Today’s USDA reports confirmed that the corn and soybean crops could be record large. This weighed on prices and pushed them to new record lows. However, prices closed off the lows with approximately 25-50% recoveries. Average yields are not likely to fall from today’s forecasts but harvested acreage estimates used to calculate production could possibly decrease if USDA-FSA confirm planted acreage as being smaller than NASS used in production estimates. FSA’s last report indicated this is likely.

See the KY NASS news release with US and KY Crop Production statistics by clicking HERE.

Cattle futures closed moderately to sharply lower as yesterday’s late-day comeback was short-lived. Given the massive rally seen in futures since mid-August, a technical correction shouldn’t be surprising. Cash markets need to lead the futures market. Choice beef up .08 to 251.54 and Select down 1.83 to 236.35/cwt.

Lean Hog futures closed mixed with the nearby LH contracts dropping, giving up some of the recent strength based on the tight cash market. Wholesale pork closed strongly today. FOB Plant Pork gained 1.38 to 107.53/cwt on a 4% pop in loin value and a 1.5% drop in belly value.

Energy futures have been falling for quite some time but today reversed higher after hitting new contract lows. Again this rebound/correction isn’t unexpected. Some analysts believe the US dollar will be trending higher as interest rates edge up in the US and the EU may be lowering rates by increasing its monetary easing program. Corn Dec -5 341; May -5 362; Dec’15 -3 387 Bean Nov -12 981; May -12 1001; Nov’15 -13 992 Meal Oct -10 339; May -6 325 Oil -13 3150 Wheat Dec -10 509; Jly -11 546 KC -9 606; MGE -6 593 Oats -3 354 Rice +19 1252

LC Oct -232 15737; Feb -170 15970; Apr -115 15770 FC Sep -80 22805; Oct -152 22560; Mar -162 21687 LH Oct -72 10637; Dec -145 9720; Apr +65 9270 Milk Sep unch 2445; Oct -4 2278

US$ +.1%

Dow -20 17049 SP +2 1997 NAS +5 4592 Tran +34 8556 VIX -.08 12.80

WTI +149 9316 Brent +159819 Gas +1 253 NG -11 384 HO unch 276 Eth -7 181 Gold -4 1242 Slvr -21 1871

2-yr unch 0.564% 5-yr +.011 1.793% 10yr +.014 2.550% 30yr +.006 3.276%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 09/10/14 Receipts: 2176 Last Week: 1066 Year Ago: 2728 Compared to last week steers under 700 lbs sold 5.00 to 15.00 higher with very good demand; yearling steers sold steady to 3.00 higher with good demand. Heifer calves under 500 lbs sold 5.00 to 12.00 higher with very good demand over 500 lbs sold steady to 3.00 higher with good demand. Quality was good through attractive. Slaughter cows and slaughter bulls sold steady with very good demand. Total supply included 08% slaughter cows, 02% slaughter bulls, 02% replacements and 88% feeders. Feeder supply 39% steers, 18% bulls, 43% heifers with 49% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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