Corn and soybean futures closed slightly lower and at/near the day’s lows due to a sell-off in the final minutes of trading. Markets were pressured in part by the widening basis and unexpectedly low cash prices in markets dependent upon river transportation. With a big majority of harvest yet to come, the hedge pressure will continue.  Soybean export news may be lacking through October 8 since China is on holiday. Wheat futures managed small gains on short-covering as winter wheat planting is behind the 5-year average pace.

Cattle futures closed sharply higher with the gains mostly wiping out Monday’s losses.  Prices were supported by higher boxed beef values and expectations of firmer cash steer prices. Choice up 0.65 at 197.87; Select up 0.74 at 189.02.

Beyond the nearby October Lean Hog contract, LH futures closed just slightly higher.  But the October LH contract soared to limit-UP today and closed up $2.62.  Support came from rising cash hog prices and firm midday pork values at midday. FOB Plant Pork ended down .32 at 72.46.  Loin value recovered while other cuts dropped. This was up .34 at midday.

Corn Dec -2 349 (349-51); Mar -2 362

Bean Nov -2 955 (952-61); Mar -1 975

  Meal Oct -2 307

  Oil +23 3251

Wheat Dec +3 448; Jly +1 490 (488-94)

  KC +2 442; MGE +1 612

Oats -1 251

Rice unch 1201

 

LC Oct +127 10910; Feb +130 11852; Apr +120 12012

FC Oct +207 15242; Jan +260 15200; Mar +250 14987

LH Oct +262 5987; Dec +10 6207; Feb +27 6735

Milk Oct +10 1643; Nov +7 1627

US$ -.3%

The 3 major stock indexes hit new record highs today.

Dow +80 22638

SP +5 2535

NAS +15 6532

Tran +66 9974

VIX +.15 9.60

 

WTI -30 5016

Brent -40 5572

Gas -1 155

NG -3 290

HO -2 175

Eth unch 148

Gold +2 1274

Slvr +1 1666

 

2-yr -.012 1.475%

5-yr -.013 1.921%

10yr -.011 2.326%

30yr +.002 2.867%

Lexington Auction
Weighted Average Report for 10/02/2017
  Receipts:  1239    Last Week:  1168

      Compared to last Monday weaned and thin-fleshed feeder steers sold firm; fleshy un- weaned offerings sold weak.  Body condition affecting prices more than quality with thin-fleshed and weaned calves in highest demand.  Middleweight heifers sold 2.00 to 4.00 lower with moderate demand.  Good demand for yearling steers and good quality heavy heifers guaranteed open.  Quality was pain through good.  Slaughter cows sold 1.00 lower with light demand and slaughter bulls sold steady with light demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here