Editor’s note: Markets will be closed Thursday for the New Year’s Day holiday. Pro Farmer will be observing an abbreviated schedule on Wednesday and Friday, publishing First Thing Today (8:00 a.m. CT) and After the Bell (Post-close). We will resume our regular publishing schedule on Monday, Jan. 5.
Corn is mostly a penny lower at midmorning.
● Corn futures are extending Monday’s losses amid technical selling and pressure from a stronger U.S. dollar.
● Crop consultant Dr. Michael Cordonnier left his 2025-26 Brazilian corn production estimate unchanged at 137.0 MMT and holds a neutral bias going forward. Cordonnier also maintained his Argentine estimate at 54.0 MMT but holds a neutral to higher bias going forward.
● Chinese officials have vowed to stabilize grain production and increase soybean oilseed production capacity as Beijing seeks to reduce imports and ensure food security, according to readouts of agricultural policy meetings.
● March corn futures are being limited by resistance at the 10-, 20- and 200-day moving averages, layered from $4.44 1/2 to $4.45 1/2. Initial support lies at the 100-day moving average of $4.38 1/2.
Soybeans are around unchanged, while soymeal is 60 cents lower. Soyoil is around 20 points higher.
● Soybeans are modestly firmer but continue to face stiff technical resistance.
● USDA reported daily sales of 136,000 MT of soybeans for delivery to China and 231,000 MT to unknown destinations during the 2025-26 marketing-year.
● Dr. Michael Cordonnier raised his 2025-26 Brazilian production estimate by 1.0 MMT to 178.0 MMT amid good early yield reports out of Mato Grosso and improved rainfall in the southernmost state of Rio Grande do Sul. Cordonnier kept his Argentine estimate unchanged at 49.0 MMT but holds a neutral to higher bias toward both crops.
● Anec reports Brazilian soy exports are seen reaching 3.02 MMT in December, down from its previous estimate of 3.57 MMT.
● March soybeans are up against resistance at the 10- and 200-day moving averages, each trading around $10.66. Initial support lies at $10.58 1/2.
Winter wheat futures are 2 to 4 cents lower, while HRS futures are chopping around unchanged.
● SRW wheat futures are edging lower amid pressure from U.S. dollar strength.
● Russia attacked infrastructure in Ukraine’s Odesa region on Tuesday, damaging a civilian ship and facilities in the Black Sea ports of Pivdennyi and Chornomorsk, according to Deputy Prime Minister Oleksiy Kuleba. Kuleba said a civilian Panama-flagged ship loaded with grains was damaged and that oil storage tanks were also hit.
● Sovecon raised its 2025-26 Russian wheat export forecast by 0.4 MMT to 44.6 MMT earlier today. The consultancy also raised its forecast for Russian grain exports by 0.3 MMT to 52.9 MMT.
● March SRW futures are being limited by the 10-day moving average of $5.13, which is backed by the 20-day moving average. Initial support lies at $5.09 1/2, then at the Dec. 17 low of $5.04.
Live cattle are firmer while feeders are posting heftier gains at midmorning.
● Cattle futures are notching modest gains as technical resistance limits buyers, though improving cash fundamentals continue to underpin prices.
● Last week, cash cattle trade averaged $229.33, up $1.36 from the previous week.
● Choice boxed beef declined $1.88 on Monday to $349.33, while Select rose $1.82 to $345.62, narrowing the Choice/Select spread to $3.71. Movement totaled 113 loads.
● February futures are trading mostly between the 10- and 20-day moving averages, trading at $229.76 and $228.23, with greater resistance/support at the 100-day moving average of $232.04 and $225.69.
Hog futures are firmer at midsession.
● Lean hog futures are firmer but have turned from earlier highs with pressure from a downturn in the cash index along with wholesale pressure.
● The CME lean hog index is down $1.40 to $82.44.
● The pork cutout value fell $1.75 on Monday to $95.96 amid declines in all cuts aside from primal butts. Movement totaled 268.6 loads for the day.
● February lean hogs continue to face resistance at the 100-day moving average of $85.34, while support is layered at the 10-day moving average of $84.70, which is backed by the 200- and 20-day moving averages.