Corn is mostly 2 cents lower at midmorning.
- Corn futures are weaker as pressure looms from weaker crude and a modest rebound in the U.S. dollar.
- USDA reported daily sales of 250,000 MT of corn to unknown destinations during 2025-26.
- China’s total grain output hit a new record this year, up 1.2% from 2024 to 714.9 MMT, according to its statistics bureau earlier today.
- March corn futures continue to face resistance at the 200-day moving average of $4.46 3/4, while support lies at the 20- and 10-day moving averages, each trading around $4.45.
Soybeans are around 14 cents lower, while soymeal is $1.80 lower. Soyoil is around 70 points lower.
- Soybeans are facing extended technical selling despite additional purchases from China.
- USDA reported 132,000 MT of soybeans for delivery to China during 2025-26. Daily sales of 104,328 MT of soymeal to Mexico were also reported. Of that total, 93,895 MT is for 2025-26 and 10,433 MT is for 2026-27.
- China’s state stockpiler Sinograin will auction another half million metric tons of soybeans next week, its second such sale over the past two weeks, as it moves to make room for U.S. arrivals.
- January soybeans are now facing support at $10.86 1/2, which is backed by the 100-day moving average of $10.81 1/2.
Winter wheat futures are mostly 2 to 3 cents lower, while HRS futures are mostly unchanged.
- SRW wheat futures continue to face weakness amid robust global supplies and overhead resistance.
- Argentina’s Rosario exchange raised its 2025-26 wheat production estimate by 2.2 MMT to a record 27.7 MMT. The Buenos Aires Grain Exchange estimates Argentine wheat production at 25.5 MMT, while USDA’s latest estimate is 24 MMT.
- Ukrainian farmers had harvested around 55.5 MMT of grain from 92.4% of the sown area as of Dec. 11, according to its economy ministry.
- Russia’s seaborne grain exports rose in November for the first time this season to 6.0 MMT, up 26.6% from the same month a year-ago, according to shipping data from industry sources.
- Leading South Korean animal feed ground Nonghyup Feed Inc. (NOFI) purchased around 65,000 MT of animal feed wheat in a private deal on Thursday, without issuing an international tender, according to European traders.
- March SRW futures continue to face pressure from the 10-, 20-, 40- and 100-day moving averages, layered from $5.35 1/4 to $5.41 3/4, while initial support remains at $5.30 1/4, which is backed by this week’s low of $5.25 1/4.
Live cattle are moderately weaker, while feeders are posting a heftier decline at midmorning.
- Live cattle futures are facing corrective selling in the wake of Thursday’s strong gains.
- Cash cattle trade has garnered momentum, averaging $236.31 so far this week.
- Wholesale beef values slid on Thursday, with Choice down $1.25 to $358.11 and Select down $1.42 to $343.36. Movement remained strong at 151 loads.
- February futures are being limited by resistance at the 100-day moving average of $231.75, whilc initial support lies at $229.94, then at $228.93.
Hog futures are firmer at midsession.
- Lean hog futures are extending Thursday’s gains, though technical resistance is curbing buyers a bit.
- The CME lean hog index is up another 41 cents to $82.57 as of Dec. 10.
- The pork cutout value rose $1.57 on Thursday to $98.84, led by gains in primal butts and bellies, though all cuts notched gains. Movement faded to 285.4 loads.
- February lean hogs have scored a seven-week high, though resistance stands at the 100-day moving average of $85.40, while support lies at Thursday’s close of $84.175.