Soybeans and meal led the market on the upside today after USDA reported strong export shipments for last week. Preliminary results from USDA also show soybean export shipment during November will set a new monthly record of 402 million bushels; of this, China received over 70 pct. Wednesday’s WASDE report is expected to lower the 2014/15 ending stocks estimate from 450 million to below 430 million. Despite the strong rally off last week’s lows, the January Soybean contract is still below the last high at 10.55 – watch this level for signs that futures could run to $10.80 plus.

Despite disappointing corn export shipments, corn futures rallied early with the soybeans. After coming within 1.5 cents of the March Corn contract’s high set November 13, price headed back south and closed much lower near the day’s lows. This has potential to chart a “double top” – especially if soybean futures turn lower. A 2 billion bushel corn carryout for 2014/15 limits the upside potential.

** Check out the note at the bottom about Crop Insurance Claims deadline.

Live and Feeder cattle futures closed down sharply with many of them down the $3.00 limit. Last week’s bearish momentum carried into today as the speculators are liquidating longs as chart support levels give way. December LC’s next support is around $158. Last week’s cash price averaged $167, so futures are steeply discounted -- the sell-off may be nearing an end. Choice carcasses down 0.56 at 251.98; Select down 1.33 at 235.36/cwt.

Lean Hog futures closed moderately lower, extending the downtrend that started November 18 and cut nearly $8 off the February LH contract – this contract’s next support is $83.30. The $3.00 limit losses in cattle futures probably added pressure to the hog pit. FOB Plant Pork gained .12 to 92.81. Picnics fell 8 pct, but values increased for ham, butt and bellies.

U.S. equities fell sharply on pressure from the big drop in crude oil prices; a CNBC.com story states that 13 pct of the SP500 is energy-related companies. The VIX Index soared 20 pct as traders grew more worried about the market. This moved money into the “safe” Treasury market and lowered yields.

Corn Mar -5 390 (389-400); Jly -5 405; Dec -4 418 Bean Jan +8 1044 (1030-50); Jly +7 1061; Nov +3 1016 Meal Jan +4 370; Jly +3 351 Oil -24 3177 Wheat Mar +4 598; Jly +1 603 (597-613) KC unch 639; MGE -1 622 Oats +2 314 Rice -2 1204

LC Dec -300 limit 16145; Feb -300 16187; Jun -287 15565 FC All contracts down $3.00 limit: Jan 23187; Mar 22822; Aug 22882 LH Dec -2 8657; Feb -50 8512; Jun -45 9235 Milk Dec unch 1780; Jan -26 1589

US$ -.2% Dow -106 17852 SP -15 2060 NAS -40 4741 Tran -119 9033 VIX +20% 14.21

WTI -281 6303 Brent -299 6608 Gas -7 171 NG -20 361 HO -6 205 Eth -1 171 gold +14 1204 Slvr +1 1621

2-yr -.012 0.631% 5-yr -.016 1.666% 10yr -.048 2.259% 30yr -.059 2.905%

December 10 Deadline If you still have insured corn or soybeans in the field, be sure to check with your insurance company as USDA-RMA states that “The end of the insurance period is December 10 for most spring planted crops”. http://www.rma.usda.gov/pubs/rme/delayedharvestwet.pdf

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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