Corn is mostly 6 to 7 cents lower at midmorning.
● Corn futures are facing corrective pressure in the wake of last week’s gains.
● USDA reported export inspections totaled 1,301,211 during the week ended Dec. 25, down 446,161 MT from the previous week but above the pre-report range of 1.0 MMT to 1.25 MMT.
● Southern Argentina will continue drier than usual during the next ten days to two weeks, leading to some moisture stress for summer crops in Buenos Aires, La Pampa and some immediate neighboring areas, according to World Weather Inc.
● March corn futures are testing support at the 200-, 20-, 40- and 10-day moving averages, with next support at the 100-day moving average, trading at $4.38 1/2. Resistance is at last week’s high of $4.53.
Soybeans are 8 to 9 cents lower, while soymeal is around $4.00 lower. Soyoil is fractionally higher.
● Soybeans are being led lower by meal futures, though technical support is curbing momentum.
● USDA reported daily soybean sales totaling 100,000 MT to Egypt during 2025-26.
● USDA reported soybean export inspections totaled 750,312 MT during the week ended Dec. 25, down 179,053 MT from the previous week and near the low-end of the pre-report range of 750,000 MT to 1.2 MMT.
● March soybeans are facing support at the 200-day moving average of $10.66, while resistance stands at the 100- and 20-day moving averages, trading at $10.84 1/2 and $10.91 1/4.
Winter wheat futures are 4 to 6 cents lower, while HRS futures are chopping around unchanged.
● SRW wheat futures are correctively weaker following a series of gains last week.
● President Trump said he made “a lot of progress” in talks with Ukrainian President Volodymyr Zelenskiy on Sunday over a possible peace deal, but that it might take a few weeks to get it done. Zelenskiy said the peace framework is “90% agreed” and that U.S.-Ukraine security guarantees are “100% agreed,” but major sticking points remain, including the future of Ukraine’s Donbas region.
● USDA reported weekly wheat inspections totaled 302,096 during the week ended Dec. 25, down 333,530 MT from the previous week and just above the pre-report range of 100,000 to 300,000 MT.
● March SRW futures are being pressured by the 20-day moving average of $5.24 3/4, while support is at the 10-day moving average of $5.14 1/4.
Live cattle are firmer while feeders are posting heftier gains at midmorning.
● Cattle futures are notably firmer, though technical resistance continues to curb extended buying.
● Wholesale beef declined on Friday, with Choice down $3.41 o $351.21 and Select $1.95 to $343.80. Movement totaled 70 loads.
● February futures continue to face resistance at the 100-day moving average of $232.10. Initial support is at $228.72, which is backed by the 20-day moving average.
Hog futures are slightly firmer at midsession.
● Lean hog futures are firmer as cash and wholesale support are limiting the downside.
● The CME lean hog index is up 13 cents to $83.84.
● The pork cutout value surged $4.05 on Friday to $97.71 amid a $23-gain in primal bellies. Movement totaled 169.3 loads.
● February lean hogs are facing resistance at the 100-day moving average of $85.36, while initial support lies at the 10-day moving average of $84.62.