Traders expected a 0.5% decline in the Dec. 1 hog inventory.

Placements declined less than expected, while marketings fell more than anticipated.

The increase in beef stocks was about average during November.

Top stories for Dec. 22, 2023

Cattle futures chopped around unchanged most of the session, while hog futures favored the upside.

Corn posted fractional gains, soybeans saw corrective buying and wheat rose for the second consecutive day. Cotton futures rose as well. Cattle chopped near unchanged, while hog futures saw steady buying.

Corrective buying was seen in the ag complex today with corn, soybeans, wheat and cotton each posting gains on the session.

Access this week's newsletter here.

Markets are quiet ahead of the long weekend, as corn, soybeans and wheat favor the upside. Cattle are pivoting near unchanged, while hog futures favor the upside.