Wheat markets buckled after getting close, but failing to take out the previous week’s high. Fund selling picked up as stops were hit and liquidation was heavy heading into the Thanksgiving holiday break.

Export demand has struggled as the United States continues to lose key sales to the more aggressive sellers like the Black Sea region and the European Union.

Corn was also under pressure as the slow harvest finally picked up steam and farmer selling increased. There remains a great deal of concern about the high levels of toxins in the corn crop this year because of the wet fall and harvest. Soybeans were higher despite the pressure in the other grains as their harvest is pretty much wrapped up and farmer selling has slowed. Demand remains huge as China continues to gobble up most of the U.S. exports. Soymeal has seen a surge in demand from feed manufacturers as they move away from the high toxin corn, instead using the high protein meal substitute.

The cattle complex was slightly higher with live cattle pacing mostly sideways as cash markets were steady, waiting for beef demand to improve after the holidays. Feeder cattle found solid support from the lower corn market and steady to higher cash auction markets.

Crude oil was under pressure in volatile trading after it failed to take out the recent high, and liquidation became the feature. Precious metals were higher with most of the strength in gold as investors continue to push that market into new all-time highs almost on a daily basis.

Other financial markets were little changed after an active week of trading. The Dow was steady even after a slight downward adjustment of GDP, which created some nervousness that the economy would be slipping backwards again. But other economic reports showed a brighter picture, helping to offset the disappointing GDP news.