CBOT futures closed higher today with corn and wheat futures ending near the day’s highs but soybeans slipped back to a mid-range finish. Soybean futures led the market higher early but wheat was the market leader most of the day. Support in C/B/W came from friendly energy and equity markets and technical buying. The 3-day Presidents weekend may have also brought in short-covering (CME/CBOT closed Monday). March Soybeans broke to the upside from the triangle formation mentioned yesterday; price did stop short of resistance marked by last week’s high of $9.99 and the $10.00 psychological resistance point. March Corn has resistance at $3.925.

Cattle futures closed sharply higher on optimism that the cash cattle market will trade steady to higher, leaving CME LC futures at a sharp discount to cash levels. Yesterday’s positive closes after testing new lows for the week should have encouraged technical buying as well. Unfortunately, boxed beef did not follow futures higher -- Choice down 1.42 at 237.68; Select down 1.24 at 233.95. Cattle futures rallied despite news of a new BSE cow in Canada. The KY Livestock Summary below shows the KY feeder market was up strongly over last week’s prices.

With the February LH contract expiring today (@$62.05) the rest of the LH contracts through August posted strong closes. One might suspect this was significant short-covering from near-contract-low levels going into a 3-day weekend. It’s safer to be out of the market when prices have been pushed so low. FOB Plant Pork closed up .04 at 72.13. USDA estimated slaughter of 2.222 million head, up 6.1% from a year ago.

Corn Mar +4 387; Jly +4 403; Dec +4 417 Bean Mar +7 990; Jly +8 1000; Nov +7 971 Meal Mar +2 332; Oct +1 316 Oil +39 3240 Wheat Mar +12 533; Jly +10 532 KC +9 563; MGE +13 587 Oats +5 278 Rice +19 1052

LC Feb +90 16000; Apr +210 15322; Oct +155 14632 FC Mar +355 20385; May +217 20252; Aug +162 20497 LH Apr +152 6602; Jun +162 8012; Oct +2 7072 Milk Mar -5 1552; Apr -23 1520

US$ steady

Dow +47 18019 SP +9 2097 - new RECORD HIGH close NAS +36 4894 Tran +23 9034 VIX -.65 14.69 -4.2%

WTI +144 5265 Brent +213 6141 Gas +3 162 NG +8 280 HO +6 197 Eth +1 144 Gold +7 1228 Slvr +53 1732

2-yr +.013 0.645% 5-yr +.039 1.536% 10yr +.061 2.047% 30yr +.071 2.647%

Kentucky Weekly Livestock Summary for the week of Feb 6-12, 2015. Receipts This Week Last Week Last Year 17,393 11,004 16,780 Compared to last week, Steer and Heifer Calves sold mostly 5.00 to 8.00 higher with some exceptions much sharply higher for lighter cattle. Demand was good to very good. Yearling Steers and Heifers sold 4.00 to 6.00 higher with good demand. Slaughter Cows sold 1.00 to 3.00 higher with good demand and Slaughter Bulls mostly steady with good demand.

Supply: Slaughter Cows 6 percent; Slaughter Bulls 1 percent; Feeder cattle 91 percent. In the feeder supply, Steers made up approximately 35 percent and Heifers approximately 38 percent. Steers and Heifers over 600 lbs totaled approximately 45 percent. Replacement cattle 2 percent.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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