Crush
The January board crush was approximately $1.95 per bushel, using January soybean oil near 64.09. January meal gained $1.50 to 327.5, while soybeans were only 2¾ cents higher at $12.30¾. Stronger product values helped support crush margins after Tuesday's decline. Soybean oil continues to account for almost half of total product value, meaning growing biofuel demand. USDA's November report left soybean crush unchanged at 2.78 billion bushels.
Soybeans
January soybeans settled at 12.30¾, up 2¾ cents, with a range of 12.18¾ to 12.36 and volume of 126,190. Beans held most of Tuesday's sharp gains following the November WASDE but struggled to move much higher. USDA lowered ending stocks to 300 million bushels, putting the stocks-to-use ratio at 6.50 percent. Exports were raised to 1.720 billion bushels, with Chinese demand still an important factor. Attention is now on export sales and South American weather conditions.
Soybean oil
December soybean oil settled at 63.88, up 111 points, with a range of 62.68 to 64.09 and volume of 63,460. Oil outperformed soybeans as Malaysian palm oil futures rallied more than 3 percent, and ended six consecutive sessions of losses. The strength followed better soybean oil prices and a smaller than expected increase in Malaysian palm oil inventories. USDA projected soybean oil ending stocks at 1,698 million pounds, down from 1,797 million in October. Biofuel demand still is a major factor for the market.
Corn
December corn settled at 4.48, down 1 cent, with a range of 4.43¼ to 4.50¾ and volume of 220,728. Corn gave back a small portion of Tuesday's gains as the market settled following the WASDE report. USDA lowered production to 15.893 billion bushels and ending stocks to 1.758 billion, putting the stocks to use ratio at 10.81 percent. Exports were reduced to 3.275 billion bushels, but recent demand remains supportive. Traders are also watching planting progress and weather conditions in Brazil and Argentina.
Wheat
December Chicago wheat settled at 5.99½, up 6¾ cents, with a range of 5.89½ to 6.03¾ and volume of 120,062. Wheat continued its recovery, while Kansas City hard red winter wheat gained 5¼ cents to 6.39½. USDA raised U.S. wheat ending stocks to 743 million bushels after lowering food use, while global ending stocks increased to 280.82 million tonnes. Competitive Black Sea exports and global supplies continue to decrease the bullish view.
Cattle
February live cattle settled at 222.70, up 0.125, while January feeders gained 1.125 to 327.80. Both markets finished higher and traders continued looking for stability after the recent selloff. February live cattle traded between 221.025 and 223.325, while January feeders ranged from 325.250 to 330.125. Cash cattle prices are still an important focus, with packer margins and boxed beef values influencing buying interest. Feeder cattle also continue to respond to movements in corn and live cattle futures.
Hogs
December lean hogs settled at 56.025, up 0.225, with a range of 55.000 to 56.300 and volume of 45,673. Hogs recovered slightly from Tuesday but remain near recent lows. Soft cash hog prices and weaker pork cutout values continue to pressure the market. USDA increased fourth-quarter pork production expectations and lowered hog price forecasts for the remainder of 2026 and the first half of 2027.
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