CBOT futures closed mixed.  Corn and wheat futures rallied late day to close near the highs. Note that the OATS contract also soared.  We’ll have to see if there’s follow-through buying tomorrow but today’s price action is very positive. Soy complex futures traded both sides of unchanged with very wide ranges in soybeans and soybean meal. Prices sold off sharply throughout the morning, but recovered some into the close as corn and wheat rallied.  The January Soybean contract charted an “outside down day” and has support at 12.50.

Cattle futures are down sharply for a second day in a row on weaker beef values. Choice carcasses down 1.54 at 199.02; Select down 1.81 at 187.90/cwt.

LH futures closed mixed as cash and pork markets waver day to day.  FOB Plant Pork Cutout fell 1.72 to 90.96/cwt.  The December LH contract did trade/close at new lows not seen since September.

Corn Dec +6 418; Jly +5 442; Dec14 +4 455 Bean Jan -11 1276; JLy -6 1249; Nov -2 1149 Meal Dec -7 409; Jly -2 388 Oil -12 3999 Wheat Dec +8 650; Jly +7 659 KC +4 698;  MGE +2 698 Oats +10 354 Rice unch 1584

LC Dec -95 13095; Feb -152 13167; Jun -112 12650 FC Nov -47 16437; Jan -190 16240; Apr -147 16352 LH Dec -17 8542; Feb unch 8990; Jun +25 9855 Milk Nov -2 1880; Dec unch 1789

US$ -.1%

Dow -9 15967 SP -4 1788 NAS -18 3932 Tran -72 7115 VIX +.29 13.39

WTI +34 9337 Brent -141 10706 Gas -2 264 NG -6 356 HO -1 291 Eth +3 184

Gold +2 1274 Slvr -3 2033

2-yr unch 0.30% 5-yr +.04 1.36% 10yr +.04 2.71% 30yr +.05 3.80% October Milk Production up 1.2 Percent Milk production in the 23 major States during October totaled 15.4 billion pounds, up 1.2 percent from October 2012. September revised production, at 14.8 billion pounds, was up 1.0 percent from September 2012.  The September revision represented a decrease of 13 million pounds or 0.1 percent from last month's preliminary production estimate. Production per cow in the 23 major States averaged 1,806 pounds for October, 14 pounds above October 2012. The number of milk cows on farms in the 23 major States was 8.50 million head, 36,000 head more than October 2012, but 2,000 head less than September 2013.

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