The rally in CBOT futures which occurred right after the USDA Crop Report and WASDE came out was short-lived. It appears that traders refocused on the record large crops and huge 2014/15 carryouts. There’s plenty of supply – especially now at harvest time. The market needs to encourage consumption by feeding or turning into energy. Wheat futures closed higher as the world Supply-Demand tightened up.

Cattle futures continued to fall except for the nearby October Live Cattle contract. Boxed beef values held up with Choice closing up 0.61 at 247.67; Select down 0.11 at 234.74.

Lean Hog futures closed lower in a wide range of magnitudes. Traders are working to figure out if/when expansion will occur and the effect on slaughter. Pork values dropped to the lowest point this week; it’s similar to the October 2nd level. FOB Plant Pork dropped 0.82 to 122.63/cwt. FOB Omaha dropped 1.63 to 121.35.

If you’re interested in trade data for beef and pork, check out today’s Daily Livestock Report from the CME Group.

Corn Dec -11 334; May -11 356; Dec15 -8 382 Bean Nov -19 922; May -20 947; Nov15 -20 944 Meal Dec -2 311; May -5 302 Oil Dec -57 3244 Wheat Dec +5 498; Jly +3 523 KC +5 578; MGE unch 553 Oats -1 343 Rice -1 1258

LC Oct +90 16490; Dec -57 16530; Apr -122 16517 FC Oct -115 24050; Nov -232 23920; Mar -297 23130 LH Oct -5 10945; Dec -122 9440; Apr -50 9150 Milk Oct -7 2410; Nov -8 2179

US$ +.4%

Dow -115 16544 SP -22 1906 NAS -102 4276 Tran -160 7893 VIX +2.48 21.24 +13.2%

WTI -25 8552 Brent -19 8986 Gas -2 225 NG +1 386 HO +2 256 Eth +1 160 Gold -2 1223 Slvr -3 1738

2-yr -.024 0.428% 5-yr -.037 1.533% 10yr -.045 2.282% 30yr -.050 3.013%

Kentucky Weekly Livestock Summary for the week of Oct 3-9, 2014. Receipts This Week     Last Week    Last Year 27,358       24,532       22,949

Compared to last week, Steer Calves below 500 lbs sold 5.00 to 8.00 higher, above 500 lbs steady to 2.00 higher with very good demand.  Yearling Steers were steady to 1.00 higher with moderate to good demand.  Heifer Calves sold steady to 3.00 higher with instances to 8.00 higher with good demand.  Yearling Heifers were steady to firm with a light test and moderate demand.  Quality was average to attractive on all classes. Slaughter Cows sold steady to 3.00 lower and Slaughter Bulls 2.00 to 4.00 lower with moderate demand.

Supply:  Slaughter Cows 7 percent; Slaughter Bulls 1 percent; Feeder cattle 90 percent.  In the feeder supply, Steers made up approximately 37 percent and Heifers approximately 36 percent.  Steers and Heifers over 600 lbs totaled approximately 36 percent.  Replacement cattle 2 percent.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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