Corn
After challenging recent highs corn futures closed lower on
the day with the market straddling the $4.00 price going
into option expiration. Friday is option expiration day for
the December contract. The $4.00 strike price has 24,403
call options and 13,008 put options in open interest, down
somewhat from yesterday. Trade estimates for tomorrow's
weekly export sales range from 450,000 to 550,000. Last
weeks sales were 488,500 MT. Corn inspected for export
shipment was 631,800 MT this week. Corn harvest, with the
exception of Kansas and Missouri, continued through out the
US. Kansas was at 80% harvested versus 86% last year and
Missouri was 72% harvested versus 79% last year. Illinois,
Indiana and Ohio will be receiving minimal moisture over the
next five days. December corn futures at $3.98, down 4 cents
March corn futures at $4.13 ¾, down 3 ¾ cents
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Soybeans
Soybean prices reversed direction closing lower after
posting double digit gains most of the morning. Estimates
for tomorrow's weekly export sales report are between
750,000 and 950,000 MT. Last weeks sales were 1,272,500 MT.
Weekly inspections for export shipments were 1,628,715 MT.
Soybean meal closed higher and soybean oil was lower. Both
the soybean meal and oil markets challenged recent highs
before backing off. Hedge pressure for soybeans should be
minimal as harvest winds down which would also limit the
amount of long positions if there are less large sell orders
to offset new Spec purchases. Argentine soybean production
is expected to reach 53 MMT compared to last years 32 MMT.
Brazil production is forecast to reach 63 MMT compared to
last years 57 MMT. USDA predicts the US will produce 90.34
MMT compared to last years 80.75 MMT. World ending stocks
are forecast to increase substantially. January soybean
futures are at $10.27, down 2 ½ cents December soymeal
futures are at $310.50, up 1.80 points December soy oil
futures are at 39.75, cents, own 0.06 points
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Wheat
Wheat futures closed lower after taking out the recent swing
high of October 23rd. Technical indicators are friendly but
have entered the overbought area on the short term signals.
Trade estimates for tomorrow's export sales range from
350,000 to 450,000 MT, with last week's sales at 412,200 MT.
Wheat inspected for export shipment at 409,512 MT means
there will have to be a lot of catching up to meet the USDA
export projections for wheat. Today's lower dollar did not
have much of an impact on the grain market to the plus side.
December CBOT wheat futures are at $5.66 ¼, down 8 ½ cents
December KCBT wheat futures are at $5.65 ¼, down 8 ¾ cents
December MGEX wheat futures are at $5.70 ¼, down 11 ¾
cents
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Cattle
Cattle futures prices gradually lost ground throughout the
day and erased all of yesterdays up move. Boxed beef prices
were mixed with good demand and heavy offerings. Choice beef
finished at $140.75, up 0.20 and Select beef was lower at
$132.12, down 0.67. There were very few cattle numbers
traded in the Five Area Direct Slaughter yesterday on lower
money than last week. Steers traded at $80.69 and Heifers at
$80.64 on average for all grades. Steers were $129.83 and
Heifers at $129.86 for all grades on average on the dressed.
Reported sales this afternoon were at $83.00 for Colorado,
$84.00 for the Texas/Oklahoma, $82.00 for Nebraska and
$83.00 for Kansas. The November cattle crush, which will
expire tomorrow, closed at 157 and the January cattle crush
at 123. December live cattle futures are at $83.07, down 100
cents November feeder cattle futures are at $92.95, down 20
cents
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Hogs
Lean Hog futures closed slightly higher for the day
challenging recent highs. Pork trading was slow with light
demand and moderate offerings. Wholesale prices were mostly
lower with Carcass values at $56.79, down 1.54, Loins at
$63.87, down 2.13, Butts at $61.90, up 2.18, Picnics at
$45.11, down 1.57, Ribs at $89.02, up 1.52, Hams at $49.00,
down 4.97 and Bellies at $68.68, up 0.06. Iowa/Minnesota
direct hogs traded between $44.00 and $52.03, with a
weighted average of $50.48. The CME Lean Hog Index closed at
$55.12 down 0.24 on November 16th. December Lean Hogs are at
$56.45 up 5 cents February Lean Hogs are at $64.22, up 25
cents
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Cotton
Cotton futures finished higher on the day. Daily cotton
volume on the ICE continues to decrease along with open
interest. Open interest was at 170,527 for yesterday down
from an annual high of 193,995 one week ago. Technically
prices remain sideways. The softer dollar today was
supportive to cotton prices as the two markets are back to
moving in opposite directions. December cotton's first
notice day is November 23rd. More rains are expected to hit
the Delta region but harvest is at 89% in Louisiana versus
99% last year and for the five year average and 85% in
Mississippi compared to 95% last year and 98% for the five
year average. December cotton futures are at 68.54 cents, up
65 points March cotton futures are at 72.55 cents, up 58
points
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