CBOT futures closed higher with the soy complex leading the way. Soybeans were supported by signs of export business and aggressive spec fund buying adding to an already large long position. The March Soybean contract is still 20 cents below the January high. Soybeans opened higher Tuesday evening and trended higher overnight, then added to the gains late morning into the closing bell.  Corn and wheat futures traded sideways until that late-morning soy rally, which lifted corn/wheat to the day’s highs. Corn futures rallied to new highs not seen since July and remain above the key 200-day moving averages. If corn continues to rally after tomorrow’s USDA report, the next target may be around 3.90 on the March YC and 3.95-4.00 on July YC.

The USDA WASDE report is released at Noon EST Thursday.  Click Here for the report.     Read DTN’s Preview HERE.

Cattle futures closed moderately lower (near the day’s lows) after opening the day near steady. Futures were pressured by recent weakness in boxed beef values and ideas that cash cattle prices will soften. Choice beef was down 0.53 at 189.43; Select down 1.29 at 186.49. The Fed Cattle Exchange sold cattle in KS/TX at $120 and $115 in Nebraska; the average as $117.60.

Lean Hog futures closed mostly lower except for the nearby February LH contract which pushed to another new contract high. April LH futures traded higher until the 11 am CT hour when prices steadily dropped over a dollar/cwt. February LH was supported by stronger cash hog prices a firm midday pork market. FOB Plant Pork dropped .15 to 85.23, compared to 85.69 at midday.

View Weekly Fertilizer Review by Farm Futures HERE.
 

Corn Mar +2 371; Jly +2 385; Dec +1 397 (394-98)

    New-crop Bean/Corn Ratio = 2.59

Bean Mar + 16 1059; Jly + 15 1077; Nov +9 1028 (1017-29)

    Meal +5 341

    Oil + 39 3469

Wheat Mar +2 432; Jly +1 456 (451-56)

  KC +2 442; MGE +2 557

Oats -3 254

Rice +13 955

 

LC Feb -90 11677; Jun -132 10525; Aug -82 10152

FC Mar -192 12230; May -147 12200; Aug -135 12352

LH Feb +97 7335; Apr -45 7172; Jun -27 7962

Milk Feb +7 1685; Mar +13 1694

US$ -.2%

Dow -36 20054

SP +2 2295

NAS +8 5682

Tran +33 9246

  VIX +.16 11.45

 

WTI +17 5234

Brent +10 5515

Gas +6 155

NG unch 313

HO +1 164

Eth +3 160

Gold +3 1239

Slvr -5 1770

2-yr -.024 1.145%

5-yr -.040 1.804%

10yr -.049 2.340%

30yr -.071 2.948%

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here