By: NATHAN STUEDLE
GRAINS:
December corn closed down 1/4 cent and March corn was up 1 1/2 cents. January soybeans closed up 1 1/2 cents and March soybeans were up 2 3/4 cents. March KC wheat closed up 5 3/4 cents, March Chicago wheat was up 4 1/2 cents, March Minneapolis wheat was up 4 3/4 cents.
As expected for Thanksgiving week, grain and oilseed markets have been very quiet and more or less directionless thus far, struggling to gain breakout momentum in either direction with many traders likely on the sidelines and taking an extended holiday break from the action. The trade, albeit thin, does exhibit the characteristic of at least a short-term bottom in accordance to technical guidelines. Outside markets for Tuesday were mixed with higher equities, but weaker energy markets with crude oil futures working their way back toward 2025 lows.
LIVESTOCK:
It was technically a mixed session, but mostly lower morning for the live cattle complex. Although most of the deferred contracts were traded higher, spot and nearby contracts are trading slightly lower. There's even been some trade already in the fed cash cattle market. There was light movement of dressed trade this morning in Nebraska, where cattle are trading anywhere from $325 to $330, but mostly at $330, which is a $15.00 decline from last week's weighted average. Still no trade has developed yet in the South, and asking prices are still not known in that region. Delivery dates for the cattle that have traded have been set for mostly the week of Dec. 1 and Dec. 8. Boxed beef prices are higher: choice up $1.56 ($372.05) and select up $3.46 ($358.97) with a movement of 74 loads (55.78 loads of choice, 8.21 loads of select, 4.08 loads of trim and 5.76 loads of ground beef).
The feeder cattle complex traded higher following Monday's sharp decline. Traders seem to be recovering some position that was lost on Monday, but it's more a technical reaction than a decision being made because more confidence has truly been established in the marketplace.
The lean hog contracts continued to trade slightly higher as the market crosses its fingers that the uncertainty in the cattle sector could be gained opportunity for the hog complex. The market still hasn't gained a strong fundamental foothold, as pork cutout values are lower.