Market Update – November 24, 2014

CBOT futures are mixed with corn, beans and meal posting losses while wheat is barely higher on a better-than-expected weekly export inspections report this morning. Downside pressure is coming from favorable South American weather and a disappointing corn inspections report.

Cattle futures are mostly lower although the December LC contract hit another contract high today. Fed Cattle price was up a dollar/cwt on Friday. Choice Beef is up 1.18 to 256.40 and Select is up .25 to 242.18. Friday’s Cattle on Feed Report showed heavier placements than expected resulting in a larger on-feed number for November 1st at 100.5% of year ago.

Lean Hog futures are trading strongly higher in the nearby contracts on firm cash markets and Friday’s Cold Storage Report that showed pork inventories down 7% from a year ago and down 3.7% from the end of September. At midday, FOB Plant Pork up .26 at 93.65/cwt.

Corn Dec -3 369; May -3 391; Dec -3 413
Bean Jan -7 1031; May -9 1043; Nov -7 1011
Meal Dec -2 377; May -6 343
Oil +32 3301
Wheat Dec unch 548; Jly +2 568
KC +1 605; MGE -2 581
Oats -20 306
Rice -9 1250

LC Dec +7 17097; Apr -37 17005; Jun -72 16207
FC Jan -90 23545; Mar -107 23337; Aug -97 23402
LH Dec +132 9197; Feb +95 9140; Jun +55 9925
Milk Dec -24 1868; Jan -11 1724

US$ -.2%

Dow steady
SP +.2%
NAS +.6%
Tran +.6%
VIx -1.2% 12.74

WTI +.3%
Brent steady
Gas -.4%
NG -2.9%
HO steady
Eth +1%
Gold -.2%
Slvr -.2%

5-yr +.004 1.616%
10yr +.005 2.320%
30yr +.006 3.027%

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