Market Closes - November 29, 2016

Posted on Nov 29, 2016

KFB Annual Meeting begins Wednesday.
See the Program by clicking here.


CBOT futures closed lower with sharp losses in corn and wheat futures. The large funds were reported to be big sellers, especially in corn. The sharp drop in crude oil futures which occurred overnight pressured CBOT prices. December Chicago Wheat broke below the old contract low set in late August.  July Chicago Wheat closed 5 cents above its contract low. Traders will be closely watching development of Bird Flu in Europe and Asia. Soybeans were pressured by profit-taking since soybean futures had closed higher for 7 straight days.

Live Cattle futures closed moderately lower in follow-through selling from Monday’s lower market. Losses were limited by a stronger boxed beef market. Choice closed up 1.56 at 189.56 and Select edged .13 higher to 172.88. At midday, Choice was up 2.16. Feeder Cattle futures rebounded late morning to close in the upper range. Traders will look at tomorrow’s Fed Cattle Auction for cash market direction.  

Except for the nearby December Lean Hog contract, LH futures closed strongly lower following Monday’s bearish key price reversals. Much lower pork values also pressured LH futures. FOB Plant Pork dropped .92 to 73.89 with a sharp 5% drop in ham value; loins and ribs were up 2%.

Corn Dec -12 337 (335-348); May -9 356

Bean Jan -13 1042 (1039-59); May -13 1057

  Meal -4 322

  Oil -35 3636

Wheat Dec -5 384; Jly -8 438

  KC -13 399; MGE -7 534

Oats -4 198

Rice -5 953

LC Dec -37 10892; Apr -60 11020; Jun -25 10160

FC Jan +17 12697; Apr +32 12302; Aug -27 12257

LH Dec -7 5035; Apr -127 6102; Jun -107 7262

Milk Dec -1 1692; Jan +2 1639

US$ -.2%

Dow +24 19122

SP +3 2205

NAS +11 5380

Tran -19 8944

  VIX -.26 12.89

WTI -175 4533

Brent -174 4650

Gas -4 138

NG +15 323

HO -5 147

Eth -2 160

Gold -4 1187

Slvr +1 1660

2-yr -.012 1.099%

5-yr -.017 1.784%

10yr -.020 2.300%

30yr -.030 2.952%

10 KY Counties Eligible for FSA Loans

    U.S. Agriculture Secretary Thomas J. Vilsack has designated three Kentucky counties (Bell, McCreary and Whitley) as primary natural disaster areas due to drought. Seven other counties (Clay, Harlan, Knox, Laurel, Leslie, Pulaski and Wayne) are named as contiguous disaster counties. Farmers in those counties declared primary or contiguous disaster areas are eligible for loans from the Farm Service Agency (FSA).

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here