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Soybeans Up, Corn and Wheat lower
Nov. 20, 2009

Corn futures ended lower Friday. Harvest pressure weighed on prices as well as strength in the dollar and weakness in crude oil. However, losses were limited by USDA reporting the sale of 734,000 tonnes of U.S. corn to Mexico. In addition, cool and wet weather is expected to limit harvest progress in much of the Corn Belt next week. December was 4 cents lower at $3.91 and March was 3 3/4 cents lower at $4.07.

Soybean futures finished higher Friday. The market was lower this morning, but recovered amid a boost in demand for soybeans at the U.S. Gulf. Strong export demand, particularly from China, continues to be a supportive factor. However, additional gains were limited by strength in the dollar and forecasts for favorable weather for the tail end of harvest in the western and northern Midwest. January settled 7 cents higher at $10.46 and March was 5 1/2 cents higher at $10.50 1/4.

Wheat futures closed lower Friday. Strength in the dollar and sluggish export demand pushed futures lower. Forecasts calling for favorable weather in the Plains, which should benefit HRW wheat conditions, were also bearish. Losses were limited by strength in soybeans and ideas that Australia's wheat crop will be trimmed by recent dry conditions and record temperatures. December was 2 3/4 cents lower at $5.59 3/4, KCBT December was 4 1/4 cents lower at $5.56 3/4 and MGE December was 4 1/2 cents lower at $5.64.

Cattle futures settled higher Friday. Spillover support from the sharply higher hog market helped boost cattle futures. However, weakness in the cash market dragged prices off of their highs. Boxed beef prices fell further, dropping to one-month lows this morning. Additional pressure came from pre-report positioning ahead of the Cattle on Feed report due out after the close this afternoon. December was 28 cents higher at $83.95 and February was 5 cents higher at $85.43.

Lean hog futures closed strongly higher Friday. Nearby contracts rallied to two-week highs, supported by strength in the cash markets. Packers seemed to be raising bids to stock up on hogs before next week's holiday shortened slaughter. Additional support came from pork prices, which stabilized on Thursday, gaining 15 cents. December was $1.63 higher at $57.60 and February was $1.10 higher at $64.38.

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