Except for oats and rice, CBOT commodities soared higher on the leadership of nearby soybean meal futures. While soybean meal climbed higher throughout the day, the three major commodities (C,B,Wht) had a sharp jump near the closing bell to cement the strong, near-daily high, closing prices. It appears that China is a steady buyer of soybeans so the export market is competing with the soybean processors trying to source enough soybeans to meet the great demand for cash soybean meal. Patient farmers are holding the crop off the market and supporting prices and basis levels.

Cattle futures had a mixed close. Dec-Apr Live Cattle contracts were higher as the cash cattle and beef markets remain strong. Deferred LC and all Feeder Cattle futures dropped on continued profit-taking with futures recently at record highs. Rising CBOT futures added pressure to the Feeder Cattle futures market. Choice Beef closed up 1.17 to 256.87 and Select ended up 1.42 to 243.67/cwt.

An early rally in Lean Hog futures failed and prices closed lower. Pressure came from the weak Cattle markets and lower pork cutouts. FOB Plant Pork dropped 1.23 to 92.18 on a sharp 7% drop in belly prices.

Corn Dec +7 374 (366-75); May +6 396; Dec15 +6 417 Bean Jan +17 1051 (1033-54); May +15 1061; Nov +14 1024 Meal Dec +16 391; May +7 350 Oil +22 3342 Wheat Dec +9 551; Jly +7 570 (559-71) KC +13 617; MGE +12 591 Oats -6 299 Rice -7 1237

LC Dec +65 17015; Apr +30 16910; Jun -40 16107 FC Jan -197 23137; Mar -152 22992; Aug -90 23110 LH Dec -37 9095; Feb -67 8982; Jun -85 9830 Milk Dec -18 1840; Jan -14 1727

US$ -.2%

Dow -3 17815 SP -2 2067 NAS +3 4758 Tran +36 9203 VIX -.37 12.25

WTI -194 7384 Brent -153 7815 Gas unch 203 NG +13 429 HO +1 240 Eth -2 206 Gold +4 1200 Slvr +27 1664

2-yr -.016 0.520% 5-yr -.033 1.569% 10yr -.049 2.259% 30yr -.051 2.966%

Blue Grass Stockyards Cattle Report for 11/25/2014 Receipts: 753 Last Tuesday: 752 Year Ago: 554 Compared to Monday steer and heifer calves sold mostly steady in a light test except heifers over 500 lbs sold weak. Quality was plain through good. Yearling steers and heifers sold firm in a limited comparison with last week. Slaughter cows sold 2.00 lower with light to moderate demand. Slaughter bulls sold steady with moderate demand. Total supply included 10% slaughter cows, 02% slaughter bulls, 04% replacements and 84% feeders. Feeder supply 38% steers, 15% bulls, 47% heifers with 57% of feeders weighing over 600 lbs.

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