Soybean and soybean meal futures soared today with the January Soybean contract closing near last week’s high. A further rally would find resistance at $13.30.  The sharp price gain was credited to a soybean sale to China that traders interpreted as increasing the odds that USDA will increase the marketing year export forecast (in December WASDE) and thus reduce the 2013/14 ending stocks estimate. In 7 trading days, the January Soybean contract dropped 50 cents and then got it all back.

Corn and Wheat futures were little changed for the day and week. Although harvest is winding down, ethanol plant margins are very good, and corn exports are strong, the corn market couldn’t ride the coattails of the soybean rally.  The December Corn contract appears to still be in a downtrend but analysts are looking for a seasonal/harvest low.  A close over resistance at 4.38 would be very positive.

Live Cattle futures closed mixed ahead of this afternoon’s Cattle on Feed Report. This week’s weakness in boxed beef and the $1/cwt drop in cash cattle weighed on the market. Boxed beef closed with Choice up 0.34 at 198.92; Select up 0.39 at 186.82/cwt.

Lean Hog futures closed mostly lower on this week’s lower hog and pork values. Next week’s slaughter schedule will be shortened due to Thanksgiving so cash strength may be put off until December.

Corn Dec -1 422; Jly unch 444; Dec unch 458 Bean Jan +28 1319; Jly +23 1284; Nov +8 1167 Meal Dec +17 428; Jly +12 398 Oil -38 4116 Wheat Dec +1 649; Jly +3 659 KC +7 702;  MGE +3 699 Oats +10 369 Rice -9 1571

LC Dec +2 13147; Apr -50 13257; Jun -30 12707 FC Jan +12 16350; Apr -15 16415 LH Dec -62 8562; Feb -90 8967; Jun +25 9940 Milk Nov unch 1879; Dec -1 1808

US$ -.4%

Dow +55 16065  new record high SP +9 1805     new record high NAS +22 3992 (record high was set in 2000 near 4900) Tran +26 7199 VIX -.40 12.26

WTI -60 9484 Brent +97 11105 Gas -2 273 NG +7 377 HO +3 304 Eth -1 203

Gold unch 1244 Slvr -7 1986

2-yr +.01 0.29% 5-yr -.02 1.35% 10yr -.04 2.75% 30yr -.06 3.83%

United States Cattle on Feed Down 6 Percent    Cattle and calves on feed for slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 10.6 million head onNovember 1, 2013. The inventory was 6 percent below November 1, 2012. Placements in feedlots during October totaled 2.39 million, 10 percent above 2012. Net placements were 2.32 million head. During October, placements ofcattle and calves weighing less than 600 pounds were 720,000, 600-699 pounds were 584,000, 700-799 pounds were 510,000, and 800 pounds and greater were580,000. Marketings of fed cattle during October totaled 1.86 million, 1 percent above 2012.  Other disappearance totaled 75,000 during October, 4 percent below 2012.

Kentucky Weekly Livestock Summary for November 15-21, 2013

Receipts This Week    Last Week     Last Year 26,421       26,332        11,967

Compared to last week, Steer Calves were mostly steady with instances to 3.00 higher with good demand, Heifer Calves mostly steady with good demand.  Feeder Steers and Heifers were mostly steady to firm with moderate to good demand.  All classes began to weaken late in the session.

Slaughter Cows 1.00 to 3.00 higher with good to very good demand and Slaughter Bulls steady to 3.00 higher with moderate to good demand.

Supply:  Slaughter Cows 6 percent; Slaughter Bulls 1 percent; Feeder cattle 92 percent.  In the feeder supply, Steers made up approximately 39 percent and Heifers approximately 39 percent.  Steers and Heifers over 600 lbs totaled approximately 47 percent.  Replacement cattle 1 percent.

KENTUCKY CASH GRAIN BIDS – Click Here