We’re firmly in holiday mode across the markets, and trade volume reflects it. Corn continues to take a back seat in trade negotiations, with little indication it’s even part of the conversation. That’s not raising alarms, as U.S. corn exports remain strong to other global buyers, easing the need for Chinese demand. Overseas, geopolitical tension persists with ships still being targeted in the Black Sea, adding an underlying layer of uncertainty. In livestock, cattle failed to hold above the 100-day moving average earlier this week, though underlying support remains in place. Meanwhile, the latest Hogs and Pigs report is being digested as traders balance year-end positioning with early 2026 expectations.
