MERRY CHRISTMAS FROM ALL OF US AT TOTAL FARM MARKETING!

TUESDAY, DECEMBER 24: The CME closes at 12:15 CT, and Total Farm Marketing offices close at 1:00 CT. There will be no 4:30 update.
WEDNESDAY, DECEMBER 25: The CME and Total Farm Marketing offices are closed.

CORN

Corn futures are trading steady to 1 higher with front months leading the way. A favorable technical picture, support from firmer soybean prices, and low volume are all a part of today’s trade so far. Export inspections were disappointing at 15.2 million bushels but not surprising. This figure is below the 42.3 million bushels needed on a weekly pace to meet USDA projections.

SOYBEANS

Soybean futures are trading 2 to 6 cents higher at midday with front month leading today’s gains. Nearby Jan reached a high of 9.37, its highest level since November 7. Prices pushed above last week’s high and created a short cover rally. Support comes from less-than-ideal weather in Argentina and an export sale announcement this morning to China for 126,000 tons.

WHEAT

Wheat markets have trade mixed throughout the session and at midday are trading 1 to 2-1/2 cents lower in Chi and KC, while Mpls is trading steady to higher. Increased chances of moisture in the western Plains is viewed as a negative for price. Yet, the dry conditions in Australia and western Europe persist.

CATTLE

Cattle markets are trading 7 to 60 lower at midday on a lack of new news, expectations for steady to potentially softer cash, and traders potentially moving to the sideline after last week’s poor finish as compared to the strong gains posted at the end of the previous week.

HOGS

Hog markets are trading mixed with front-month Feb down 90 at 69.77, while deferred May trades 15 higher at 83.85. Feb holds a 10.00 premium to the cash index which will likely keep this contract under pressure unless cash firms. We’re not expecting firmer cash this week.

Author

Carol Tillmann