CBOT futures closed with minimal changes from Wednesday’s closes.  Wheat was higher early in the day on a strong export sales report, but closed lower which is in line with the recent bearish trend in wheat markets. Corn on the other hand held its midday gains and closed near the highs.  Soybean futures were down early as the morning export sales report included a large amount of cancellations (buyer is unknown).  Soybeans also closed strongly with the help of soybean oil futures.  South American weather has become more variable and warrants monitoring in the weeks ahead.

Live Cattle futures recovered yesterday’s losses as the cash cattle and beef markets didn’t look as negative.   Boxed beef closed mixed with Choice carcasses down 0.47 at 197.71 and Select up 0.40 at 188.78/cwt.

Corn Mar +5 430; Jly +5 445; Dec +4 458 Bean Jan +3 1327; Jly +6 1293; Nov +4 1164 Meal Jan +1 442; Jly +2 412 Oil +27 3933 Wheat Mar -2 611; Jly -1 621 KC -1 653; MGE -1 646 Oats -6 348 Rice +9 1536

LC Dec +85 13180; Apr +62 13407; Jun +67 12872 FC Jan +75 16680; Apr +87 16750; Aug +72 16902 LH Feb +2 8637; Apr +2 9120; Jun +22 10015 Milk Dec -1 1900; Jan +24 1946

US$ +.2%

Dow +11 16179 SP -1 1810 NAS -12 4058 Tran -1 7206 VIX +.35 14.15

WTI +83 9863 Brent +57 11020 Gas +5 274 NG +21 446 HO +2 303 Eth +8 190

Gold -47 Slvr -84 1917

2-yr +.02 0.37% 5-yr +.07 1.65% 10yr +.04 2.94% 30yr unch 3.91%

November Milk Production up 0.3 Percent    Milk production in the 23 major States during November totaled 15.0 billion pounds, up 0.3 percent from November 2012. October revised production, at 15.4 billion pounds, was up 1.4 percent from October 2012.  The October revision represented an increase of 27 million pounds or 0.2 percent from last month's preliminary production estimate.

Production per cow in the 23 major States averaged 1,762 pounds for November, 1 pound above November 2012. The number of milk cows on farms in the 23 major States was 8.50 million head, 22,000 head more than November 2012, but 4,000 head less than October 2013.

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