CBOT futures are little changed with corn and soybean futures trading fairly narrow ranges so far.  Wheat futures have been more volatile with prices now sitting mid-range.

Live Cattle futures continue higher today after yesterday’s sharp jump to $132-133 in the cash markets and Choice Beef exceeding $2.00/pound – the first time since last spring.

Lean Hog futures are up sharply despite yesterday’s weakness in hog and pork values. December LH is at the upper end of its sideways trading channel.

The equity and treasury markets are reversing yesterday’s trade on positive earnings reports and good economic news from China. Corn Dec -3 439; Jly -3 468 Bean Nov +4 1314; Jly +1 1263 Meal Dec +5 427; Jly +1 389 Oil -21 4129 Wheat Dec -1 700; Jly unch 704 KC -3 768;  MGE -1 757 Oats +1 346 Rice unch 1546

LC Oct +60 13240; Dec +37 13312 FC Oct -35 16580; Jan -25 16732 LH Dec +80 8895; Feb +87 9107 Milk Oct -1 1823; Nov +3 1858

US$ steady

Dow +.6% SP +.5% NAS +.5% Tran +.7% VIX -1.5% 13.22

WTI -.5% Brent -.5% Gas +.6% NG -.4% HO -.6% Eth -.3%

Gold +1.2% Slvr +1.1%

5-yr +.01 1.29% 10yr unch 2.51% 30yr unch 3.60% Mt. Sterling, KY - Blue Grass East Stockyards Cattle Auction Report for 10/23/2013 Cattle Receipts:  1,335   Last Week:  1,261 Compared to last week steer calves sold about steady on average quality fewer attractive quality calves this week compared to last week with moderate demand.  Heifer calves sold mostly steady to 2.00 higher with good demand.  Yearling steers and heifers lightly tested.  Slaughter cows sold steady with moderate demand.  Slaughter bulls steady to weak with light demand.

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