Soybeans were knocked down by news that China had cancelled 600,000 tonnes of purchases from the U.S.  China may have sensed that the futures market was vulnerable and hope to buy these back later at a lower price – or not?

  Corn futures were down sharply early but recovered strongly when EPA announced it would NOT waive the ethanol requirement in the RFS.  EPA’s analysis found that the RFS mandate does not “severely harm” the economy.

  Old-crop corn also garnered strength from technical buying as December Corn tested support and did not move below it.

  Cattle futures ended with moderate gains as cash trade generally occurred at steady prices with last week. The monthly Cattle on Feed Report came out with estimates in-line with trade expectations.

Corn Dec +6 727 (711-730); Mar +6 731; Dec +2 609

Bean Jan -19 1383 (1372-1409); Mar -16 1368; Nov -8 1262 Meal Dec -6 425;  Oct -1 360   Oil -41 4705

Wheat Dec -7.5 838 (829.5-850); Jly -9 846 (838-856)   KC -10 876;  MGE -10 910

LC Dec +55 12615; Apr +72 13407; Jun +50 12997 FC Jan +45 14560; Apr +37 14980; Aug +40 15490

LH Dec +25 8032; Feb +30 8645; Jun -2 9997

Milk Dec +7 1904; Jan +4 1858

Oats unch 364

Rice -2 1484 

US$ +.2%

Dow +46 12588

SP +7 1360

NAS +16 2853

Tran -23 4891

VIX -1.58 16.41

WTI +117 8662

Brent +105 10906

Gas +2 271.5

NG +9 379

HO +1.6 299

Eth +1.6 235

Gold unch 1714

Slvr -39 3228

2-yr -.004 0.242% 5-yr -.010 0.612% 10yr -.010 1.584% 30yr +.001 2.733% 

Kentucky Weekly Livestock Summary for November 9 thru November 15, 2012 Receipts This Week  Last Week   Last Year  26,890    27,441      25,985 Supply:  Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent.  In the feeder supply, Steers made up approximately 43 percent and Heifers approximately 35 percent.  Steers and Heifers over 600 lbs totaled approximately 54 percent.  Replacement cattle 2 percent. 

Compared to Last week:  Feeder Steers and Heifers sold steady to 2.00 higher. Steer and heifer calves mostly 1.00-3.00 lower.  Demand moderate to good for Feeders; moderate for calves.  As we expect seasonally, fewer yearling type feeders to be found and buyers actively bidding for the few that are offered.  Calves continue to come to town, with the vast majority fresh off the cow and buyers become more selective with calf purchases with more to choose from.   Slaughter Cows and Bulls mostly steady.