Kentucky Farm Bureau

CBOT futures were mostly lower today, weighed down by poor export inspections for last week and a Chinese newspaper saying Trump/Xi won’t meet before June.  Cattle futures closed mostly higher with small gains. The April Live Cattle contract dropped .77 to 128.32 on pressure from Friday’s $127/cwt cash trade. LH posted big gains today as traders turn more bullish on Chinese pork demand because China’s ASF outbreak is still not under control.

CBOT futures closed mixed with gains probably attributable to short-covering by the very short spec funds. Cattle futures closed higher with better gains in the LC market. Lean Hog futures closed sharply higher, supported by stronger cash hog and pork values, as well as this morning’s very large pork export sales estimate.

CBOT futures closed mixed as the market generally failed to see follow-through from Tuesday’s strong rally. Cattle futures closed narrowly mixed. Beyond the nearby April LH 17-cent drop, LH futures posted gains with last-half 2019 contracts showing big advances. Traders will closely study tomorrow morning’s Weekly Export Sales report for signs of Chinese purchases.

Traders wasted no time today rallying the grain and oilseed markets with Chicago and KC Wheat leading the way higher. Cattle futures closed lower with the nearby April LC contract down sharply. Futures were pushed down by long liquidation by the spec funds who are holding a huge long position. Lean Hog futures closed higher, but by much less than seen the previous two trading days.

CBOT futures closed lower and near the day’s lows, with corn and wheat futures setting new contract lows. Cattle futures closed lower as traders booked profits after Friday’s strong close.  Lean Hog futures soared today, adding to Friday’s strong gains. Hog futures were supported by rising hog and pork cutouts.

And the beat goes on – corn and beans closed little changed as the China trade situation drags on with rumors of a big deal, but confirmation still days/weeks away.  Live Cattle closed mixed and Feeders were lower across the board. Lean Hog futures closed higher, posting the highest closes since February 15. 

CBOT futures closed mixed with soybeans and wheat ending near the day’s lows.Early support came from President Trump’s encouraging remark about a US/China trade deal.  Live Cattle futures closed lower, led by the nearby April LC dropping 1.20 to 128.35.  

CBOT futures closed lower and near the day’s lows.   Futures were pressured by bearish technicals, heavy deliveries against March corn and wheat futures, and no reported progress with China on trade. Cattle futures closed mostly lower with FC leading the way down.