shenzhen when China hosts the Asia-Pacific Economic Cooperation summit. “Secretary Bessent emphasized the importance of China fully and immediately implementing its commitments made in Busan and raised concerns about recent Chinese actions,” according to a readout from the Treasury Department on Friday. “He underscored that continued progress depends on concrete results and that the United States will closely assess China’s implementation of the arrangement.” In a separate statement, Greer’s office said he emphasized during the video call that it was crucial for China to take “concrete actions” to implement pledges, specifically on “agricultural purchases, rare earths, and other critical minerals.”
President Donald Trump over the weekend said it was “highly unlikely” that he would order extensive strikes on Iran. But that will depend on Iran signing a “very strong agreement,” he told CNN . The remarks came after Secretary of State Marco Rubio played down prospects of an imminent breakthrough in negotiations, Bloomberg reported, describing Tehran’s demands to date as unacceptable and in some cases “outrageous and ridiculous.”
CORN: December corn futures are trading near recent lows. Bulls eye resistance at $4.47 1/4, the 10-day moving average, then $4.50. Support comes in at Friday’s low of $4.38 1/2 on a push lower.
SOYBEANS: January soybeans struggled to maintain early overnight momentum. Bulls are seeking to break prices above psychological $12.00 resistance on strength. Support comes in at Friday’s low of $11.84 on a reversal lower.
WHEAT: December SRW wheat futures continue to slide. Futures saw a technical breakdown Friday, breaking below the recent bear-flag on the daily bar chart. Support comes in at $5.85 then $5.80 on persistent selling. Bulls are eyeing resistance at the psychological $6.00 mark on strength.
LIVESTOCK CALLS
CATTLE: Lower.
HOGS: Lower.
CATTLE: Live and feeder cattle futures are expected to open lower amid a plunge in cash cattle prices. Trade into Friday fell over $7.00 from the prior week to $216.52, undercutting futures. More weakness in the cash market seems likely at this juncture. Choice beef continues to slide as well, falling 77 cents to $360.79 Friday.
HOGS: Lean hog futures continue to slide lower. Futures anticipate the cash market will continue to fall into the winter months beyond what is normal seasonally. The CME lean hog index is already down more than what is normal for this time of year. The index slid another $1.29 to $61.57 as of Nov. 5. Pork cutout meanwhile rose $1.66 to $70.65 Friday, led by gains in picnics and butts.