GRAIN CALLS
Corn: 2 to 4 cents lower.
Soybeans: 4 to 6 cents higher.
Wheat: Winter wheat 9 to 11 cents lower; HRS 5 to 7 cents lower.
GENERAL COMMENTS: Technical selling pressure was featured in the wheat market overnight, pulling corn lower as well. Soybeans saw relative strength, though went into the break well off session highs. Bond futures have rebounded strongly following weakness immediately after Trump’s election victory, bringing long-term rates lower and near-par where they were ahead of the election. Lower interest rates weighed on the dollar overnight, which is down nearly 900 points. Front-month crude oil futures are modestly lower though are near recent highs.
USDA reported daily export sales of 454,090 MT of corn for delivery to Mexico. Of the total, 364,792 metric tons is for delivery during the 2024-25 marketing year and 89,298 metric tons is for delivery during the 2025-26 marketing year.
Some rainfall is expected across most of Brazil this week, including dry southern areas from midweek through the weekend. Argentina will experience timely rainfall this week with all areas getting rain at one time or another.
China’s commerce ministry approved plans for building a hub for the allocation of bulk commodities in the free-trade zone in the eastern Zhejiang province. The ministry will support the building of bonded soybean trading warehouses in Zhoushan port in Zhejiang. It will also allow relevant business entities to sell and transfer spot soybeans in bonded warehouses through a soybean trading center.
Brooke Rollins was officially selected by President-elect Donald Trump on Saturday to serve as USDA Secretary. Rollins is the president and CEO of the America First Policy Institute (AFPI), a think tank established by former Trump officials to promote conservative policies. AFPI has advocated for curbing foreign ownership — particularly from China — of U.S. farmland, an issue that has bipartisan support in Congress. She previously served as the president and CEO of the Texas Public Policy Foundation (TPPF) from 2003 to 2018, where she expanded the organization significantly and positioned it as a leading state-based think tank. She previously served as the Director of the Domestic Policy Council and Assistant to the President for Strategic Initiatives during Trump’s first term. In these roles, she was instrumental in shaping key domestic policies across various sectors. Rollins holds a degree in agricultural development from Texas A&M University and a Juris Doctor from the University of Texas School of Law. Her educational credentials are complemented by her practical experience, having grown up on a farm in Texas. Given her educational background and professional focus, Rollins has developed insights into agricultural policies, trade issues and rural development, which are critical for the USDA’s mission.
CORN: March corn futures followed wheat lower overnight. Prices fell below initial support at $4.33 1/2, marking that as initial resistance. Further resistance stands at $4.39 3/4. Continued selling pressure finds support at $4.30 3/4.
SOYBEANS: January soybean futures saw relative strength overnight. The 10-day moving average limited gains at $9.95, which is backed by the psychological $10.00 mark. Support comes in at $9.85 then $9.77 3/4 on resurgent selling pressure.
WHEAT: March SRW futures saw followthrough selling overnight. Initial support at $5.56 1/2 limited overnight weakness, while additional selling finds support at $5.48 1/4. Resistance stands at $5.66 1/2, the 10-day moving average, then downtrend resistance at $5.70.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures and feeders are expected to open with a mostly firmer tone, supported by strength in the cash cattle market, which is expected to show week-over-week gains when the official average price is released later today. Higher cash trade is likely to negate any negative impact from Friday’s Cattle on Feed Report, which showed cattle in large feedlots, placements and marketings each coming in on the negative side of the average pre-report estimates. USDA heightened import restrictions on animal products from Mexico after a positive detection of New World screwworm in a cow in the southern Mexico state of Chiapas. This will primarily impact feeder cattle imports from Mexico and could support feeder futures today. Wholesale beef prices continue to languish near recent lows. Choice cutout climbed 62 cents Friday to $307.41 while Select fell 85 cents to $272.07.
HOGS: Lean hog futures are expected to open with a mostly weaker tone, driven by weakness in the cash index and pork cutout. After supporting futures and cash hogs alike, pork cutout has recently undergone weakness as demand has ticked down from highs in the early fall. Cutout dropped $1.30 to $91.77 Friday, the lowest mark since March 7, led lower by drops in ribs and loins, though all cuts except picnics posted losses. The CME lean hog index is down another 43 cents to $87.01 as of Nov. 21, $3.60 below the Nov. 6 peak.