Corn is mostly a penny to 2 cents higher at midmorning.
- Corn futures are posting modest corrective gains, in tandem, with crude oil.
- USDA reported daily sales of 177,055 MT of corn to Mexico during 2025-26.
- Ethanol production for the week ended Dec. 12 was a record 1.13 million barrels per day (bpd), up from 1.10 million bpd the previous week. Ethanol stocks fell to 22.4 million barrels, below expectations and below year-ago stocks of 22.6 million barrels.
- South Korean importer major Feedmill Group (MFG) bought an estimated 268,000 MT of animal feed corn in an international tender earlier today, and is expected to be sourced from the U.S., South America or South Africa, according to European traders.
- March corn futures are facing support at the 100-day moving average of $4.36 3/4, while resistance is at $4.39 1/4.
Soybeans are 4 to 6 cents lower, while soymeal is around $3.00 lower. Soyoil is fractionally lower.
- Soybeans are extending the recent selloff, though technical support at the 200-day moving average is curbing momentum.
- USDA reported daily sales of 198,000 MT of soybeans to China and an additional 125,000 MT to unknown destinations during 2025-26.
- Much of Brazil and Paraguay will see regular rounds of showers and thunderstorms through the next two weeks with enough rain to favorably support crop development and maintain or increase soil moisture while fieldwork will be slowed, according to World Weather Inc.
- January soybeans are now facing support at the 200-day moving average of $10.54 1/2, while resistance is at the 100-day moving average of $10.68 3/4.
SRW wheat futures are mostly a penny to 3 cents lower, while HRW is around 2 cents lower. HRS futures are 1 penny lower.
- SRW wheat futures have carved new contract lows, with pressure stemming from a firmer U.S. dollar and cancellations from China.
- USDA reported cancellations of 132,000 MT of white wheat for delivery to China during 2025-26. The sale was first reported on Nov. 20, and the cancellation information will be reported in the Weekly Export Sales Report, due out on Dec. 29.
- Ukrainian wheat exports have been crimped as recent heavy attacks on Black Sea ports and energy facilities have forced the shutdown of some grain export terminals, according to the Ukrainian farmers’ union UAC.
- March SRW futures have marked new contract low, with support now serving at $5.03 ¾, which is backed by the $5.00 psychological level. Initial resistance is at $5.13, then $5.18 1/2.
Live cattle are firmer at midmorning.
- Live cattle are modestly firmer as looming technicals curb extended buyer interest ahead of Friday’s Cattle on Feed Report.
- Cash cattle trade is slow to develop this week, which isn’t unusual ahead of a Cattle on Feed Report, which is due out Friday after the close.
- Choice boxed beef fell 58 cents to $358.88, while Select rose $1.80 to $349.10, narrowing the Choice/Select spread to $9.78. Movement totaled 119 loads.
- February futures are being limited by the 100-day moving average of $231.82, which coincided with this week’s high of $231.75. Initial support lies at $229.86, then at $229.02 and $228.26.
Hog futures are lower at midsession.
- Lean hog futures are facing extended technical selling.
- The pork cutout value slipped 33 cents on Tuesday to $98.56 amid declines in all cuts except primal hams and ribs. Movement totaled 273.4 loads.
- February lean hogs are hovering mostly above the 200-day moving average, trading at $83.62, while resistance stems from the 100-day moving average of $85.36.