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Market Calls
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Corn: Corn futures closed slightly higher on Thursday. Futures were lower much of the session on profit-taking from the rally in the spot month to the highest level in over a year on Wednesday. But prices turned higher on spillover support from the rally in wheat and strong export demand. Weekly export sales reported this morning were above trade expectations at 66.4 million bushels. December ended 3/4 of a cent higher at $4.47 1/2 and March was 1 cent higher at $4.60 3/4.
Soybeans: Soybean futures were higher at the close on Thursday. Spillover strength in wheat and recent private estimates that soybean yields will fall below USDA's August estimate were supportive. But gains were limited by futures traded lower most of the day on smaller-than-expected weekly export sales. There has been talk this week that China will be slowing soybean purchases. November closed 3 1/2 cents higher at $10.09 and January was 3 1/2 cents higher at $10.18 1/2.
Wheat: Wheat futures traded higher again on Thursday. The market was supported by the Russian Prime Minister saying that the country would ban grain exports until after 2011 crop prospects are better known. Weekly export sales reported this morning were above trade expectations at 37.6 million bushels. CBOT Dec closed 5 cents higher at $7.13 3/4, KCBT Dec ended 5 1/2 cents higher at $7.32 1/4 and MGE Dec was 9 cents higher at $7.35.
| Corn | Soybeans | Wheat | |||
| Cent. Illinois | 4.04 | Cent. Illinois | 10.01 | K.C. HRW | 6.59 |
| Memphis | 4.20 | Memphis | 9.97 | STL SRW | 6.46 |
| Omaha | 3.95 | Omaha | 9.86 | Mnpls. 14% | 8.16 |
| Toledo | 4.05 | Toledo | 10.08 | Portland- sft. wht. | 6.51 |
Cattle: Cattle futures closed higher on Thursday. The December through April 2011 contract set new highs today on fund buying and spillover support from lean hog futures. Cash trade has developed at mostly $97 this week, down $2-$3 from last week. Year-to-date beef export sales are up 31% from year ago. October ended 70 cents higher at $98.45 and December was 73 cents higher at $101.33.
Hogs: Lean hog futures traded strongly higher on Thursday. Fund and commercial buying supported the futures market. The tone in the cash market was weak, but there is some talk of firm cash trade next week. Packer margins remain strong even though pork prices have fallen $6 since setting all-time highs early last week. October closed $1.48 higher at $76.43 and December was $1.28 higher at $74.15.
Cash Prices
| Fed Cattle | Lean Hogs | ||
| Nebraska | - | Natl Avg Price | 76.91 |
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