Despite a weaker US Dollar and unfavorable Corn Belt weather, corn and soybean futures could not overcome the negativity coming out of the wheat futures market, especially from the KC hard red winter market. Wheat was pressured by forecasts for significant rainfall in KS/OK/TX later in the week. Today’s losses added to Friday’s down moves; futures closed at/near the day’s lows.

U.S. corn planting progress is 3 percent, 2 percent behind the 5-year average. Kentucky has 3 percent planted compared to a 5-year average of 10 percent.

Cattle futures had disappointing closes with small gains or losses, near the day’s lows. Futures gapped higher on the open and held strong gains until almost an hour before the closing bell. Markets were supported by last week’s stronger futures market and the bump in cash cattle prices on Friday. Choice dropped .82 to 211.79 and Select edge up .07 to 199.98.

Lean Hog futures closed much lower despite a strong pork market today. LH futures’ huge premium to the cash hog market may have provided some pressure. FOB Plant closed up 1.82 at 68.15 with strong gains in ham and belly values. At midday, the cutout was up only .89.
 

Corn May -4 382; Jly -3 391; Dec -3 407 (406-11)

Bean May -12 1042; Jly -12 1053; Nov -9 1040 (1039-52)

  Meal -5 378

  Oil -30 3118

Wheat May -10 462; Jly -10 479 (478-87)

  KC -18 478; MGE -10 607

Oats -4 230

Rice -5 1305

 

LC Apr +60 11715; Jun +52 10417; Oct -12 10860

FC Apr -15 13922; Aug -32 14477; Oct -20 14670

LH May -152 6817; Jly -90 7867; Oct -95 6740

Milk May +16 1486; Jun +7 1517

 

US$ -.3%

Dow +213 24573

SP +22 2678

NAS +50 7156

Tran +241 10610

  VIX -.96 16.45

 

WTI -103 6630

Brent -108 7150

Gas -2 204

NG +1 275

HO -3 207

Eth -1 147

Gold unch 1348

Slvr +1 1666

 

2-yr +.012 2.381%

5-yr +.009 2.685%

10yr +.004 2.832%

30yr -.007 3.029%

Kentucky Weekly Livestock Summary for the week of Apr 9-14, 2018       Receipts: 27,355       Last Week 14,699      Last Year 23,678
       Compared to last week steer and heifer calves sold 2.00 to 5.00 higher with instances to 10.00 higher.  Demand was good to very good for a good through attractive offering.  Yearling steers and heifers sold 3.00 to 5.00 higher with good demand.  Slaughter cows and slaughter bulls sold steady to 4.00 higher with moderate to good demand.

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