GRAINS:
Thanksgiving week started with similarly mixed results to what has been the feature of the trade for the past week or so. Recently, soybeans and wheat have taken turns being the downside leader while corn remained more or less along for the ride. Wheat markets took the driver’s seat Monday, as traders remove risk premium from the market stemming from the perceived escalation in the Black Sea region which ended up being largely uneventful outside of further posturing among world leaders involved. Overall, it will likely prove difficult for the trade to make any significant price breakthroughs through this week as volume behind the trade is not likely to have a lot of weight, especially the closer we get to the holiday on Thursday. Expect a continuation of choppy trade moving forward. March corn closed down 2 1/4 cents and May corn was down 2 3/4 cents. January soybeans closed up 2 1/4 cents and March soybeans were up 2 cents. March KC wheat closed down 8 1/2 cents, March Chicago wheat was down 9 cents and March Minneapolis wheat was down 4 cents.
LIVESTOCK:
It’s was an eventful day in the livestock trade, as the feeder cattle complex shot higher early Monday morning upon hearing that Mexican cattle imports would be restricted moving forward as a positive detection of New World screwworm was found in Southern Mexico. New showlists for the week appear to be steady to somewhat lower in Texas and Kansas, but slightly higher in Nebraska. The initial news sent the feeder cattle market charging higher, but the market has settled down, feeders traded higher in a more modest manner, the live cattle turned slightly lower at the close and lean hog contracts finished slightly higher on the session.
