Corn is mostly unchanged to a penny lower at midmorning.
- Corn futures are pausing after gains over the previous two sessions, as a firmer U.S. dollar generally weighs on commodities.
- The U.S. Department of Agriculture is unlikely to do a second-round package of financial aid for struggling U.S. farmers amid trade tensions and low crop prices. That’s according to Richard Fordyce, a USDA undersecretary, who spoke in an interview with Bloomberg on Thursday and cited current budget constraints.
- A wetter weather pattern will begin today and nearly widespread rain will fall by Monday with multiple rounds of additional rain in most areas Tuesday into Dec. 28 that will slow fieldwork while increasing soil moisture and benefitting crops in the drier areas of the west, according to World Weather Inc.
- March corn futures are up against resistance at the 40-day moving average, trading at $4.44 1/4, which is backed by the 200-day moving average. The 20- and 10-day moving averages, each trading around $4.43 are serving up support.
Soybeans are 2 to 3 cents lower, while soymeal is around 50 cents higher. Soyoil is around 50 points lower.
- Soybeans are extending losses for the sixth straight session amid persistent technical selling.
- USDA reported daily sales of 134,000 MT of soybeans to China during 2025-26.
- China’s Sinograin sold 32.7% of the 550,000 MT of soybeans offered in its third auction this month, consultancy Mysteel reported earlier today, down from 77.5% in the first auction, as interest fades as the state stockpiler works to make room for U.S. soybean arrivals.
- March soybeans are facing support at $10.57 3/4, then at $10.53 3/4. The 200-day moving average, currently trading at $10.65 is serving as initial resistance.
SRW wheat futures are mostly unchanged to a penny higher, while HRW is unchanged to a penny lower. HRS futures are around 2 cents higher.
- SRW wheat futures are posting modest corrective gains, though technical resistance and a firmer dollar are curbing extended buyer interest.
- A dry and unusually warm weather pattern will continue in HRW country through the next seven days, though there are increasing signals for some needed precip, according to World Weather. While it may not be significant, it would at least add moisture to the ground, mainly between Dec. 27-29.
- Ukrainian farmers had harvested about 56.6 MMT of grain from the 93.5% of the sown area as of Dec. 18, according to the economy ministry earlier today. Ukraine plans to harvest about 60 MMT of grain in 2025, according to officials, up from 56 MMT in 2024.
- March SRW futures are up against resistance at the 10-day moving average of $5.17 ½, which is backed by the 20-, 40- and 100-day moving averages. Initial support lies at $5.10, then at the psychological $5.00 level.
Live cattle are firmer, while feeders are posting stronger gains at midmorning.
- Live cattle are posting solid gains ahead of USDA’s Cattle on Feed Report, due out at 2:00 pm CT.
- USDA will release its Cattle on Feed Report following the close today. On average, analysts expect cattle on feed as of Dec. 1 at 98.4 percent from the same time last year, at 11.79 million. Placements in November are seen at 92% of last year, at 1.652 million head. Marketings in November are seen at 88.7% from last year at the same time, at 1.530 million head.
- Choice boxed beef rose $1.19 on Thursday to $357.28, while Select fell $2.46 to $343.97. Movement was light at only 89 loads.
- February futures are pivoting around the 10-day moving average, with resistance at the 100-day moving average of $231.94, while support lies at $226.94.
Hog futures are weaker at midsession.
- Lean hog futures are modestly weaker amid wholesale pressure.
- The CME lean hog index is up a penny to $83.88 as of Dec. 17.
- The pork cutout value dove $1.11 on Thursday to $97.43 led by a $7-drop in primal bellies. Movement was light at 184.0 loads.
- February lean hogs are facing resistance at $83.975, while support lies at the 20- and 40-day moving averages, trading at $81.94 and $81.53.