CBOT futures are trading very mixed with soybeans near the day’s lows and wheat futures near the day’s highs.  Wheat’s strength appears to be on short-covering as extreme cold without snow cover makes some nervous and the recent indication of the wheat market bottoming.  Soybean futures were higher overnight but have been dropping since about 9 am. Not sure what’s behind this but could be more Chinese export cancellations.  The sharp drop in Crude Oil doesn’t help as soybean oil futures drop for the fourth day in a row and approach last week’s low.  Corn futures are a little higher as some export business was done but technically the downtrend remains in place (for now).  December Ethanol futures are up sharply after a recent price collapse.

Cattle futures are up slightly on follow-through buying from Tuesday’s sharp gains. Beef values will be closely watched at midday.

Lean Hog futures are higher as the midday Pork Cutout is up over $1/cwt.

Corn Dec +1 419; Jly +2 442; Dec14 +2 456 Bean Jan -1 1328 (1326-1341); Jly -3 1282; Nov -8 1148 Meal Dec -2 448; Jly unch 401 Oil -25 4035 Wheat Dec +8 654; Jly +8 665 KC +8 712; MGE unch 696 Oats -12 372 Rice +1 1575

LC Dec +35 13230; Apr +35 13402 FC Jan +62 16500; Apr +12 16532 LH Dec +57 8620; Apr +20 9385 Milk Dec unch 1843; Jan +4 1762

US$ +.1%

Dow +.2% SP +.3% NAS +.5% Tran +.5% VIX -1.8% 12.58 WTI -1.6%

Brent -.2% Gas -.1% NG +.8% HO -.1% Eth +5.5%

Gold -.3% Slvr -1.1%

5-yr +.03 1.37% 10yr +.05 2.76% 30yr +.02 3.82% Blue Grass Stockyards Cattle Report for 11/26/2013 Receipts:  554   Last Tuesday:  1,669   Year Ago:  1,277

Compared to Monday light test of calves due to approaching winter storm, however the few good quality 500-600 steer calves sold 5.00 higher than yesterday settling nearly steady with last week.  Yearling steers sold firm with very good demand in a light test.  Still several plain quality calves on the market and those plainer calves still in light demand.  Heifer calves too light to test except yearling heifers sold steady with good demand.  Slaughter cows sold steady with good demand.  Slaughter bulls sold steady with light to moderate demand.

Total supply included 06% slaughter cows, 01% slaughter bulls, 01% replacements and 92% feeders.  Feeder supply 34% steers, 13% bulls, 53% heifers with 79% of feeders weighing over 600 lbs.

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