CBOT futures closed steady to sharply lower. Wheat futures moved lower throughout the day as traders tried to lock in profits ahead of the weekend. The “Russian export restriction” story appears to have been worn out as traders realize that the rising US dollar makes our wheat less competitive. Soybean futures faced pressure from favorable crop conditions in Brazil and a private estimate for a large jump in US soybean acres planted in spring 2015. Corn futures have traded relatively narrow ranges this week and remain within pennies of this fall’s high price posted yesterday. Traders are looking for export corn demand to pick up to help maintain current prices.

Cattle futures closed sharply higher as buyers rush back into the market after suffering severe losses for five days (in Feeder Cattle). The cattle and beef markets didn’t follow futures. Choice down 3.38 at 238.57; Select carcasses down 0.44 at 229.88/cwt. Today’s Cattle on Feed Report showed the December 1st inventory up 1.4 percent from a year ago. This was pretty close to the pre-report trade guess.

Lean Hog futures closed little changed. FOB Plant Pork dropped .55 to 86.83. The Quarterly Hogs and Pigs Report will be out next Tuesday afternoon. It appears that hog producers and broiler companies are both working on a 3-percent expansion.

Corn Mar unch 410 (405-11); Jly unch 426; Dec unch 435 Bean Jan -4 1030 (1022-36); Jly -4 1052; Nov -2 1017 Meal Jan -2 363; Jly -1 346 Oil +8 3197 Wheat Mar -23 632; Jly -20 634 (629-52) KC -18 666; MGE -13 648 Oats -6 310 Rice +20 1231

LC Dec +205 16075; Feb +157 16010; Jun +205 15250 FC Jan +307 22015; Mar +420 21797; Aug +385 21960 LH Feb +2 8190; Apr -2 8320; Jun -45 9042 Milk Jan +21 1644; Feb +24 1580

US$ +.4%

Dow +27 17805 SP +9 2071 NAS +17 4765 Tran +36 8989 VIX -.32 16.49 -1.9%

WTI +354 5790 Brent +289 6216 Gas +6 158 NG -19 345 HO +4 198 Eth -3 161 Gold unch 1194 Slvr +13 1606

2-yr +.009 0.642% 5-yr -.013 1.645% 10yr -.046 2.158% 30yr -.061 2.752%

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