Corn is mostly 3 to 4 cents higher at midmorning.
- Corn futures are extending Wednesday’s corrective gains, though technical pressure and extended selling in soybeans are limiting momentum.
- The consumer price index (CPI) indicated inflation fell to 2.7% on an annual basis in November, the lowest since July. That is well below forecasts of 3.1% and September’s figure of 3.0%.Inflation in energy, fuel and shelter remained above average. The Bureau of Labor Statistics did not collect data for October, thus figures for October and monthly rates for November were not available. Annual core CPI, which excludes food and energy, fell to 2.6%, well below forecasts of 3.0%.
- Much of Argentina has adequate soil moisture in place to support crop development while most areas dry down today with some exceptions in the southwest where soil moisture is already short and stress to crops should rise until greater rain falls, according to World Weather Inc.
- March corn futures have tested resistance at the 10-, 20- and 40-day moving averages, layered from $4.42 3/4 to $4.44 1/4, which are backed by the 200-day moving average of $4.46 1/2.
Soybeans are 4 to 5 cents lower, while soymeal is around $1.30 higher. Soyoil is around 45 points lower.
- Soybeans are being led lower by soyoil, despite additional daily sales to China.
- USDA reported daily sales of 114,000 MT of soybeans to unknown destinations during 2025-26.
- China has secured at least 7 million MT of U.S. soybeans after heavy buying in the past two weeks, Bloomberg reports, passing the halfway mark toward meeting its 12 million-MT purchase agreement with the Trump administration, according to people familiar with the deals.
- East-central Brazil dying is something new on the forecast charts today and it should be closely monitored because of a similar situation that occurred in 2021-14 - a year not greatly different from this year, according to World Weather Inc. For now the drying is only a one-week phenomenon followed by greater rain Dec. 26-Jan. 1, but the forecaster notes the situation will need to be closely monitored because of the parallel.
- January soybeans are testing support at the 200-day moving average of $10.54 1/2, though additional support lies at $10.52. Initial resistance stands at $10.59 3/4, and is backed by the 100-day moving average of $10.69 1/4.
SRW wheat futures are mostly a penny to 3 cents higher, while HRW is around 8 to 9 cents higher. HRS futures are 6 to 8 cents higher.
- SRW wheat futures are modestly firmer in inside trade after forging fresh contract lows on Wednesday.
- Sovecon raised its 2025 Russian wheat production forecast by 0.2 MMT to 88.8 MMT on Thursday. The outlook for the country’s total grain production was raised by 0.8 MT to 136.2 MMT.
- Expana forecasts soft wheat production in the European Union could fall 6.2% in 2026-27 after a bumper harvest this season amid good weather conditions in most parts of the bloc.
- Farmers in South Africa are expected to harvest 3% more wheat in the 2025 season, compared with the previous one, according to the government’s Crop Estimate Committee (CEC) earlier today.
- March SRW futures are trading within Wednesday’s range, with support at this week’s low of $5.04, while resistance is layered at $5.10 1/2 and $5.14 3/4.
Live cattle are weaker at midmorning.
- Live cattle are weaker as traders remain hesitant to breach technical resistance at the 100-day moving average.
- Cash cattle trade remains light so far this week, with a small lot trading hands at $229.00.
- Wholesale beef values fell on Wednesday, with Choice down $2.79 to $356.09, while Select $2.67 to $346.43. Movement was strong at 170 loads.
- February futures are testing support at the 10-day moving average of $228.89, with additional support at $226.29. Initial resistance stems from last week’s high of $231.775.
Hog futures are firmer at midsession.
- Lean hog futures have turned from earlier lows amid technical support and a firming cash fundamentals.
- The CME lean hog index is up another 57 cents to $83.87.
- The pork cutout value 2 cents to $98.54. Movement totaled 240.60 for the day.
- February lean hogs are facing support at the 10-day moving average, trading at $83.31, while resistance is layered at $84.09, then at the 100-day moving average of $85.37.