CBOT futures were pressured this morning by the 2014/15 carryout forecasts released by USDA in its long-range outlook and by disappointing weekly export sales.   The soy complex is trading higher and near the day’s highs on South American weather concerns and the uptrends established on the charts.

Cattle futures traded higher overnight but found selling pressure once the CME pits opened at 9 am CST.   The monthly Cattle on Feed Report comes out this afternoon.  Traders expect on-feed inventory at 96%, placements of 102.5%, and marketings near 95%.

The nearby Lean Hog contract is up strongly on yesterday’s huge jump in the pork cutout value and rising cash hog prices.  Cash hog price has a long ways to go to catch up with April futures.  U.S. pork export sales are improving with the latest estimate of 16,000 metric tons, up 26% from the previous week, and up 50% from the 4-week average.

Corn Mar -1 455; Jly -2 465; Dec -2 466 Bean Mar +6 1365; Jly +8 1340; Nov +3 1148 Meal Mar +4 455; Oct +1 360 Oil +16 4073 Wheat Mar -2 614; Jly -5 612 KC -3 689; MGE -5 676 Oats -6 462 Rice +7 1583

LC Feb +10 14470; Apr -15 14172; Oct -37 13435 FC Mar -25 17087; Apr -30 17150; Aug -30 17400 LH Apr +90 9872; Jun unch 10777; Oct +20 9215 Milk Feb +5 2320; Mar +26 2175

US$ +.1%

Dow +.2% SP +.1% NAS +.2% Tran +.9% VIX -2.5%  14.41

WTI -.4% Brent -.7% Gas -.9% NG -1.5% HO -2.5% Eth +.2% Gold +.3% Slvr steady

5-yr unch 1.54% 10yr -.01 2.75% 30yr -.02 3.70%

BLUEGRASS SOUTH, Stanford,KY    "CATTLE WEIGHED AT TIME OF SALE"

Weighted Average Report for 02/20/2014

Receipts:  1972    Last Week:  2030    Year Ago:  852 COMPARED TO LAST THURSDAY:FEEDER STEERS UNDER 600 LBS 3.00-5.00 HIGHER,OVER 600 LBS STEADY TO 2.00 HIGHER,FEEDER HEIFERS UNDER 500 LBS 3.00-5.00 HIGHER,OVER 500 LBS STEADY,VERY GOOD DEMAND FOR ALL FEEDER CLASSES, SUPPLY INCLUDED 62 PERCENT OVER 600 LBS AND 23 PERCENT HEIFERS, SLAUGHTER COWS AND BULLS STEADY WITH GOOD DEMAND.

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