The final average February new-crop futures prices used for Revenue Crop Insurance for 2013 KENTUCKY crops are: Corn, $5.65; Soybeans, $12.87; and Grain Sorghum, $5.53.

Nearby Corn futures were the best performer at the CBOT this week as cash demand for corn is very strong with basis levels climbing higher. This week saw strong corn export sales and an increase in ethanol production. March Corn peaked today at the down trend line drawn off the August 2012 and February 1^st highs. If this trend line is broken, then resistance comes in at $7.46.

Old-crop Soybean futures closed lower. Some factors weighing on the market were: stronger US dollar, rain forecasted for Argentina, and a weak economic report from China. New-crop Soybean futures closed higher today after being lower early. Chart support is at last week’s low of $12.47.

CBOT wheat futures closed slightly higher, probably supported by the strength in the old-crop Corn futures market. Wheat is reportedly being priced into feed rations at the current price ratio.

Live and Feeder Cattle futures rallied in overnight electronic trading up to when the pit opened at 9 am. CT. Daily highs came in the first 10 minutes of pit-trade and lost value throughout the day with closing prices near the day’s lows. This sell-off may have had to do with traders’ concern for how the impending federal government sequester might reduce meat inspection services.

Cattle futures rallied on the very strong cash feedlot trade on Thursday at $128/cwt which is up $5/cwt from last week. A surge in boxed beef values gave packers room to pay up for finished cattle. On Friday, Choice was UP 1.94 at 188.10; Select was UP 0.05 at $185.81. From a week ago, Choice gained $5.21/cwt and Select rose $5.62/cwt. The early week snowstorm in the Plains states hurt feedlot productivity.

Lean Hog futures followed the same pattern as cattle futures with early strength fading away to have closes near the day’s lows. April Lean Hogs are down nearly $9/cwt since February 1 on disappointing demand. Pork Cutout value was down 26 cents to $81.05/cwt.

A rising US dollar could slow down meat exports and weigh on domestic prices. The US Dollar Index reached a level not seen since August. The US$ last peaked in July at 84.10.   View the chart by clicking here.

Corn Mar +5 724; Jly +2 687; Dec unch 557 Bean Mar -10 1464.5; Jly -8 1427; Nov +2 1261   Meal Mar -7.5 427; Oct -1 356   Oil +65 4947 Wheat Mar +5.5 713; Jly +6 722; Dec +3 742   KC +9 756;  MGE +20 820

LC Apr +10 12995; Jun +15 12510; Oct -25 13022 FC Mar -45 14155; Apr -77 14415; Aug -52 15435 LH Apr +12 8112; Jun -10 9137; Oct +25 8297 Milk Mar -19 1679; Apr -6 1713

Oats +11 402 Rice +3 1553 

US$ +.4% 82.27

Dow +35 14090 SP +4 1518 NAS +10 3170 Tran -8 5985 VIX -.15 15.36

WTI -137 9068 Brent -98 11040 Gas +2 313 NG -3 346 HO -3 293 Eth +.5 241.5

Gold -6 1572 Slvr +6 2849

2-yr unch 0.23% 5-yr -.02 0.74% 10yr -.03 1.84%    Since Feb 19, the 10-yr yield has dropped 0.19 points. 30yr -.04 3.05% 

Kentucky Weekly Livestock Summary for February 22 thru February 28, 2013 Receipts This Week   Last Week  Last Year 16,303     16,499     26,361 Supply:  Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent.  In the feeder supply, Steers made up approximately 37 percent and Heifers approximately 45 percent.  Steers and Heifers over 600 lbs totaled approximately 49 percent.  Replacement cattle 2 percent.

Compared to last week:  Steers and heifers below 600 lbs were mostly steady with instances up to 5.00 higher, demand was moderate to good. Steers and Heifers above 600 lbs 2.00 to 4.00 lower with only moderate demand.  Slaughter Cows and Bulls were mostly steady, but trending upward later in the week with some instances 2.00 to 4.00 higher.  Demand was good to very good.

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