Corn is mostly 3 cents lower at midmorning.
- Corn futures are facing spillover pressure from wheat futures and followthrough selling in crude oil.
- The Commodity Futures Trading Commission said in a press release Tuesday it is accelerating the publication of its Commitments of Traders reports that were interrupted during the U.S. government shutdown. The revised timeline will eliminate the report backlog by Dec. 29. Click here for the latest revised publication schedule.
- Agriculture Secretary Brooke Rollins announced a new Farmer First Regenerative Agriculture pilot program that will invest $700 million to support regenerative agriculture, through existing practices. View additional details of the announcement here.
- Recent rain and expected dry weather conditions in Argentina pose risks to corn yields and production. Soil moisture is adequate in Buenos Aires, but Cordoba, San Luis, Santa Fe and Entre Rios have recently seen precip deficits, according to Reuters.
- March corn futures are trading within Tuesday’s trading range, back below the 200-, 10 and 20-day moving averages, each trading around $4.45, while support lies at the 40-day moving average of $4.43 1/4.
Soybeans are chopping around unchanged, while soymeal is $1.10 higher. Soyoil is around 10 points higher.
- Soybeans have turned from fresh for-the-move lows carved earlier in tandem with soymeal, amid modest corrective buying.
- USDA reported daily sales of 467,000 MT for delivery during 2025-26. Of the total 331,000 MT were to unknown destinations, while 136,000 MT were to China. An additional 120,000 MT of soybean cake and meal were reported for delivery to Poland, also for the 2025-26 marketing year.
- Soybean crush in October likely hit a record 7.027 million short tons, or 234.2 million bushels, according to analysts surveyed ahead of today’s monthly NASS crush report for October, and as reported by Reuters. “If the average of estimates gathered from seven analysts is realized, the crush would be up 8.6% from the 215.8 million bushels processed in October 2024, according to USDA data.
- Heavy rains forecast across central Brazil over the next two weeks may disrupt early corn and soybean progress planting efforts, according to LSEC Research & Insights.
- January soybeans are facing support at $10.82 3/4, which is backed by the 200-day moving average of $10.53 1/2.
Winter wheat futures are mostly a nickel to 8 cents lower, while HRS futures are around 2 cents lower.
- SRW wheat futures have edged to a near seven-week low as lofty global supplies weigh curb buyer interest.
- U.S. HRW wheat production areas will not be subjected to any threatening cold weather in the next two weeks and its snow free condition should have no bearing on crop conditions during this period of time, according to World Weather Inc.
- Much colder air is expected in western parts of Russia, Ukraine, Belarus, the Baltic States and western Kazakhstan late this week into early next week, though snow will fall ahead of the coldest conditions protecting crops that are snow free in the south today from any potential damage, notes World Weather.
- March SRW futures have broken out of the recent range, touching the lowest level since Oct. 24. Initial support now serves at $5.24 3/4, while resistance stands at the 10-, 40-, 20- and 100-day moving averages, layered from $5.36 1/2 to $5.42 3/4.
Live cattle and feeders are posting gains at midmorning.
- Live cattle futures are marching higher amid an improved technical posture and firming cash fundamentals.
- Cash cattle trade has commenced at slightly firmer prices to start the week, with initial trade at $222.00.
- Choice boxed beef rose 14 cents on Tuesday to $361.04, while Select fell 57 cents to $348.03. Movement totaled 140 loads, signaling strong holiday demand.
- February futures continue to find support at the 40-day moving average, trading at $225.89, while resistance is at $228.48, which is backed by the 100-day moving average of $231.59.
Hog futures are firmer at midsession.
- Lean hog futures are edging higher as seasonal weakness in the cash index fades and holiday demand underpins wholesale values.
- The CME lean hog index is up another nickel to $81.89 as of Dec. 8.
- The pork cutout value rose 93 cents to $96.44 on Tuesday, led by gains in primal bellies and hams. Movement totaled 306.3 loads.
- February lean hogs are facing resistance at $82.72, which is backed by the 200-day moving average of $83.51. Initial support lies at the 40- and 10-day moving averages, trading at $81.72 and $81.50.