Market close report for 11-09-09

Close - November 09, 2009

Corn
December corn futures finished sharply higher. Throughout
the day session, a 15-month new low in the US dollar index
lent a supportive tone to corn futures. Gains in crude oil
futures added support as well. Earlier the USDA reported
26.852 million bushels of corn were inspected for export for
the previous week, which fell within trade estimates ranging
24 to 30 Mbu. Favorable harvest conditions are forecasted
for most of this week over much of the Corn Belt. This
weather outlook conducive to improve harvest gave pressure
to corn futures. After the close of trading, the USDA
reported corn harvest at 37% completed, which fell within
trade expectations of 35 to 45 percent. December corn
futures finished at $3.86, up 19 cents
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Soybeans
November/December soy complex closed sharply higher.
Throughout the day session, a 15-month new low in the US
dollar index lent a supportive tone to the soy complex.
Gains in crude oil futures added support as well. Earlier
the USDA reported 59.939 million bushels of soybeans were
inspected for export for the previous week, which fell on
the high end of trade estimates ranging 48 to 60 to 30 Mbu.
Favorable harvest conditions are forecasted for most of this
week over much of the Midwest. This weather outlook
conducive to improve harvest gave pressure to soybean
futures. After the close of trading, the USDA reported
soybean harvest at 75% completed, which fell within trade
expectations of 70 to 80 percent. Spillover from soybeans
provided supportive tone to soymeal and soy oil contracts.
November soybean futures closed at $9.64 ¼, up 16 ¼ cents
December soymeal futures closed at $294.30, up $5.50
December soy oil futures closed at 37.77 cents, up 53 points
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Wheat
December wheat futures at the CBOT, KCBT and MGEX settled
sharply higher. Throughout the day session, a 15-month new
low in the US dollar index lent a supportive tone to wheat
futures. Earlier the USDA reported 17.23 million bushels of
wheat were inspected for export for the previous week, which
fell above trade estimates ranging 13 to 17 to 30 Mbu.
Favorable planting conditions are forecasted for most of
this week over much of the central and southern Plans. This
weather outlook conducive to improve crop development gave
pressure to wheat futures. After the close of trading, the
USDA reported winter wheat harvest at 86% planted, which is
7 percentage points lower than the 5- year average at 93%.
December CBOT wheat futures settled at $5.20, up 22 ¾ cents
December KCBT wheat futures settled at $5.21 ¾, up 20 ¾
cents December MGEX wheat futures settled at $5.46, up 27 ¾
cents
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Cattle
December live cattle futures finished slightly lower. A
newer 26 year high in monthly unemployment rate with
concerns over consumer beef demand pressured cattle futures.
Afternoon boxed beef trading saw Choice higher and Select
lower on light to moderate demand and moderate offerings. A
steep drop in the US dollar index during the trading session
provided support to cattle futures. November feeder cattle
futures finished moderately lower. Spillover from live
cattle weighed on feeder futures. Steep rise in corn futures
added pressure as well. Cash feeders at the Oklahoma City
auction so far this week saw prices steady with good demand.
December live cattle futures closed at $84.95, down 5 cents
November feeder cattle futures closed at $94.25, down 40
cents
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Hogs
December lean hog futures closed mildly higher. Cash hogs in
direct market trading, which saw prices 21 cents higher at
$53.31 on a carcass basis, provided support to futures. A
sharply lower US dollar index also added support. Wholesale
pork trading today was slow with light demand and moderate
offerings. The average cash pork price was $58.76 per cwt,
up 13 cents.
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Cotton
December cotton futures settled sharply higher. A newer 15-
month low in the US dollar index during today's session lent
a supportive tone to cotton futures, along with higher crude
oil futures. Higher US stock markets provided additional
support. After the close of trading the USDA reported cotton
harvest at 44% completed, a 15 percentage points behind the
5-year average of 59%. December cotton futures finished at
67.61 cents, up 107 points