By: NATHAN STUEDLE
GRAINS:
March corn closed down 1/4 cents and May corn was down 1/4 cents. March soybeans closed up 1 1/4 cents and May soybeans were up 1 1/4 cents. March KC wheat closed unchanged, 0 cents, March Chicago wheat was down 3/4 cents and March Minneapolis wheat was down 3 3/4 cents.
For the Week:
March corn closed up 8 1/4 cents and May corn was up 8 1/4 cents. March soybeans closed up 16 3/4 cents and May soybeans were up 16 cents. March KC wheat closed up 15 1/4 cents, March Chicago wheat was up 10 3/4 cents and March Minneapolis wheat was down 3 1/4 cents.
Row crop markets ratcheted moderately higher through the first full trading week of 2026, on much higher volume compared to the Holiday weeks, as was expected to be the case. Trade was subdued on Friday, which was not surprising to see with a flurry of USDA data due out on Monday morning, which will set the tone for the first quarter of 2026 and shed light on what to expect for crop prices. Outside markets continued to be mostly positive to close the week, with equities heading higher despite a mixed December labor report, which showed weak job creation, but lower overall unemployment as compared to the prior report. Energy markets finished the week with a sharp turn higher, specifically for crude oil futures, which hit their highest mark in over a month, primarily on growing unrest in Iran, combined with the ongoing situation in Venezuela. The U.S. Dollar Index, meanwhile, is higher now in ten of the past eleven sessions, also trading to the highest level in a month. Lastly, the Supreme Court on Friday chose not to issue a ruling on the tariff case, as had been reported as a possibility through the week.
LIVESTOCK:
Although the fed cash cattle market has shown traders that the market's trend is most likely going to be higher, the live cattle contracts slowly traded lower through Friday's session. Bids were on the table for the fed cash cattle market, with offers of $232 live being offered in Texas, Kansas and Nebraska. So far, feedlot managers appear firm in their asking price of $235 to $237 for live cattle, and $367 or more in the North. No new trade has developed today following the light business that developed on Thursday in the North, where dressed cattle traded at mostly $365, which is $5.00 higher than the previous week's weighted average. Boxed beef prices are lower: choice down $1.55 ($355.24) and select down $0.62 ($351.44) with a movement of 86 loads (67.09 loads of choice, 4.94 loads of select, 3.90 loads of trim and 10.36 loads of ground beef).
And once again, in keeping with the same trend as the live cattle complex, the feeder cattle contracts also traded lower throughout Friday's session. And unless the live cattle complex turns higher, the feeder cattle contracts will likely stay on the lower-side too.
The lean hog complex traded mixed on Friday, as the nearby contracts dipped lower, while the far-deferred contracts traded slightly higher. Absorbing the behavior of the lean hog complex takes a mixed approach, as one could logically point to the uptick in pork cutout values and say that prices should be trading higher. However, when you look at the futures complex and note the resistance pressure the market is facing, we see there hasn't been enough widespread, stable fundamental support this week to encourage traders to challenge that technical barrier.