Thankful. Even though we've had a rough year in agriculture, we still have so much to be thankful for. Psalm 34:1 I will bless the LORD at all times; His praise shall continually be in my mouth.
Happy Thanksgiving! I am taking Wednesday off so I can prepare a bountiful meal for friends and family.
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Overnight highlights. Following are highlights of overnight trade (as of 6:35 a.m. CT) and opening livestock calls:
Corn: Mixed. Following yesterday's gains, corn is marginally lower on light profit-taking. But there's also little fresh news for the market to digest and corn hasn't strayed too far from unchanged. Gulf basis surged yesterday, which raised expectations delays at Brazil's ports was boosting demand for U.S. corn. But a more negative tone in outside markets this morning is limiting buying in the commodity world.
Soybeans: 1 to 7 cents lower. Futures are weaker on light profit-taking following yesterday's slight gains. Renewed concerns about the euro-zone sovereign debt crisis is brewing after Moody's downgraded France's credit rating -- stripping the country from the coveted AAA rating. But pressure on soybeans should be limited given the overall tightness of supplies and continued strong demand from China. Although traders have more favorable South American growing conditions on their minds.
Wheat: 2 to 4 cents higher. Wheat hasn't strayed too far from unchanged in overnight trade due to a lack of fresh news. But buying is being limited by negative outside markets and choppiness in the corn market. Wheat needs a dose of fresh export business to boost buying, which may be on the horizon as exportable supplies in the Black Sea region are running thin. Yesterday's crop condition report showed continued deterioration in the crop, which traders expected given ongoing drought conditions in the Central and Southern Plains.
Live cattle: Mixed. Traders in the cattle pit will be focused on evening positions ahead of Thanksgiving, as many will be clearing out today to travel tomorrow. Pressure on futures will be limited by strength in the boxed beef market, as Choice values rose $1.15 on strong movement of 237 loads. However Select values slipped 11 cents. However, a more negative tone from outside markets could limit buying this morning.
Lean hogs: Mixed. Futures are vulnerable to profit-taking following yesterday's gains, especially after pork cutout values slipped 60 cents yesterday. But price action is likely to be choppy as traders work to even positions ahead of Thanksgiving and Wednesday's Cold Storage Report. The cash hog market is called steady to weaker as packer demand for hogs is limited ahead of the holiday.