The CBOT saw closing prices from sharply higher in wheat to moderately lower in soybean futures. Wheat benefited from good export shipments last week, the bullish momentum from Thurs/Friday’s strong rally, and concerns Russia will limit its wheat exports. Spec funds are reportedly still short CBOT Wheat and liquidation of shorts is lifting the market. March Corn did trade to a new high and a new high close for this rally off the October 1 lows. There’s Chart Gap resistance between 4.23 and 4.26.

Soybean futures closed lower on pressure from disappointing export shipments last week, favorable South American field conditions and a smaller-than-expected weekly NOPA Crush report for November. The drop in energy and equity markets were also bearish.

Following last week’s large losses in fed cattle price and boxed beef values, CME cattle futures continued dropping today. One good sign was today’s improved beef market. CHOICE beef closed up .49 to 245.52 and SELECT beef was up .57 to 234.67. Feeder Cattle futures have been down the $3.00 limit for three straight days. The speculators are trapped long the market without enough buyers to take their sales. The February FC contract might find support at $220 or $216.50.

Lean Hog futures overcame the extreme losses in the cattle market to close slightly higher on strength in pork values. FOB Plant Pork ended up .91 to 93.46 – all primal cuts were higher.

Corn Mar +1 408; Jly +1 422; Dec +1 433 Bean Jan -8 1039; Jly -8 1056; Nov -8 1011 Meal Jan -2 365; Jly -4 346 Oil -9 Wheat Mar +12 619; Jly +12 620 KC +13 647; MGE +12 632 Oats +1 314 Rice +8 1243

LC Dec -7 16197; Feb -42 16175; Jun -142 15265 Afternoon e-trade saw price fall much more. Dec -85 16120; Jun -272 15135 FC all contracts down the $3.00 limit. Jan 22260; Mar 21825; Aug 21822 LH Feb +2 8327; Apr +47 8482; Jun +10 9125 Milk Jan -19 1561; Feb -27 1524

US$ +.1%

Dow -100 17181 SP -13 1990 NAS -48 4605 Tran +20 8857 VIX -.93 20.15 -4.4%

WTI -240 5541 Brent -126 6059 Gas -3 156 NG -6 373 HO -4 198 Eth -5 166 Gold -29 1194 Slvr -87 1618

2-yr +.033 0.584% 5-yr +.043 1.571% 10yr +.013 2.116% 30yr -.012 2.745%

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