USDA did it again – surprised traders with an estimate that was totally unexpected.  USDA put September 1 corn stocks at 988 million bushels.  This compares to 1.126 billion expectations and 1.181 billion in the recent WASDE report.  The quarterly wheat stocks number also came in much below expectations – 2.10 vs 2.28 billion.  In contrast, USDA said there were more soybeans on hand September 1 than the trade expected – 169 million vs 132 million expected and 130 million on the WASDE.  

  Corn futures are locked up the 40-cent limit.  It appears traders are buying soybean and wheat futures since the corn pit is at a standstill.  So a slightly bearish soybean stocks report is being ignored as traders turn bullish on the CBOT.

  Cattle futures are trading lower with Feeder Cattle futures trading at/near the $3.00 limit down price.  Fed Cattle prices have fallen a few dollars this week; this combined with the sharply higher feed costs from the CBOT are pressuring this market.

  Lean hog futures are mixed but mostly higher ahead of this afternoon’s Quarterly Hogs and Pigs Report.  Traders expect the breeding herd to be down 0.3 percent.

Corn Dec +40 limit 756; Mar +40 759; Dec’13 +24 633

Bean Nov +24 1595 (hi 1598); Mar +29 1553; Nov’13 +21 1337  Meal Oct +9 482; May +10.5 439   Oil +47 5258

Wheat Dec +43 899; Jly +25 860 (hi 865)   KC +44 922; MGE +40 954

LC Oct -75 12170; Feb -75 12817; Apr -85 13205

FC Oct -270 14352; Nov -300 limit 14432; Jan -285 14715

LH Oct -2 7720; Dec +45 7405; Apr +110 8700

Milk Oct +11 2089; Nov +13 2081

Oats +5 373

Rice -1 1515

US$ +.4%

Dow -.3%

SP -.3%

NAS -.4%

Tran -.7%

 VIX +1.8% 15.11

WTI steady

Brent -.1%

Gas -.4%

NG -.7%

HO steady

Eth +4.4%

Gold -.2%

Slvr -.1%

5-yr -.014 0.628%

10yr -.012 1.644%

30yr -.009 2.833% 

Kentucky Stocker Conference in Lexington Oct. 1

The Kentucky Stocker Conference is set for Oct. 1 at the Fayette County Cooperative Extension office in Lexington. The conference will begin at 10 a.m. EDT with a presentation from John Davidson, a veterinarian with Novartis Animal Health in College Station, Texas. He will discuss new strategies in the prevention of bovine respiratory disease.  At 11 a.m., UK agricultural economist Kenny Burdine will discuss risk management strategies.  After lunch Jeff Lehmkuhler, UK beef cattle specialist, will lead a session about using corn silage and alternative feeds. Burdine will join Lehmkuhler for the last session of the day, “Putting it All Together.” The event will wrap up at 3 p.m.

Registration is $10 at the door. Producers interested in attending may contact their local Cooperative Extension agent for more information.

The Fayette County Cooperative Extension office is located at 1140 Red Mile Place in Lexington. For more detailed directions, visit their website at http://ces.ca.uky.edu/fayette, or call 859-257-5582.

http://news.ca.uky.edu/article/kentucky-stocker-conference-oct-1