CBOT futures closed mostly steady to lower after erasing significant morning losses. Early pressure came from drier forecasts that should pick up the harvest pace. This afternoon’s report shows harvest behind schedule: Corn 31% vs 53% normal, Soybean 53% vs 66% normal. Strong soybean export shipments last week along with technical buying probably lifted prices today. Traders are watching closely the weather in Brazil and Argentina where the crop is being planted.

--------------------------------------------------------- Corn – 18 States HARVESTED: 31% vs 53% 5-year average Iowa@ 19% vs 53% avg. IL,IN & MI are 20% points behind normal. MN@ 16% vs 47% normal.

Soybean – 18 States HARVESTED: 53% vs 66% for 5-year average. IA@ 61% vs 77% avg. IL@ 37% vs 66% avg. IN@ 31% vs 62% avg. MI@ 23% vs 60% avg. MO@ 25% vs 46% avg. OH@ 36% vs 56% avg.

WINTER Wheat Planted – 18 States 76% this week vs 77% last year and 77% for 5-yr average.

PASTURE CONDITIONS – 48 STATES 49% Good/Excellent vs 50% last week and 40% year ago. 18% Poor/V.Poor vs 18% last week and 28% year ago.

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Cattle futures soared on bullish enthusiasm about the fed cattle market. Boxed beef markets are not following futures to the same degree. Choice beef rose .68 to 249.84 and Select was up .39 to 235.17. October LC futures hit a new contract high today (trading continues through October 31). Be alert for this becoming a “double-top” if there’s no follow-through tomorrow. (SEE CHART HERE)      The recent collapse in the pork cutout value may hurt beef’s competitiveness in the retail meat case in the coming weeks.

Lean Hog futures closed strongly lower in the two nearby LH contracts due to weakening cash hog and pork markets. LH futures moved even lower in late-afternoon electronic trading. The Pork Cutout collapsed in afternoon trade. FOB Plant Pork dropped 4.55 to 106.46 due to HAMS dropping 17.24 to 100.83 and Bellies fell 4.87 to 103.69. Loin value held near steady.

Read today’s statement by AFBF President Bob Stallman on the WTO’s ruling on the U.S. Country of Origin Labeling (COOL) regulations by CLICKING HERE.

Corn Dec unch 348; May unch 370; Dec15 +1 395 Bean Nov -7 944; May -8 969; Nov -6 961 Meal Dec -1 329; May -2 315 Oil -32 3170 Wheat Dec -2 513; Jly -2 539 KC -1 601; MGE -4 567 Oats +3 350 Rice -4 1250

LC Oct +285 16790; Feb +287 16690; Jun +205 15480 FC Oct +230 24075; Nov +267 23682; Mar +245 22910 LH Dec -142 8915; Feb -115 8640; Apr -52 8697 Milk Oct +3 2399; Nov +12 2169

US$ -.1% Dow +19 16400 SP +17 1904 NAS +58 4316 Tran +80 8228 VIX -3.42 18.57 -15.5%

WTI -13 8193 Brent -86 8530 Gas -3 220 NG -10 366 HO -1 248 Eth -1 176 Gold +8 1247 Slvr +10 1743

2-yr -.021 0.354% 5-yr -.016 1.403% 10yr -.009 2.190% 30yr -.006 2.963%

September Milk Production up 4.1 Percent

Milk production in the 23 major States during September totaled 15.5 billion pounds, up 4.1 percent from September 2013. August revised production at 16.2 billion pounds, was up 2.6 percent from August 2013. The August revision represented a decrease of 3 million pounds or less than 0.1 percent from last month's preliminary production estimate. 

Production per cow in the 23 major States averaged 1,804 pounds for September, 56 pounds above September 2013. This is the highest production per cow for the month of September since the 23 State series began in 2003. 

The number of milk cows on farms in the 23 major States was 8.59 million head, 78,000 head more than September 2013, and 4,000 head more than August 2014.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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