GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: 7 to 10 cents lower.
Wheat: SRW 2 to 4 cents higher; HRW and HRS steady to 2 cents lower.
GENERAL COMMENTS: Soybeans and corn saw modest selling pressure overnight while wheat saw relative strength. Daily price swings continue to be elevated amid the ongoing higher volatility environment but bulls continue to maintain the technical advantage. Outside markets are mixed this morning with front-month crude oil futures lower, equities higher and the U.S. dollar index around 200 points higher.
USDA reported daily export sales of 330,0000 MT of soybeans for delivery to China during the 2025-26 marketing year.
Goldman Sachs President John Waldron said stock indexes are primed for possible further declines as investors await the quarterly earnings report from technology leader Nvidia Corp later today. “It strikes me the market could pull back further from here,” Waldron said in an interview on the sidelines of the Bloomberg New Economy Forum in Singapore on Wednesday. “I do think the technicals are kind of more biased for more protection, and more downside.” The S&P 500 is down more than 3% this month, on course for its worst month since March, while volatility has surged. A sell-off in the world’s largest technology companies has reignited a debate on AI, and whether it is generating enough revenue or profit to justify the massive spending on infrastructure.
The Commodity Futures Trading Commission will resume publishing its Commitments of Traders (COT) reports today and released a schedule for the publication of reports that were interrupted during the lapse in federal government appropriations. The reports will be published in chronological order beginning today at 2:30 p.m. CST. The report will include data from the first missed report, which would have published Oct. 3. To reduce the COT report backlog the CFTC will increase publication frequency, allowing for the backlog to be cleared by the report scheduled for Jan. 23. The schedule is consistent with prior post-government-shutdown publishing.
CORN: December corn gave up most of Tuesday’s gain overnight. Bulls are looking to hold support at the 200-day moving average at $4.33 3/4 on continued selling pressure. Resistance comes in at $4.38 1/2 then $4.40 on a bounce.
SOYBEANS: January soybeans saw followthrough selling overnight. Bulls are seeking to hold support t $11.35 1/4 on persistent weakness. Resistance stands at $11.50 then $11.57 1/4 on a reversal higher.
WHEAT: December SRW futures saw relative strength overnight. Resistance stands at $5.50 then the prior high of $5.55. Support comes in at $5.39 1/4 on a turn lower.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/lower.
CATTLE: Cattle futures are expected to open with a mostly weaker tone as bulls continue to struggle garnering much bullish momentum. Bulls failed to overcome 10-day moving average resistance at $223.05 in December futures on Tuesday, which remains key resistance. Support at the 200-day moving average at $217.95 is a key level. Cash cattle trade initiated at $221.00 early in the week on light volume, with additional trade likely to be slow ahead of Friday’s Cattle on Feed report.
HOGS: Lean hog futures are expected to open with a mostly weaker tone in a continuation of recent selling pressure, though corrective buying could limit losses after the open. Lean hogs continue to see methodical selling pressure and are deepening discounts to the cash market. The CME lean hog index is down another 33 cents to $86.67 as of Nov. 17. Pork cutout slid $1.62 to $95.39 Tuesday, led by losses in hams and loins.