Market Closes - November 25, 2013 - Kentucky Farm Bureau

Market Closes - November 25, 2013

Posted on Nov 25, 2013
CBOT futures closed mostly higher, led by nearby Soybean Meal and soybeans. Soybean futures started pit trading on the weak side but signs of strong export demand lifted prices with more buying kicking in once price broke above last Friday’s highs. Soybean and meal futures saw a sharp move in the old/new crop spreads.

Corn and wheat futures managed small gains.  Corn was supported by high corn export inspections for last week and upward momentum from last week’s late-week rally. However, the December Corn contract is still 13 cents below key chart resistance at 4.38; the close is right in the center of the November trading range (50% retracement).  With the funds having a near-record short position, new sellers are careful knowing a short-covering rally could happen anytime.  Wheat futures keep edging up given the recent stability/rally in corn and soybeans.  The global wheat market appears to be at a good value level, plus the funds are very short CBOT Wheat.

Tonight USDA reports 18-States’ harvest progress at 95 pct for corn (no more soybean reporting).

Cattle futures closed mostly lower despite some strength in boxed beef values today. The shortened trading week and last week’s sharp drop in price weighed on the market.

Lean Hog futures closed near steady as traders remain uncertain about cash hog and pork values.  We need to get past the Thanksgiving week.

Corn Dec +2 425; JLy +2 446; Dec14 +1 459 Bean Jan +10 1329; Jly +4 1288; Nov -6 1161 Meal Dec +9 437; Jly +4 402 Oil -50 4066 Wheat Dec +3 652; Jly +2 661 KC +2 703; MGE +2 701 Oats +12 381 Rice +9 1580

LC Dec -40 13107; Feb +12 13192; Jun +7 12715 FC Jan -70 16280; Apr -30 16385; Aug -45 16530 LH Dec -2 8560; Feb +12 8980; Jun +37 9977 Milk Dec +21 1829; Jan +21 1753

US$ +.2%

DOW +8 16073 SP -2 1802 NAS +3 3995 Tran +18 7218 VIX +.53 12.79 +4.3%

WTI -65 9419 Brent -17 11088 Gas -4 268 NG +2 379 HO -1 303 Eth -8 196

Gold +8 1252 Slvr +43 2029

2-yr unch 0.29% 5-yr -.01 1.34% 10yr -.01 2.74% 30yr -.01 3.82%

Acreage Reporting Dates for 2014     November 25, 2013 ---Kentucky USDA Farm Service Agency (FSA) State Executive Director John W. McCauley  announced that producers now have until January 15, 2014, to report crops that have a November 15, 2013, or December 15, 2013, reporting deadline without paying a late-file fee. Crops under this waiver include wheat and native and improved grasses intended for grazing or haying. The Risk Management Agency (RMA) did not grant a waiver so producers need to consult their crop insurance agent for deadlines for insured crops.

“In order to comply with FSA program eligibility requirements, all producers are encouraged to visit the your  County FSA office to file an accurate crop certification report by the applicable deadline," said McCauley.

The following acreage reporting dates are applicable for Kentucky:

  • December 15, 2013:  Barley-Gr, Canola (FAL), Oats (FAL), Rye, Annual Rye Grass, Wheat
  • January 2, 2014:  Honey
  • January 15, 2014:  Apples, Blueberries, Caneberries, Cherries, Chestnuts, Grapes, Peaches, Pears, Pecans, Plum, Rhubarb
  • May 1, 2014:  Nursery
  • May 31, 2014:  Final date to report small grains planted acreage, including small grains planted on CRP acreage.
  • July 15, 2014:  Alfalfa, Beans, Beets, Broccoli, Cabbage, Canola-SPR, Cantaloupe, Carrots, Cauliflower, Clover, Corn, Cucumbers, Eggplant, Gourds, Grass (FG,GZ),  Greens, Herbs, Lettuce, Mixed Forage, Oats-SPR, Onions, Peas, Peppers, Potatoes, Pumpkins, Radish, Sorghum, Soybeans, Squash, Strawberries, Sunflowers, Sweet  Potatoes, TEFF, Tomatoes, Turnips, Watermelons
  • September 30, 2014:  Christmas Trees, Crustaceans, Finfish, Flowers, Ginseng, Grass-Sod
The following exceptions apply to the above acreage reporting dates:
  • If the crop has not been planted by the above acreage reporting date, then the acreage must be reported no later than 15 calendar days after planting is completed.
  • If a producer acquires additional acreage after the above acreage reporting date, then the acreage must be reported no later than 30 calendars days after purchase or acquiring the lease.  Appropriate documentation must be provided to the county office
  • .If a perennial forage crop is reported with the intended use of “cover only,” “green manure,” “left standing,” or “seed” then the acreage must be reported by July 15th.
According to McCauley, Noninsured Crop Disaster Assistance Program (NAP) policy holders should note that the acreage reporting date for NAP covered crops is the earlier of the dates listed above or 15 calendar days before grazing or harvesting of the crop begins.

Additionally, producers can purchase both NAP and RMA coverage for 2014 annual forage crops. NAP coverage will not be available for 2015 annual forage crops.

Late file fees will be assessed for 2013 crops reported after September 15, 2013, and 2014 crops reported after January 15, 2014.

For questions regarding crop certification and crop loss reports, please contact your Local FSA service center.



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