Grains Slip Into Year-End as Cattle Rally, Corn Sets Early Export Milestone

Overview

• Corn futures extended losses Tuesday, while USDA inspections of 1.301 MMT for the week of Dec. 25 lifted 2025/26 shipments to 25.57 MMT (1.006 bbu), the first time on record surpassing 1 billion bushels before year-end.
• EIA reported ethanol production eased to 1.095 million barrels per day for the week ending Dec. 19 and stocks rose, tempering the near-term demand tone for corn.
• Soybeans ended fractionally to 3.25 cents lower as weekly inspections reached 750,312 MT and cumulative shipments lag last year by 46%, even with USDA-confirmed sales of 136,000 MT to China, 231,000 MT to unknown destinations, and 100,000 MT to Egypt.
• Wheat closed lower across U.S. exchanges as the Ukrainian Navy reported Russian drones struck two vessels headed to Ukrainian ports and as SovEcon raised Russia’s 2025/26 export outlook to 44.6 MMT.
• Live cattle rose $1.45 to $2.27 and feeder cattle gained $2.55 to $3.00, with USDA noting lighter recent slaughter and APHIS reporting new New World screwworm detections including an active bovine case in southern Tamaulipas.