Corn is mostly a penny to 2 cents higher at midmorning.
- Corn futures are modestly firmer but continue to be technically bound by the 200-day moving average.
- USDA’s December WASDE Report is set for release at 11:00 AM CT. Analysts expect U.S. corn ending stocks to fall to 2.146 billion bu., which would be an 8.2 million bu. decline from November.
- Ukraine is facing harvest delays and a possible decrease in quality that may reduce Ukrainian export potential in the 2025-26 season, according to major Ukrainian farmers union UAC earlier today.
- March corn futures continue to be limited by the 200-day moving average, currently trading at $4.47 1/4, while initial support lies at the 40-day moving average of $4.42 3/4.
Soybeans are 2 to 4 cents lower, while soymeal is $3.30 lower. Soyoil is fractionally weaker.
- Soybeans are extending recent weakness, but are trading off the overnight low ahead of USDA’s December Report.
- Analysts anticipate USDA will raise U.S. soybean ending stocks from November by 16 million bu., to 306.1 million bu in today’s WASDE Report.
- Argentina will lower export taxes on grains including soybeans and corn by 2%, according to the economy ministry earlier today. The measure will be permanent, as President Javier Milei aims to boost the agriculture industry over the long run.
- January soybeans are facing support at $10.88 ¼, while resistance stands at $10.97 ¾, which is backed by psychological resistance at $11.00.
Winter wheat futures are mostly unchanged to a penny lower, while HRS futures are around 4 cents higher.
- SRW wheat futures are modestly weaker amid technical pressure and weight from a firmer U.S. dollar.
- Analysts expect USDA will lower U.S. wheat ending stocks by 7.2 million bu. to 893.8 million bu. in the December WASDE Report.
- Indian farmers have ramped up planting of winter crops, putting the country on track for record acreage amid abundant soil moisture levels, according to Reuters. The higher planting is expected to help the world’s second largest wheat producer boost output, ease local prices and potentially allow New Delhi to permit limited exports of wheat flour.
- Grain trade association Coceral expects soft wheat production in the European Union and Britain to fall in 2026 from a 10-year high in 2025 despite favorable early growth conditions.
- March SRW futures are facing resistance at the 10-, 40- 20- and 100-day moving averages, layered from $5.37 1/4 to 100-day $5.43 1/4.
Live cattle and feeders are posting gains at midmorning.
- Live cattle futures are posting gains amid firming cash fundamentals.
- Cash cattle trade averaged $221.21 last week, up from $211.53 the previous week.
- Choice boxed beef fell 30 cents to $360.90 while Select firmed $1.21 to $348.60. Movement totaled 112 loads.
- February futures are facing support at the 40-day moving average of $226.40, while resistance stands at $227.90.
Hog futures are weaker at midsession.
- Lean hog futures are weaker, though technical support and firming cash fundamentals are limiting seller momentum.
- The CME lean hog index is up 3 cents to $81.84 as of Dec. 5.
- The pork cutout value fell 88 cents to $95.51 on Monday, led by losses in primal picnics and bellies. Movement totaled 333.5 loads.
- February lean hogs are facing support at the 10-day moving average of $81.09, which is backed by the 20-day moving average. Initial resistance stands at $82.28.