Market Closes - November 11, 2014

Posted on Nov 11, 2014
The Soy Complex carried the day as soy futures soared on strong cash demand for soybeans and meal. It appears that farmers are holding tight to their beans. Corn is going into huge outside piles throughout the Corn Belt (hopefully covered before this latest snowstorm moved in). The cold weather will help keep the piles in good condition. But this winter storm will hinder getting the rest of the crop out of the field. Corn and wheat futures closed slightly higher on spillover support from soybeans.

Lean Hog futures closed slightly higher and near the day’s highs. The upward technical momentum seen in LH futures was supported by today’s pork market -- FOB Plant Pork closed up 1.81 to 95.60/cwt on strength in ham, belly and picnic values.

Cattle futures finished with small changes as traders look for more direction from the cash cattle and beef markets. Choice carcasses were up 0.83 at 249.97; Select carcasses down 0.72 at 238.43/cwt.

Corn Dec +4 374; May +4 395; Dec15 +4 419 Bean Jan +38 1064 (1020-73); May +36 1071; Nov +27 1037 Meal Dec +20 401; May +16 358 Oil +51 3287 Wheat Dec +8 525; Jly +3 545 KC +5 578; MGE +12 567 Oats unch 336 Rice -10 1162

LC Dec +12 16725; Apr -5 16750; Jun +70 15760 FC Nov -17 23885; Jan -10 23265; Mar +25 23055 LH Dec +35 8990; Feb +35 8945; Apr +20 9100 Milk Nov -8 2167; Dec -35 1864

US$ -.3%

Dow +1 17615 SP +1 2040 NAS +9 4660 Tran -8 9061 VIX +.25 12.92 +2%

WTI +13 7753 Brent -110 8124 Gas unch 210 NG -5 421 HO -1.5 245 Eth -2 190 Gold +3 1163 Slvr +1 1568

Monday’s closing Treasury Yields – closed for Veterans Day 2-yr 0.539% 5-yr 1.640% 10yr 2.360% 30yr 3.092%

November 1 Kentucky Crop Production Forecast Corn production in Kentucky is forecast at 222 million bushels, unchanged from the October forecast and down 9 percent from the previous crop. Yield was estimated at 153 bushels per acre, unchanged from last month and down 17 bushels from the 2013 level.

Soybean production for Kentucky is forecast at 84.0 million bushels, up 2 percent from the October forecast and up 1 percent from 2013. Yield was estimated at 48 bushels per acre, up 1 bushel from last month and down 2 bushels from a year ago.

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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Tagged Post Topics Include: Economics, Market updates