By: NATHAN STUEDLE
GRAINS:
March corn closed down 3 1/4 cents and May corn was down 3 1/4 cents. January soybeans closed down 9 cents and March soybeans were down 9 1/2 cents. March KC wheat closed down 7 cents, March Chicago wheat was down 11 1/4 cents, March Minneapolis wheat was down 3 3/4 cents.
Row-crop prices continued to deteriorate from November highs on Tuesday. January soybeans have now given back roughly 70% of market gains from the Sept. 30 low close to the Nov. 17 high close, a frustrating turn of events as bearish traders focus on widespread South American rainfall and begin to bank on another record soybean crop in Brazil for 2026 and the potential for record corn production in Argentina as well. Outside markets for Tuesday leaned negative in regard to influence on ag futures, with crude oil prices sliding yet again and officially setting new lows for 2025 amid high world production and lower perceived geopolitical risk as Russia, Ukraine, and world leaders work toward a peace solution in the Black Sea. Equity markets were also lower on a higher-than-expected unemployment reading for November in Tuesday's report.
LIVESTOCK:
The live cattle complex trading softly higher into Tuesday's closing bell as the market is pleased with the continued support of strong beef demand. The market's 100-day moving average remains a stiff resistance threshold for the market and even with the support from higher boxed beef prices, traders don't firmly believe that they have enough support to currently trade above that threshold. No cash cattle trade has developed yet, but asking prices are noted in the South at $233 plus but still remain elusive in the North. Boxed beef prices are higher: choice up $0.78 ($360.24) and select up $1.73 ($349.03) with a movement of 48 loads (33.79 loads of choice, 8.30 loads of select, zero loads of trim and 5.98 loads of ground beef).
The feeder cattle complex was off to a bold start this morning as the market is currently trading above its 100-day moving average in most of the nearby contracts. Fueled by strong buyer demand in the countryside and by the continued support of traders, the market is tiptoeing into territory that hasn't been traded at since late October.
And even with midday pork cutout values a tick lower, the lean hog complex continued to trade higher as traders remain committed to supporting the lean hog market. The market could soften later this week if fundamental support doesn't arise.