Note: Grain and livestock markets will trade normal hours today. Markets and government offices are closed on Thursday for Thanksgiving. As a result, there will be no Pro Farmer market updates tomorrow. On Friday, markets are open for an abbreviated trading session from 8:30 a.m. to 12:05 p.m. CT. Due to the shortened schedule, we will only send out two reports – “First Thing Today” Friday morning around 8:00 CT and “After the Bell” briefly highlighting the day’s price action after the closes. Happy Thanksgiving from your Pro Farmer staff.
Corn futures are one to two cents higher at midmorning.
- Corn futures are mostly firmer with support stemming from notable selling in the U.S. dollar.
- Mexican President Claudia Sheinbaum warned Trump of dire economic consequences for both countries from tariffs and suggested possible retaliation following his threat of across-the-board tariffs of 25% on Mexico and Canada. Mexico and the U.S. are each other’s top trading partners.
- South Africa will issue import permits for genetically engineered white and yellow corn from the U.S. after a mid-summer drought that caused a 22% drop in local production.
- Ethanol production averaged a record 1.119 million barrels per day (bpd) during the week ended Nov. 22, up 9,000 bpd (0.8%) from the previous week and 108,000 bpd (10.7%) above last year. Ethanol stocks rose 306,000 barrels to 22.869 million barrels.
- March corn futures are being supported by the 100-day moving average of $4.27 1/4, while initial resistance serves at the 40-day moving average of $4.32 3/4.
Soybeans are mostly 6 to 9 cents higher, while soymeal futures are $5.00 to $6.00 higher. Soyoil is around 140 points lower.
- Soybean futures are edging higher though technical resistance and heavy pressure in soyoil are curbing buyer interest.
- USDA reported daily sales of 132,000 MT of soybeans to China during 2024-25.
- Brazilian soybean sowing reached 83.3% of the projected area through Nov. 24. AgRural noted planting and crop development is proceeding well in almost the entire country, but there are areas of concern in western Paraná and southern Mato Grosso do Sul, due to reduced rainfall in recent weeks.
- January soybean futures are being propped up by support around $9.83, while the 10-day moving average of $9.90 1/4 continues to stand as initial resistance.
Winter wheat futures are 6 to 8 cents lower, while HRS futures are around 4 cents lower.
- Wheat futures continue to face technical selling despite a declining dollar.
- Russia’s defense ministry announced preparations for retaliatory measures after Ukraine used U.S.-supplied ATACMS missiles to strike air defense units in Russia’s Kursk region. In recent days, Ukraine targeted a radar system near Kursk and an airfield with long-range missiles, causing damage and casualties, according to Russia.
- World Weather Inc. reports Southern parts of Russia’s Southern Region will receive some significant moisture during the second half of this week, but the precipitation is expected to miss many of the more important crop areas in the west of Russia’s Southern Region.
- March SRW futures are finding support at Monday’s low of $5.50 3/4, while the 10-day moving average of $5.60 1/2 serves up resistance.
Live cattle are marking strong gains while feeders are modestly higher.
- Nearby live cattle are posting solid gains amid firming cash and wholesale fundamentals.
- Cash cattle negotiations have been slow to develop, though most cash sources expect the bulk of this week’s activity to be completed today ahead of Thursday’s holiday.
- Wholesale beef values rose on Tuesday, with Choice up $1.86 to $311.57, while Select rose $1.75 to $275.49. Movement totaled 129 loads for the day.
- December live cattle are trading within Tuesday’s upper range, limited by resistance at $187.53, while support lies at $186.96 and is backed by the 40-day moving average of $186.40.
Hog futures are moderately firmer at midmorning.
- December hog futures are notching gains for the sixth straight session amid technical strength.
- The CME lean hog index is down another 56 cents to $85.90 as of Nov. 25, extending the three-week decline.
- The pork cutout value fell $2.18 to $91.15 on Tuesday, the lowest level since March 7.
- December lean hogs are facing resistance at $83.69, while initial support is serving at $82. 73.