"Prices closed $.02-$.03 lower in choppy 2-sided trade, unable to hold early strength. Spreads were little changed. Dec-26 shrugged off sharply lower trade yesterday, rebounding after posting 6 consecutive lower closes. We had the money manager long position at 186k contracts at yesterday’s close, probably down a couple more thousand today. Friday’s COF report is expected to show cattle inventories at 11.441 mil. head as of Oct. 1, slightly above 11.418 mil. YA. Placements are expected to be down 8.3% while marketing off 7.3%. Brazil corn shipments to Europe surged to 1.65 mmt in Oct-26, up from only 200k tons in Oct-25. SovEcon slashed Ukraine’s corn exports another 18% to 17.2 mmt, vs. the USDA est. at 22 mmt," noted Mark Soderberg with ADM Investor Services.