Corn and wheat futures are up just slightly as traders prepare for tomorrow’s USDA crop reports. Soybean futures are stronger in the nearby contracts but weaker in new-crop 2014. The November Soybean contract is up strongly and lifting the January on ideas of strong export demand.  Soybean’s value gain is coming from soybean meal with a 1.5% gain while soybean oil is down 1.75% on weak palm oil markets.

The US dollar is stronger today after the European Central Bank cut its short-term rate to 0.25 pct.

Cattle futures are little changed as traders wait for the fed cattle market to trade.  Upside in fed cattle is probably limited unless boxed beef rises because packers are operating in the red.

Lean Hog futures have traded both sided of unchanged and are now moving to new highs for the day.  Traders may be hearing of stronger cash markets. Analysts have pointed out that hog slaughter is picking up from the recent below-expectations pace. Corn Dec +1 422; Jly +1 448; Dec14 unch 462 Bean Jan +8 1263; Jly -1 1227; Nov -4 1146 Meal Dec +7 404; Jly +2 377 Oil -75 4039 Wheat Dec +2 655; Jly +1 669 KC unch 716; MGE -1 711 Oats -9 334 Rice +11 1566

LC Dec -17 13185; Feb -22 13367; Jun -35 12822 FC Nov -22 16462; Jan -22 16532; Apr -35 16630 LH Dec +30 8765; Feb +45 9132; Jun +7 9880 Milk Nov +1 1877; Dec -4 1782

US$ +.5%

Dow -.4% SP -.7% NAS -1.3% Tran -.8% VIX +6.8% 13.53

WTI -.8% Brent -1.4% Gas -1.9% NG +2% HO -1.1% Eth +.7%

Gold -.6% Slvr -.4%

5-yr -.02 1.32% 10yr -.02 2.63% 30yr -.03 3.75%

Mt. Sterling, KY - Blue Grass East Stockyards Cattle Auction Report for 11/06/2013 Cattle Receipts:  1,447   Last Week:  1,306   Year Ago:  1,635

Compared to last week steer calves sold steady except 500-600 lbs 2.00 higher with very good demand.  Heifer calves sold steady with good demand. Quality was average through attractive.  Yearling steers and heifers sold steady in a light test.  Slaughter cows sold steady with good demand.  Slaughter bulls sold weak with light demand on a mostly plain through average quality offering.

 

Russell Springs Auction     Nov 6, 2013 Cattle Receipts: 1132    Last week: 866   Last year: 1072

Compared to last week:   Steer calves steady to 2.00 lower with moderate demand.  Heifer calves 1.00 to 3.00 lower with moderate demand. Yearling steers and heifers not fully tested. Slaughter cows 2.00 to 3.00 lower. Slaughter bulls 2.00 lower.

This week’s supply included 30 percent that weighed over 600 lbs. 60 percent Feeder steers and bulls and 39 percent heifers of total recorded feeder supply.  88 head of slaughter cows with 99 percent going to slaughter, 12 head slaughter bulls with 100 percent going to slaughter. KENTUCKY CASH GRAIN BIDS – Click Here