Corn
Corn futures closed higher on the day basically trading
inside the range of the previous week. Basis levels remain
unchanged. Corn prices were supported by the lower U.S.
dollar and higher crude oil prices. Trade estimates for
tomorrow's export sales report range from 550,000 to 750,000
MT. Last week's sales were 1,227,200 MT. Export inspections
were down this week at 451,251 MT about half of last year at
this time. March corn futures at $4.04 ¾, up 6 cents, May
corn futures at $4.15 ¼, up 6 cents
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Soybeans
Soybeans rebounded today to close higher but remained within
the range of yesterday's prices. Trade estimates for
tomorrow's export sales report range from 950,000 to
1,250,000 MT. Last week's sales were 944,700 MT. USDA said
private exporters reported sales of 78,000 MT to unknown and
114,000 MT of soybeans to Italy for the 2009/10 marketing
year. Sales of 65,000 MT to unknown and 110,000 MT to China
for delivery in the 2010/11 marketing year were also
announced by private exporters. China may be shifting their
focus for additional purchases of 2009/10 soybeans to South
America. January soybean futures are at $10.01 ¼, up 10 ¼
cents, January soymeal futures are at $303.90, down 5.40
points, January soy oil futures are at $38.08 cents, up 0.03
points
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Wheat
Wheat closed higher on all three exchanges and cash basis
prices remained unchanged on the day. Export sales estimates
range from 350,000 to 550,000 MT for tomorrow's weekly
export sales report. Last week's sales were 345,000 MT.
Prices were supported by the outside markets. Trading is
thin in typical holiday volume. Markets will close at noon
central time tomorrow and so there will be no midday
comments, but there will be morning and closing comments.
March CBOT wheat futures are at $5.29, up 6 cents, March
KCBT wheat futures are at $5.23, up 5 ¾ cents, March MGEX
wheat futures are at $5.34 ¼, up 3 cents
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Cattle
Cattle futures finished the day on the upper end of the
daily price range closing higher. There were fair numbers
traded in the Five Area Direct Slaughter Cattle region
yesterday. Steers sold for $81.87 and Heifers for $81.79 on
average for all grades on the live. Steers sold for $131.39
and Heifers for $131.11 for all grades on average for all
grades on the dressed. Boxed beef prices were mixed this
afternoon with Choice beef at $138.63, up 0.04 and Select at
$131.06, down 0.17. The January Cattle crush closed at 117
and the March at 115. December live cattle futures are at
$83.27, up 132 cents, February live cattle futures are at
$85.37, up 70 cents, January feeder cattle futures are at
$95.45, up 102 cents
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Hogs
Lean Hogs gapped higher and closed higher ending on the
upper end of the daily trading range. Markets will close at
noon tomorrow. Iowa/Minnesota direct hogs closed yesterday
with a range of $53.00 to $60.61, with an average price of
$60.02. Pork trading is slow with light demand and mostly
moderate offerings. Pork cuts were mostly lower, with
Carcass prices at $67.86, down 0.49, Loins at $90.51, down
0.84, Butts at $60.60, down 0.53, Picnics at $49.49, down
4.89, Ribs at $106.88, down 0.29, Hams at $56.49, up 1.26
and Bellies at $75.60, unchanged. Total pork in storage as
of November 30 was 420.066 million pounds compared to
516.300 million pounds as of October 31, 2009. February lean
hog futures are at $65.67, up 92 cents, April lean hog
futures are at $70.12, up 105 cents
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Cotton
Cotton prices closed slightly higher on the day and are
still in an uptrend although prices are trading under the 18
day moving average. Holiday trade volume is thin in many
markets but cotton volume was up strong yesterday at 16,138
contracts. Open interest however, actually declined over
4,000 contracts in the March. The markets will close at noon
central time tomorrow. The weaker dollar and higher crude
oil prices added a friendly slant to cotton prices.
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