CBOT futures closed with mixed results. Corn and wheat futures moved higher overnight but headed South when trading reopened at 830 am CST and ended closing near the day’s lows -- which were still above Tuesday’s lows. However, corn futures set new contract lows for daily closing prices. Some of the price pressure came from the sharply lower crude oil futures resulting from a surprise build in crude inventories, as well as increases in gasoline and distillate stocks. Higher weekly ethanol production was a positive note. Soybean futures managed small gains, caught between a new contract low in January Soybean Meal and higher Soybean Oil futures – supported by the Palm Oil market in spite of sharply lower energy futures. South American growing conditions will be key moving into January as will the January 12th USDA Crop/WASDE reports.

Cattle futures closed strongly higher, especially in Feeder Cattle. Futures rallied past lunch but saw profit-taking in the final 30 minutes of trading to limit the gains posted at 1:00 pm CST. Many FC contracts pushed back toward the day’s highs in afternoon trading. Today’s rally comes after 2 days of weakness. The strong boxed beef market and the winter storm has turned traders more positive. Some feedlot trade was reported around $134/cwt, up $10 from last week. Choice beef closed up 2.50 at 208.67 and Select jumped 3.85 to 201.51/cwt. Tomorrow is the last day of trading for the December LC contract.

Lean Hog futures closed mixed with little change. The strength in the cattle futures market helped traders ignore the sharp drop in pork values today. FOB Plant Pork dropped 2.98 to 67.78 with sharp losses in the value of loin, picnic, ham and belly cuts. February LH futures’ premium to the cash LH Index may limit the upside for now.

CBOT and Livestock futures will close at their normal times on New Year’s Eve and be closed January 1st.

Corn Mar -3 359; Jly -3 371; Dec -3 383 Bean Jan +5 875; Jly +4 883; Nov +3 888 Meal -3 266 Oil +32 3084 Wheat Mar -6 470; Jly -5 483 KC -8 465; MGE -5 492 Oats -2 218 Rice -12 1154

LC Dec +280 13300; Apr +137 13805; Aug +92 12355 FC Jan +347 16595; Apr +282 16222; Aug +227 16440 LH Feb +62 5977; Apr +15 6602; Jun -5 7815 Milk Jan +4 1360; Feb +18 1390

 

US$ +.1% Dow -117 17604 SP -15 2063 NAS -42 5066 Tran -82 7537 VIX +1.21 17.29

WTI -106 3681 Brent -110 3669 Gas -3 126 NG -10 227 HO -4 112 Eth -2 138 Gold -8 1060 Slvr -5 1387

2-yr -.020 1.075% 5-yr -.014 1.793% 10yr -.013 2.294% 30yr -.003 3.037%