Again, metals push new all-time highs, while grains are called steady-higher to start Friday's trade.

The grain trade is expected to be steady-higher to get back underway after Christmas Day. Soybeans are called 1-3 cents higher, with corn and wheat 1-2 cents higher. Follow-through from constructive chart patterns with a grain rally that continued from Monday-Wednesday, along with Russian and Ukrainian attacks on Christmas, with Ukraine hitting a Russian oil refiner. Meanwhile, Russia continues to attack western Ukrainian cities, targeting the electrical infrastructure. Grain movement is slowing dramatically in December for both Russia and Ukraine.

Of course, there are continual comments, as there have been for weeks, that a potential piece deal could be in the works and imminent. Pres. Trump says he plans to meet this Sunday with Pres. Zelinski to work on negotiations. It’s almost become a gaslighting event hearing this news, to find again that nothing has happened. The current proposal is a cease-fire before the New Year.

Forecasts in Argentina and Uruguay have trended drier in recent days, with additional heat building across Buenos Aires. Much of eastern and northern Brazil is expected to run 3–7°C above normal. Brazil and southern Argentina are trending hotter than a year ago, and northern Argentina experienced its hottest summer on record last year. Precipitation in northeast Brazil should ease, supporting a timely start to the early harvest.

Wednesday’s cattle trade was lower for the second session in a row but continued to be more consolidating of the substantial price rise that was seen from the end of November. On Wednesday, the feeder cattle index gained $1.32 to $354.40, while futures became heavily discounted to the index. Dressed sales on Wednesday were $1 lower for the week at $356, while the live trade in the South was quoted at $229, a $2 gain for the week. Again, the cattle availability is in the north, not the South, with Mexican feeder cattle having been absent since May. Box beef prices were lagging this week, with choice off $1.15 and select lower by $3.84.

Resistance remains at 231.50 on the February live cattle contract, and if technical trading remains positive with momentum, live and feeder cattle prices need to push higher today. March feeder cattle under 336 would be bearish on a closing basis, indicating further losses. This means action in the thin holiday trade today needs to find willing buyers to support upward momentum. On future strength, March feeder cattle target 345 and then 350.