CBOT futures closed mostly higher, led by corn and wheat futures. After trading near steady overnight, corn and wheat futures had a volatile opening with prices testing lower levels and then rallied sharply the rest of the day. Technically, these are bullish key reversals on the charts. With US corn harvest at only 38%, or 21% behind average, will traders be willing to follow-through and buy more tomorrow.  The large spec funds are large shorts in corn and modest longs in soybean futures. Funds are short wheat, so today’s rally was on short-covering. Today’s export shipments report for last week was positive for corn.
 

EFFECTIVE November 1, the daily price limit will be lowered on Soybean Futures from 70 cents to 65 cents, and on Soybean Meal Futures from $25/ton to $20/ton.  If futures close limit up, the next day’s limits are expanded to $1.00 for Soybeans and $30.00 for Meal.  Daily price limits are unchanged for Corn at 25 cents and 30 cents for KC/Chicago Wheat Futures.

U.S. Corn Harvest Progress
38% compared to 59% year ago and 59% Average

U.S. Soybean Harvest Progress
70% compared to 74% year ago and 73% Average
 

Live Cattle futures opened sharply lower on Friday’s negative Cattle on Feed Report, but moved to the positive side by mid-morning. Before the close, Live Cattle softened a bit, but Feeder Cattle closed near the day’s highs. However, LC generally closed relatively higher than FC. The October LC contract is fairly priced with cash cattle trading $111/cwt last week.  In boxed beef, Choice closed down .61 at 199.25 and Select dropped .09 to 191.05.

Lean Hog futures were crushed by lower cash hog prices and FOB Plant Pork finished up .30 at 75.80. October LH opened steady, moved to new highs and then traded lower the rest of the day. Daily slaughter levels were huge.
 

Corn Dec +7 351 (343-52); Mar +7 365

Bean Nov +2 981 (975-83); Mar +2 1001

  Meal -1 316

  Oil +47 3463

Wheat Dec +11 437; Jly +9 481 (470-83)

  KC +11 433;  MGE +4 615

Oats +4 273

Rice -10 1197

 

LC Oct -15 11152; Feb +30 12157; Apr +45 12197

FC Oct unch 15362; Jan -45 15087; Apr -10 14795

LH Dec -135 6350; Feb -100 6810; Apr -40 7250

Milk Oct +1 1661; Nov +22 1594

US$ +.3%

Dow -55 23274

SP -10 2565

NAS -42 6587

Tran -33 9939

  VIX +.79 10.76

WTI +2 5186

Brent -42 5733

Gas unch 167

NG +5 297

HO -2 179

Eth +3 142

Gold unch 1281

Slvr unch 1707

2-yr -.008 1.568%

5-yr -.015 2.005%

10yr -.007 2.374%

30yr -.007 2.887%
 

Kentucky Weekly Livestock Summary for the week of Oct 16-21, 2017.
 Receipts: 24,640       Last Week 21,293       Last Year 16,533

Compared to last week, steer calves sold mostly steady to 3.00 lower and heifer calves steady to 4.00 lower.  Demand was moderate to good for a plain to good quality offering.  Yearling steers and heifers sold mostly steady to firm with light supply and moderate to good demand.  Slaughter cows were mostly steady to 3.00 lower and slaughter bulls mostly steady to 2.00 lower with light to moderate supply and moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here