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It’s typical for frozen beef stocks to rise during December, though the increase was slightly greater than normal. It’s also normal for pork stocks to decline in December, though the drop was less than average.

Weekly corn, soybean and wheat inspections were all within the range of pre-report estimates.

Corn and soybeans are under pressure as wheat futures find support to start the week. Cattle futures are sharply lower as lean hog futures post corrective losses.

Winter wheat near three-week high on Russia-Ukraine tension, corn fades from seven-month high, soybeans lower.

Short-term price trend turns up for hog futures.

Wheat futures were supported by increased geopolitical tensions between Russia and Ukraine, while soybeans and corn were pressured by South American weather.

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Biden met with national security team amid reports Russia was planning to install a pro-Kremlin leader in Ukraine

Corn futures end week at seven-month high on stronger exports, soybeans slip on profit-taking, hog futures soar.

With all three categories coming in on the bearish side of the average pre-report estimates, the report is price-negative.