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 were steady overnight. We’ll look for two-sided trade as the market takes on a holiday demeanor, underpinned by the latest trade news regarding China cutting tariffs on more than 850 items. In addition, Argentina’s export tax hike bodes well for U.S. corn exports, but rains in the region will keep price gains in check. Grain prices close on the electronic at 12:05 CT. Markets resume trade at 8:30 CT on Thursday.

SOYBEANS

Soybean futures were down 3-1/2 cents overnight after firming up yesterday. Yet, we don’t see a whole lot of new news that will necessarily continue to encourage buying into the shortened holiday week. This leaves the market vulnerable to steady to weaker by week’s end. South American weather remains conducive in Brazil and somewhat dry in Argentina.

WHEAT

Wheat futures fractionally higher at all three exchanges overnight. Uncertain weather events elsewhere in the world provide support, but expected rains in the western Plains of the U.S. could pressure prices. Expect steady to weaker.

CATTLE

Cattle futures are called mixed. Look for consolidation again today as the market spends time in lower territory on a daily basis for several weeks. We don’t see a lot of news or cash activity to drive prices one way or the other.

HOGS

Hog futures are called mixed to lower on a lack of new positive news and big daily slaughters. Firming cutout values yesterday morning could provide underlying support.

Author

Carol Tillmann