CBOT futures closed mixed with Chicago Wheat being the star performer. Wheat soared today but still remains below the highs set in March and April. Wheat found support from apparent short-covering as opinions differ as to the benefit of the heavy rainfall in the Plains states. The spec funds have had a large short wheat position. Corn closed higher for the fifth straight day as funds continue to cover short positions. There’s some concern for South American corn crops. Soybean futures traded higher until late morning, but then moved lower into the closing bell. Given the soy market’s “overbought” situation, traders may have decided to take profits to the bank after seeing futures rally over 50 cents this month.

Corn Planting Progress
. 4/17/16 5-yr average
U.S. 13% 8% (7% last year)
KY 23% 19% (2% last year)
(TN=35%, MO=58%, IN=1%)

Winter Wheat Conditions – 18 States
. Good/Excellent Poor/V.Poor
This Week 57% 9%
Last Week 56% 9%
Last year 42% 19%

Cattle futures closed sharply lower with some contracts down the daily trading limit of $3.00 in Live Cattle and $4.50 in Feeder Cattle. The sell-off was apparently long liquidation by the funds and added selling on bearish technical signals. This bearish price action is in contrast to today’s steady boxed beef market and the stronger cash cattle market last Friday that traded $134/cwt or better. April LC is now at a sharp discount to that price. Choice dn 0.25 at 224.88; Select up 0.25 at 215.98, similar to the midday quote. Buyers are being rewarded for their patience.

Disregarding the sell-off in the Cattle market, Lean Hog futures closed slightly higher. The seasonal factor favors stronger hog prices and pork values rose strongly today. FOB Plant Pork gained .91 to 80.17 on strength in ham and loin values.

Corn May +2 381; Jly +3 385; Dec +2 390 (hi 392)
Bean May -2 954; JLy -1 963; Nov +1 967 (hi 976)
Meal -3 293
Oil +57 3395
Wheat May +13 473; Jly +13 481 (hi 484)
KC Jly +7 475; MGE +4 532
Oats +1 191
Rice -5 1026

LC Apr -300 limit 12847; Aug -255 11547; Oct -247 11560
FC Apr -450 limit 15057; Aug -450 14712; Oct -450 14437
LH May +45 7485; Jun +20 7782; Oct +17 6805
Milk Apr unch 1372; May +4 1366

 
US$ -.2%
Dow +107 18004
SP +14 2094
NAS +22 4960
Tran +24 8003
VIX -.27 13.35

WTI -33 4003
Brent +4 4314
Gas -2 144
NG +3 193
HO +1 124
Eth +1 156
Gold -1 1232
Slvr -6 1625

2-yr +.012 0.745%
5-yr +.021 1.230%
10yr +.023 1.775%
30yr +.020 2.582%

Kentucky Weekly Livestock Summary for the week of Apr 11-16, 2016.
Receipts
This Week Last Week Last Year
23.585 24,249 20,605
Compared to last week, Steer calves below 600 lbs sold mostly 3.00 to 6.00 lower, above 600 lbs steady to firm. Heifer calves below 600 lbs were mostly 2.00 to 5.00 lower, above 600 lbs mostly steady. Yearling steers and heifers were unevenly steady on a light test. Demand was light to moderate for a mostly plain through average quality offering. Slaughter Cows and slaughter bulls sold mostly steady to 3.00 higher with moderate to good demand.