The November WASDE report surprised corn traders with higher yields. USDA is expecting a corn yield of 172.41 bu./acre. Soybean yields remain unchanged at 49.5 bu./acre. Futures recovered some on Friday allowing soybean prices to finish the week unchanged and corn lost 4 cents. Part of the strength came from an announcement that China plans to purchase 12 million tonnes of U.S. soybeans at a purchase price of $5 billion. Wheat finished the week higher after feeling pressure from lower corn prices.
Live cattle and feeder cattle markets both moved lower on the week after testing resistance a few days earlier. Cattle still have some fundamental strength, but an unwillingness to stay above $160/cwt. may be a sign of weakness on the top end. Continue to explore pricing opportunities for feeder cattle on winter pasture.
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