Corn and soybean futures closed higher but way below the day’s highs which came around midnight.  That’s when the soy complex soared on bullish palm oil production news. However, the market worked lower the rest of the night and through the day until a short-covering rally at the closing bell. Today’s gains recover part of the big losses posted Wednesday in response to the bearish USDA crop report.  U.S. corn yield was raised 1.9 bu/acre to 175.3; the previous record was 171.0 in 2014. The soybean yield was raised 1.1 bu/acre to 52.5; the previous soybean record yield was set last year at 48.0 bu/acre.  U.S. 2016/17 carryout increased 83-85 million bushels for these two crops from the October WASDE Report. Today’s weekly export sales report was positive for corn and soybeans.

Cattle futures closed higher as traders remain hopeful of higher cash markets. Boxed beef closed mixed with  Choice up 1.04 at 185.59; Select dn 1.78 at 168.67. 

Lean hog futures closed higher after trading to the downside through midmorning. LH futures found support from the stronger cattle market and very strong pork values. FOB Plant Pork rose 1.09 to 74.91 as ham value jumped 9 percent. This isn’t as strong as the 1.91 gain seen midday. December LH remains over $2.00 discount to the CME Lean Hog Index.
 

Corn Dec +3 343; May +2 359

Bean Jan +7 998; May +8 1014

  Meal unch 311

  Oil +46 3477

Wheat Dec -2 405; Jly -3 452

  KC -1 409; MGE unch 515

Oats -2 221

Rice +12 959

 

LC Dec +102 10450; Apr +57 10530; Jun +37 9730

FC Nov +65 12520; Jan +60 12032; Apr +65 11655

LH Dec +82 4737; Feb +50 5457; Apr +32 6187

Milk Nov -1 1678; Dec +20 1668

US$ +.2%

Dow +218 18808     Record High Close

SP +4 2167

NAS -42 5209

Tran +159 8557

  VIX +.59 14.97

 

WTI -98 4429

Brent -75 4561

Gas -2 133

NG -3 265

HO -1 143

Eth -1 151

Gold -15 1259

Slvr +23 1860

 

2-yr +.029 0.923%

5-yr +.085 1.559%

10yr +.084 2.148%

30yr +.076 2.957%

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