By: NATHAN STUEDLE
GRAINS:
March corn closed down 2 3/4 cents and May corn was down 2 3/4 cents. January soybeans closed down 1 cent and March soybeans were down 1 3/4 cents. March KC wheat closed up 1/4 cents, March Chicago wheat was down 1/2 cent, March Minneapolis wheat was down 3 1/4 cents.
Corn, soy, and wheat markets were lower again on Friday, with the exception of Kansas City wheat futures, which mounted a comeback from early lows. Meanwhile, corn and soybean futures were ultimately unable to climb out of the bearish doldrums of the second holiday-shortened week, with relatively low volume behind the trade. Still, there were signs throughout the session of growing buying interest as prices approach medium- to long-term chart support in an otherwise slow news day. Outside markets were mixed to begin 2026, with weaker crude oil futures for the fifth time in the past six sessions. Meanwhile, the U.S. dollar continued its winning streak to six straight sessions but remains lower over the past month in general. Equity markets were mostly higher on Friday, breaking the year-end profit-taking dip, which was the feature of Monday through Wednesday's trade.
LIVESTOCK:
It was a breakout day for the live cattle complex as the market shot above its 100-day moving average for the first time since late October. More than anything, it seems to be a combination of trade support mixed with the knowingness that demand is likely only going to get stronger through the first half of the year, with traders also noting the uptick in cash cattle prices today. A few dressed sales are being reported in Nebraska at $360, which is $4.00 higher than last week's weighted average. Several majors in that state are also bidding $360, but those bids continue to be passed. A few bids are on the table in the South around $228 to $232, but they are being passed as they are below current asking prices of around $234. Packer inquiry should continue to improve.
The feeder cattle complex also sky-rocketed higher as traders noted the uptick in the live cattle complex and continue to be optimistic that the market is likely going to trade stronger and stronger through at least the first quarter of 2026. Feeder cattle sales next week will likely be stronger in the countryside as well.
The lean hog complex traded mixed into Friday's closing bell, as the nearby contracts dipped lower while the deferred contracts continued to trade higher. More than anything, traders seem reluctant to do much with the contract until its fundamentals improve. The projected lean hog index for 12/31/2025 is down $0.41 at $81.85, and the actual index for 12/30/2025 is up $0.01 at $82.26.