CBOT futures closed little changed after trading in a range of about one percent. Futures were weighed by US Dollar strength which wiped out yesterday’s dollar weakness. This week, investors/traders have concluded that the Federal Reserve will raise the key interest rate in December. For the week, CBOT prices also changed very little; corn did gain a little, but soybeans were nearly flat. While beans were flat, soybean meal dropped over 2 percent to a new contract low, as soybean oil increased 3 percent.

Cattle futures closed steady in Live to higher in Feeder Cattle. Cattle futures dropped sharply on Monday but have ended the week close to last Friday’s levels despite a near $6.00/cwt drop in the Choice Beef Cutout value. Tonight, compared to yesterday, Choice is down 1.69 at 203.14; Select carcasses down 2.39 at 190.95; this compares to near steady at midday.

This afternoon’s Cattle on Feed report is considered neutral. Feedlot placements during October totaled 2.281 million head, down 3.7% from a year ago. Cattle marketed were 1.63 million head, down 3.3%. Cattle on Feed as of November 1 totaled 10.794 million, 2.1% above a year ago.

Lean hog futures closed modestly higher with December LH hitting a 2-week high and over $5.00 above early-week lows. Futures were strong despite a lack of strength in cash hogs or pork. FOB Plant Pork dropped 1.25 to 73.14 (only down .39 at midday). The rally was technically based. On the weekly chart, it was a huge “outside up week” which should encourage more buying. Note that in the past 30 days, the December LH contract has a $17.00 range or nearly 25%.

Corn Dec -1 363 (362-66); Jly unch 381; Dec16 -1 391 Bean Jan -2 857 (852-61); Jly -3 872; Nov -1 878 Meal -4 283 Oil +35 2790 Wheat Dec -2 488; Jly -3 495 (494-501) KC -5 457; MGE +1 509 Oats +3 251 Rice +28 1213

LC Dec -20 12970; Feb -2 13202; Apr +17 13275 FC Jan +120 16365; Apr +145 16360; May +137 16420 LH Dec +205 5745; Feb +160 5832; Apr +150 6352 Milk Nov +2 1533; Dec -1 1480

 

US$ +.6% Dow +91 17824 SP +8 2089 NAS +31 5105 Tran +29 8302 VIX -1.52 15.47 -9%

WTI +9 4063 (3988-4099) Brent +82 4500 Gas +2 131 NG -13 215 HO +1 138 Eth +1 149 Gold -1 1077 Slvr -11 1411

2-yr 0.921% 5-yr 1.691% 10yr 2.264% 30yr 3.022%