FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!

WEDNESDAY, DECEMBER 31: The CME has regular trading hours, and Total Farm Marketing offices will close at 3:00 p.m. (CT).

THURSDAY, JANUARY 1: The CME and Total Farm Marketing offices are closed.

CORN HIGHLIGHTS:

• Strong selling pressure pushed corn prices lower to start the week as the entire grain complex saw selling pressure in a risk-off type of trade. March corn futures dropped 7 ¾ cents to 442 ¼, while the May futures fell 4 ½ cents to 450 ¾.
• The market likely saw some holiday trade and end-of-year position squaring before the calendar year ends on Wednesday. With holiday trade, volumes can be thin, which allows for greater price fluctuations.
• With the weak close on Monday, charts are technically weak, as March corn could be poised to check support levels around the 437 March futures price level.
• USDA released weekly export inspections on Monday Morning. For the week ending December 25, weekly inspections total 1.301 MMT (51.2 mb).  This was above the top end of market expectations. Total corn inspections have reached 1.007 BB, up 66% over last year.
• The corn market will be looking toward to the January 12 WASDE and Crop production report. This will be the last crop production report where the USDA can adjust yield estimates until the September Grain Stocks report. Overall trade could remain quiet and choppy until that report.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower giving back overnight gains after the crash in precious metals. January soybeans lost 9-1/4 cents to $10.49-1/2 while March soybeans lost 9 cents to $10.63-1/2. The overnight high for March was $10.77-1/2. January soybean meal lost $4.90 to $298.80 and January soybean oil gained 0.06 cents to 48.78 cents thanks to some support from crude oil.
• There was little in the way of fresh news today, and this along with thin holiday trade likely made soybeans and the other grains susceptible to outside markets. The exchange increased margin requirements for silver contracts today, which caused funds and banks to experience large margin calls. These funds may have liquidated positions in Ag markets in equities to meet margins. Silver futures lost over 7% so far today.
• In Brazil, some of the largest soybean traders in the world are preparing to break their agreement to protect the Amazon Rainforest from agricultural activity. Since the agreement was signed in 2006, millions of acres of tropical forest have been saved.
• As of the December 16 CFTC report, funds held a net long position of 148,768 contracts. Futures have sold off since then, so that position is likely now smaller. Seasonal trade tends to see soybean prices rise in the later part of December, and good demand has been the fundamental piece of this recent rally.

WHEAT HIGHLIGHTS:

• Wheat closed mostly lower in a broad risk-off session. Chicago and Kansas City futures posted losses, while Minneapolis held steady. Pressure came from weaker equity markets and a sharp selloff in precious metals tied to year-end profit taking, with gold and silver posting major reversals amid unconfirmed rumors of stress at a major bank. March Chicago fell 6 cents to 513, Kansas City dropped 6¼ to 527¼, and Minneapolis finished unchanged at 579¼.
• Weekly export inspections for wheat were pegged at 11.1 mb, bringing total 25/26 inspections to 554 mb, up 22% from last year. Inspections are running above the USDA’s estimated pace; they project 900 mb of exports for 25/26, up 9% from the year prior.
• According to data from the Russian state statistics service, Rosstat, their nation harvested 91.4 mmt of wheat in 2025. This is well above their 2024 wheat harvest which totaled 82.6 mmt.
• Over the weekend, President Trump met with Ukraine’s President Zelensky, and Trump also talked with Russia’s President Putin over the phone. While there is optimism that a peace agreement is on the horizon, there is still uncertainty because of a flare up in attacks last week. In any case, if a deal is reached, it would likely be perceived by the wheat market as negative to prices.

DAIRY HIGHLIGHTS:

• The last week of 2025 started with the nearby Class III futures in the red. The January contract fell a nickel to $15.24 while February was down 20 cents.
• Spot cheese was up a half cent today, thanks to a penny move higher on blocks on 10 loads trader. Spot whey was unchanged at $0.73/lb.
• Class IV futures were mostly unchanged, but March was down 5 cents and April was down a penny. January is sitting at $13.76.
• Spot butter was unchanged today, while spot powder fell a penny to $1.17/lb.

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Author

Brandon Doherty