Corn and soybean futures closed lower and near the day’s lows. Futures were weaker overnight, but selling accelerated when markets reopened at 830 am CT.  Losses in corn erased Friday’s gains connected to the USDA Grain Stocks Report.  However, corn supplies are huge, harvest is only 17% complete, and cash basis levels are under pressure from river freight costs soaring (reported to be at 3-year high). For the last three weeks, December Corn has closed almost completely between 3.50 and 3.55. November Soybeans are now at the bottom of the 2.5-week trading channel. Soybeans are under pressure for similar reasons to corn; harvest is only 22% complete. A stronger US Dollar and lower crude oil futures also weighed on the market.

Read this DTN/Progressive Farmer article about the serious problem on the rivers that’s driving cash basis levels down.  Click on DTN - Market Matters Blog

US Corn Harvest Progress
17% compared to 23% year ago and 26% Average

US Soybean Harvest Progress
22% compared to 24% year ago and 26% Average

Cattle futures closed sharply lower and near the day’s lows. Cattle moved higher to start the day but reversed lower by mid-morning.  Traders were disappointed that last Friday’s cash trade was near steady instead of higher. Choice beef closed up .60 at 197.22 and Select dropped .22 to 188.28.

On the other hand, Lean Hog futures rose sharply today on trader optimism and technical buying. FOB Plant Pork lost .55 to 72.78 on a 4% drop in loins. This is down from the midday quote of 73.96.

Corn Dec -4 351 (351-56); Mar -3 364

Bean Nov -11 957 (956-968); Mar -11 977

  Meal -2 309

   Oil -29 3228

Wheat Dec -3 445; Jly -2 489 (483-91)

  KC -3 439; MGE -12 611

Oats +1 252

Rice +2 1202

 

LC Oct -127 10782; Feb -140 11722; Apr -92 11892

FC Oct -187 15035; Jan -212 14940; Apr -117 14747

LH Oct +185 5725; Dec +202 6197; Feb +202 6707

Milk Oct +8 1632; Nov +7 1623

US$ +.6%

Dow +153 22558

SP +10 2529

NAS +21 6517

Tran -7 9908

  VIX -.04 9.47

 

WTI -109 5058

Brent -69 5610

Gas -4 156

NG -9 292

HO -4 177

Eth -3 148

Gold -9 1276

Slvr -2 1665

 

2-yr +.008 1.487%

5-yr +.008 1.934%

10yr +.015 2.341%

30yr +.012 2.870%

 

Kentucky Weekly Livestock Summary for the week of Sep 25-30, 2017.  
Receipts: 21,005      Last Week 22,640       Last Year 16,271   

Compared to last week, steer calves sold mostly steady to 3.00 lower with instances to 6.00 lower.  Heifer calves were 1.00 to 4.00 lower with instances sharply lower.  Yearling steers and heifers sold mostly steady.  Demand was moderate to good for a plain through average quality offering.  Slaughter cows sold 3.00 to 5.00 lower with moderate demand and slaughter bulls 1.00 to 3.00 lower with moderate to good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here