CBOT futures closed strongly aided by friendly outside markets. The ag market leader was KC HRW wheat futures as traders may finally have taken note of the lost production potential of frozen wheat fields. The strength was amplified by technical buying. Soy complex futures were also strong on tightness in the cash markets as indicated by historically high basis. Tonight’s 6-14 day NWS outlook doesn’t look quite as dry and warm in the eastern Corn Belt as traders have been expecting, but there’s a lot of time for forecasts to change.

Cattle futures continued the rally today, supported by higher bids from packers and no trades yet. Friendly outside markets and ideas consumption will pick up were positive factors.

Lean Hog futures closed higher supported by higher cash hog prices and pork values. Strength in cattle prices was also a positive influence.

Corn May +6 645; Jly +6 624.5; Dec +3 531 (526-532.5) Bean May +19.5 1423.5; Jly +27 1372; Nov +12.5 1206 (1193-1207) Meal May +8 414; Oct +3.5 337   Oil +59 4977 Wheat May +9 701; Jly +12 704 (690-706.5) KC Jly +21.5 761.5;  MGE +7 808 Oats +4 388 Rice -5 1485

LC Apr +67 12760; Jun +82 12290; Oct +60 12697 FC May +110 14220; Aug +152 15215; Oct +125 15565 LH May +37 8897; Jly +60 9202; Oct +30 8120 Milk May -5 1864; Jun +8 1908 

US$ -.2% Dow +24 14700 SP +6 1585 NAS +20 3290 Tran +5 6111   VIX +.04 13.65

WTI +179 9322 Brent +138 10311 Gas +4 279 NG unch 417 HO +5 289 Eth +2 245

Gold +43 1466 Slvr +146 2429

2-yr unch 0.23% 5-yr +.02 0.71% 10yr +.01 1.71% 30yr +.02 2.91%

The Drought Monitor reflects 60.21% of the nation is still covered by some form of drought, down from 61.67% last week.  Drought coverage deceased from the upper Midwest into the western Corn Belt and central portions of the Rockies and Great Plains, while drought intensified and expanded from western Texas into northern California and the Great Basin.

Click here to view the complete U.S. Drought Monitor Report.

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 04/23/13 Receipts:  2,973   Last Week:  3,445   Year Ago:  2,682    Compared to last week steer calves sold about steady with moderate demand, heifer calves sold 2.00 to 10.00 higher with very good demand for 300-500 lbs.  Yearling steers sold steady to 2.00 higher, yearling heifers sold steady in a light test.  Slaughter cows sold steady to 2.00 higher with moderate demand.  Slaughter bulls sold steady to 1.00 higher with moderate demand.    Total supply included 09% slaughter cows, 01% slaughter bulls, 13% replacements and 77% feeders.  Feeder supply 42% steers, 21% bulls, 37% heifers with 56% of feeders weighing over 600 lbs. 

KENTUCKY CASH GRAIN BIDS – Click Here