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Corn futures saw fractional to 1 1/4 cent losses on Thursday. The USDA indicated that 876,394 MT of corn was sold for 2017/18 export during the week ending 11/30, within the range of expectations. That was up 46.27% from the previous week and 15.08% larger than this week last year. Columbia was the largest buyer at 173,700 MT, as Mexico purchased 150,300 MT. Export shipments of corn totaled just 592,319 MT, down 9% wk/wk and 26.76% lower than this time a year ago. The primary destination was Mexico, with 203,600 MT shipped. The Buenos Aires Grain Exchange estimates the Argentina corn crop at 40.4% planted, lagging last year’s pace of 48%.

Dec 17 Corn closed at $3.38 3/4, down 1/2 cent,

Mar 18 Corn closed at $3.51 1/2, down 1 1/4 cents,

May 18 Corn closed at $3.60, down 1 cent

Jul 18 Corn closed at $3.68 1/2, down 3/4 cent

Soybean futures ended Thursday 8 to 10 3/4 cents in the red, with Jan back below the $10 mark. December meal was down $6.90/ton, with nearby bean oil 16 points higher. A sharp sell off in Chinese soybean futures took some of the blame. This morning’s Export Sales report showed 2017/18 sales blowing past expectations at 2.016 MMT. That was more than double the previous week’s sales and 51.8% larger than the same week last year. China was the primary buyer at 1.293 MMT, with 447,000 MT switched from Unknown. There were also sales of 70,352 MT for 18/19. Soybean shipments totaled 2.018 MMT, with nearly 1.271 MMT going to China. That was down 8.4% from the prior week and 12.7% lower than the same week in 2016. Soy meal sales for 17/18 ran 166,428 MT and 20,000 for 18/19 during the week of Nov 30, as soy oil sales totaled 21,029. The BAGE shows the soybean crop at 53.2% planted in Argentina, 4.5% lower than last year at this time.

Jan 18 Soybeans closed at $9.92, down 10 3/4 cents,

Mar 18 Soybeans closed at $10.04 1/4, down 10 1/2 cents,

May 18 Soybeans closed at $10.14 3/4, down 10 1/2 cents,

Aug 18 Soybeans closed at $10.24, down 10 cents,

Dec 17 Soybean Meal closed at $333.50, down $6.90,

Dec 17 Soybean Oil closed at $33.25, up $0.16

Wheat futures ended the day with 2 to 5 cents losses in most contracts on Thursday. All wheat export sales for the week of 11/30 ran in the middle of expectations at 321,434 MT for 17/18 and 1,600 MT for 18/19 sales. Old crop sales were 74.3% above last week’s total but were still 36.1% lower than this week in 2016. Unknown destinations was the lead buyer at 69,800 MT, with Japan purchasing 63,100 MT. Shipments of all wheat rose 17.43% from last week’s report to 396,370 MT. That was still 28.65% lower than this week last year, as 99,100 MT was shipped to Taiwan.

Dec 17 CBOT Wheat closed at $3.94 1/4, down 4 1/4 cents,

Dec 17 KCBT Wheat closed at $4.03, down 3 cents,

Dec 17 MGEX Wheat closed at $5.98 3/4, down 5 cents

Live cattle futures finished Thursday mixed with the front months 5 to 60 cents lower. Feeder cattle futures were 15 to 45 cents higher in most nearby contracts. The CME feeder cattle index on December 6 was down $1.10 to $155.10. Wholesale boxed beef values were lower on Thursday afternoon. Choice was down $1.32 at $205.08, with select 28 cents lower at $183.83. Estimated WTD FI slaughter was at 477,000 head through Thursday, matching last week and 18,000 head larger than the same week last year. Cash trade on Thursday showed sales of mostly $117. US export sales of beef for what’s left of 2017 fell to a MY low of 2,665 MT, which is a drop of 80.7% from last week and 41% lower than last year. Japan purchased 1,700 MT, as reductions of 2,700 MT was shown for South Korea. There was a small Chinese cancellation of 200 tonnes. There were 11,277 MTs reported for 2018 sales for the week of 11/30, with South Korea buying 5,700 MT.

Dec 17 Cattle closed at $115.625, down $0.275,

Feb 18 Cattle closed at $118.675, down $0.600,

Apr 18 Cattle closed at $120.100, down $0.525,

Jan 18 Feeder Cattle closed at $146.325, up $0.300

Mar 18 Feeder Cattle closed at $144.500, up $0.400

Apr 18 Feeder Cattle closed at $144.625, up $0.250

Lean hog futures settled the day with 20 to 57.5 cents losses in the front months and gains in the back months. The CME Lean Hog Index for 12/5 was up 3 cents to $64.38. The USDA pork carcass cutout value was 43 cents higher at $83.18 in the Thursday afternoon report. The belly and rib were both reported lower. The national base hog price was 35 cents lower at $58.47. The USDA FI hog slaughter was estimated at 1,854,000 head through Thursday. That is up 29,000 head from the previous week and 104,000 head more than last year. Pork export sales of 22,629 MT were reported for the week ending 11/30 by the USDA this morning. That was up 47.3% from last week and 97.9% larger than last year, as Mexico purchased nearly 14,400 MT.

Dec 17 Hogs closed at $63.575, down $0.250,

Feb 18 Hogs closed at $68.475, down $0.475

Apr 18 Hogs closed at $72.400, down $0.575

Cotton futures were 48 to 151 points higher on Thursday. Export sales of US upland cotton totaled 186,579 RB during the week of Nov 30. That was down 32.52% from the previous week and 53.96% lower that this time last year. China was shown to have a net reduction of 39,700 RB, while Pakistan purchased 50,400 RB. All upland cotton shipments were at a MY high of 246,763 RB, which was more than double last week and 7.44% larger than last year. The USDA also reported 50,368 RB in 2018/19 sales. The USDA Adjusted World Price (AWP) was updated to 65.03 cents/lb, up 81 point from the previous week. Online cash sales rose to 22,987 bales reported on the Seam, as prices dropped 20 points to 69.26 cents/lb. The Cotlook A index was unchanged from the previous day on December 6 to 82.95 cents/lb.

Mar 18 Cotton closed at 74.230, up 151 points,

May 18 Cotton closed at 74.640, up 125 points

Oct 18 Cotton closed at 73.260, up 85 points

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