Markets and government offices will be closed Thursday in observance of Thanksgiving Day. Consequently, Pro Farmer will not issue any updates. On Friday, markets will operate on an abbreviated schedule, closing early at 12:05 p.m. CT. Due to the shortened trading day, Pro Farmer will provide two essential reports:
- “First Thing Today”: Delivered Friday morning around 8:00 a.m. CT.
- “After the Bell”: Highlighting the day’s price action after the early close.
We will resume our normal publishing schedule on Monday. The team at Pro Farmer extends warm wishes for a Happy Thanksgiving.
Corn: March corn futures rose 7 cents to $4.45 1/4, nearer the daily high. The corn futures market today saw heavy short covering and perceived bargain hunting after recent selling pressure.
Soybeans: January soybeans rose 6 3/4 cents to $11.31 1/2, nearer the session high. March soybean meal lost 20 cents to $325.90, near mid-range. March soybean oil rose 38 points to 51.54 cents, nearer the daily high. The soy complex futures market saw renewed buying interest today, following news reports that China bought at least 10 cargoes of U.S. soybeans in contracts signed since Tuesday, a day after the presidents of both countries spoke on the phone and had an upbeat conversation.
Wheat: March SRW rose 1 1/4 cents to $5.40 1/2, near mid-range. March HRW rose 1 3/4 cents to $5.30, near mid-range. March spring wheat futures fell 2 1/4 cents to $5.78 1/2, nearer the daily low. Winter wheat markets today saw more mild short covering following recent downside price action.
Cotton: March cotton rose 34 points to 64.57 cents, nearer the daily high. Cotton futures today saw more short covering. Recent price action in March cotton begins to suggest the bears are exhausted and that a near-term price bottom is in place.
Cattle: February live cattle rose $5.60 to $212.925, nearer the daily high. January feeder cattle gained $8.05 to $315.125, near the session high. The live and feeder cattle futures markets today saw solid corrective bounces and perceived bargain hunting following early-week losses.
Hogs: February lean hogs rose $2.375 to $81.375, nearer the session high and hit a two-week high. Lean hog futures today saw solid short covering and perceived bargain buying following recent losses.