CBOT futures closed narrowly mixed with very little fundamental news to move the market. Trading volume will likely be down through Christmas.  Weekend rains in Argentina have weakened support in the soybean complex. Longer-term, analysts expect US producers to increase their soybean acres at the expense of corn given current economics. The large funds are also long soybean futures.

Corn futures, both old and new-crop, have closed lower for 5 straight trading days. The total loss has been 15 cents in old-crop and 12 cents in the December 2017 contract.  Soybean futures traded very narrow ranges today. The January SB contract closed below the 200-day moving average for the second day in a row. However, other contracts are well above the 200-day.

 

Cattle futures closed higher with the nearby December LC contract leading the way as traders are optimistic cash prices will rise.  Today’s Fed Cattle Exchange averaged $112.68/cwt.  Boxed beef values were mixed today with the Choice-Select Spread narrowing 2.61. Choice down 0.38 at 197.25; Select up 2.23 at 185.90. Live Cattle futures closed at new highs for this October-December rally.

On Friday, USDA will release a monthly Cattle on Feed report and a quarterly Hogs and Pigs report.

Lean Hog futures closed higher after probing the downside during the first hour of trading. On light volume, prices were supported by firm cash hog price and stronger pork prices. FOB Plant Pork closed up 1.24 to 80.22 with stronger values for all cuts but hams. FOB Plant was only .43 higher at midday. Today’s gains erased about half of Tuesday’s losses.

Corn Mar -3 347; Jly -3 361; Dec -3 378

Bean Jan +1 1007; Jly +1 1033; Nov +1 997

  Meal +1 309

  Oil -2 3604

Wheat Mar -4 399; Jly -4 426

  KC -3 409; MGE -1 539

Oats unch 223

Rice -9 936

 

LC Dec +117 11327; Apr +62 11445; Jun +35 10465

FC Jan +22 13022; Apr +62 12592; Aug +52 12487

LH Feb +90 6490; Apr +52 6800; Jun +52 7685

Milk Jan -35 1664; Feb -30 1690
 

US$ -.2%

Dow -33 19942

SP -6 2265

NAS -13 5471

Tran -80 9229

  VIX -.18 11.27

 

WTI -76 5254

Brent -82 5453

Gas unch 160

NG +31 357

HO -3 164

Eth -2 155

Gold unch 1133

Slvr -13 1598

 

2-yr -.028 1.196%

5-yr -.021 2.025%

10yr -.024 2.544%

30yr -.034 3.118%

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