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Soybean Futures Rise Before Thanksgiving

Soybean futures led gains ahead of the Thanksgiving break, helped by moves in the U.S. dollar and crude oil.

The WSJ Dollar Index, which measures the greenback against a basket of currencies, fell 0.8% to 86.59. Those losses made U.S. crops more affordable for global buyers. Higher crude oil prices, meanwhile, attracted investors to agricultural markets.

Soybean futures for January rose 0.8% to $9.97 1/4 a bushel at the Chicago Board of Trade.

Corn and wheat futures were mixed. CBOT December wheat fell 0.5% to $4.22 3/4 a bushel while December corn rose 0.1% to $3.45 1/4 a bushel

STORIES OF INTEREST

Dollar, Crude Lift Oilseed Futures -- Market Talk

13:12 ET - Higher crude oil prices and a falling US dollar attract investors to agricultural markets, supporting grain and soybean futures. Soybean futures lead gains, with analysts pointing to a seasonal tendency to rise ahead of Thanksgiving. Over the past 42 years, soybeans have rallied 74% of the time the day before Thanksgiving, Karl Setzer of MaxYield Cooperative says. CBOT January soybean futures rise 0.8% to $9.97 a bushel. Grain prices are mixed. December wheat contracts fall 0.2% to $4.24 a bushel, with later months higher, while December corn futures rise 0.1% to $3.45 1/4. (benjamin.parkin@wsj.com; @b_parkyn)

ABF Falls as UBS Cuts Earnings Per Share Forecast -- Market Talk

1248 GMT - Shares in Associated British Foods PLC drop, topping the list of FTSE 100 Index fallers after UBS downgrades its 2018 earnings forecasts on the food ingredient supplier and owner of clothing chain Primark. The Swiss investment bank reduces its earnings per share estimate for the year to September 2018 by about 1% to 135 pence from 136 pence, with the impact of lower sugar profit not fully offset by a 2% upgrade to Primark profit. Still, UBS, which has a neutral rating on ABF, notes that the company had an excellent 2017 and Primark has plenty of scope for expansion. It increases its price target to 3150 pence from 2900 pence. Shares in ABF fall 1.36% to 3055 pence. (philip.waller@wsj.com)

Sodexo Margin Expected to Improve in 2019 and Beyond: UBS -- Market Talk

1140 GMT - Sodexo's margin is expected to improve in 2019 and beyond, UBS says, given benefits from changes made to its U.S. healthcare and education business, as well as its now complete organizational restructuring. France starting to recover and Brazil stabilizing, improvement in the energy and resource sector and economies of scale should also help, the bank says. Denis Machuel, to become Sodexo's Chief Executive in January 2018, isn't likely to change its strategy, UBS says, noting that a capital markets day in summer 2018 could shed some light into how he plans to add value. Target price is raised to EUR123.5 from EUR122. Shares trade at EUR106.3, down 1.5%. (marc.bisbalarias@dowjones.com; @bamarc)

FUTURES MARKETS

Hog, Cattle Futures Bounce; Pork Belly Stocks Rise

Hog futures surged to a two-week high on Wednesday as a government report showed falling pork stocks.

The U.S. Department of Agriculture said in a monthly report that stocks of frozen pork fell to 597.3 million pounds on Oct. 31, down 3% from a month earlier and slightly lower than the same time last year.

Lean hog futures for December rose 3.5% to 62.825 cents a pound at the Chicago Mercantile Exchange, the highest close since Nov. 9.

CME December live cattle futures rose 0.9% to $1.1905 a pound.

CASH MARKETS

 
Zumbrota, Minn Hog Steady At $35.00 - Nov 22 
 

Barrow and gilt prices at the Zumbrota, Minn., livestock market today are steady at $35.00 per hundredweight.

Sow prices are steady. Sows weighing under 450 pounds are $36.00-$38.00, 400-450 pounds are at $36.00-$38.00, 450-500 pounds are $36.00-$38.00 and those over 500 pounds are $41.00-$43.00.

The day's total run is estimated at 125 head.

Prices are provided by the Central Livestock Association.

 
Estimated U.S. Pork Packer Margin Index - Nov 22 
 
All figures are on a per-head basis. 
 
Date     Standard Margin       Estimated margin 
         Operating Index         at vertically - 
                             integrated operations 
                                      * 
Nov 22       +$46.27              +$43.92 
Nov 21       +$44.53              +$42.28 
Nov 20       +$49.26              +$45.96 
 
* Based on Iowa State University's latest estimated cost of production. 
A positive number indicates a processing margin above the cost of production of the animals. 
 
Beef-O-Meter 
This report compares the USDA's latest beef carcass composite 
values as a percentage of their respective year-ago prices. 
 
                                 Beef 
          For Today             Choice  112.6 
      (Percent of Year-Ago)     Select  111.8 
 
USDA Boxed Beef, Pork Reports 
 

Wholesale choice-grade beef prices Wednesday rose 38 cents per hundred pounds, to $209.01, according to the USDA. Select-grade prices fell 1 cent per hundred pounds, to $188.64. The total load count was 173. Wholesale pork prices rose 76 cents, to $80.83 a hundred pounds, based on Omaha, Neb., price quotes.

(END) Dow Jones Newswires

November 22, 2017 17:23 ET (22:23 GMT)

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