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Corn: Corn futures closed higher on Thursday, although gains were trimmed into the close. The inability of Dec to push above $4 led to some late profit-taking along with generally favorable crop weather and forecasts for the Corn Belt the next week or two. But futures were higher for the day on spillover support from wheat and ideas that wheat production problems globally could limit wheat for feed, which would help corn demand. September was 3 cents higher at $3.79 1/4 and December is 3 cents higher at $3.93 3/4. Soybeans: Soybean futures were solidly higher on Thursday. Strong export demand, spillover support from wheat, weakness in the dollar and higher crude oil prices were supportive factors. The production of oilseed crops is expected to be limited in Canada and Europe this year due to weather problems. Soybean weekly export sales of 54.5 million bushels were above trade expectations. August closed 16 1/4 cents higher at $10.26 3/4 and November was 10 cents higher at $9.88. Wheat: Wheat futures were strongly higher again on Thursday. Futures rallied to new 13-month highs on larger than expected weekly export sales, continued drought problems for the wheat crops in Europe and Russia and weakness in the dollar. The International Grains Council cut its forecast for 2010/11 global wheat production by 13 million tonnes to 651 million, although this would still be the third largest crop on record. Weekly export sales last week of 33.8 million bushels were well above trade expectations. CBOT Sep ended 12 cents higher at $6.27 1/2, KCBT Sep was 15 1/2 cents higher at $6.63 1/4 and MGE Sep closed 15 1/4 cents higher at $6.58 1/4.
Technicals:
Cattle: Cattle futures closed lower on Thursday. The market opened higher on spillover strength from hogs. But futures turned lower on weakness in the cash market so far this week. Cash trade in Nebraska was down $3 on a dressed basis compared to last week and live trade in the Plains is expected to be down $1. Beef prices have been moving lower. Choice cuts were down 62 cents on Wednesday and fell another 92 cents at midday. August ended 93 cents lower at $91.85 and October was 73 cents lower at $93.48. Hogs: Lean hog futures were strongly higher on Thursday. The big jump in pork cutouts values of $2.49 on Wednesday and firm cash markets supported futures. Pork belly prices have surged higher recently. Tight hog numbers and the uptick in pork prices should continue to support the cash market for the near-term. August closed $1.48 higher at $84.85 and October was $1.13 higher at $78.08.
Cash Prices - December 7:
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Doane Agricultural Services 11701 Borman Drive St. Louis, MO 63146 Phone: (314) 569-2700 FAX: (314) 569-1083 |
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