CBOT corn and soybeans closed moderately lower under pressure from heavy spec fund selling – who are adding to their short positions. Wheat was able to separate itself from the corn/bean downdraft due to concerns for the spring wheat crop (only 13% planted vs the 21% average). Soybean oil futures erased Monday’s big gains that held up soybean futures yesterday, so soybeans dropped nearly a percent. Old-crop corn futures closed below the key 200-day moving averages which might encourage more technical selling, especially if weather forecasts show a drier window for planting corn.

Cattle futures closed mixed with Live Cattle up and Feeders lower. LC moved to new highs in the first 45 minutes and then backed off. Cash markets are undeveloped so far. April futures are around a $1.00 below last week’s average cash price. Boxed beef closed strongly higher with Choice up 1.86 at 215.99 and Select up 1.42 at 202.20.

Lean hog futures closed lower in the nearby contracts and higher in the October-forward ones. Futures were pressured by weaker cash hog prices and expectations for more hogs hitting the market. Traders ignored a much stronger product market. FOB plant pork closed up .52 at 75.48, but much lower than the midday quote of 76.86.

Financial markets were active today as the US Dollar dropped sharply and investors moved from equities to Treasuries – resulting in a significant drop in yields.

Corn May -5 362; Jly -5 368; Dec -4 386 (385-91)

Bean May -7 946; Jly -7 956; Nov -5 957 (950-64)

  Meal -1 312

  Oil -66 3114

Wheat May +1 422; Jly +1 437 (433-38)

  July KC +3 432; MGE +10 547

Rice -5 1005

Oats unch 219

 

LC Apr +35 12677; Aug +27 11182; Oct +12 11095

FC Apr -37 13867; Aug -5 14217; Oct -20 14142

LH May -57 6715; Jly -45 7290; Oct +62 6545

Milk Apr unch 1524; May +9 1523
 

US$ -.8%

Dow -114 20523

SP -7 2342

NAS -7 5849

Tran -57 8933

  VIX -.31  14.35

 

WTI -32 5233

Brent -57 5479

Gas -2 170

NG -1 315

HO -1 162

Eth -3 163

Gold +1 1291

Slvr -23 1828

 

2-yr -.028 1.173%

5-yr -.064 1.713%

10yr -.071 2.181%

30yr -.064 2.848%
 

Lexington Auction Weighted Average Report for 04/17/2017

 Receipts:  558    Last Week:  958    Year Ago:  809

**Lexington Monday sale held at Mt. Sterling yards while new yards is under construction**
    Compared to last Monday steer calves sold mixed with featherweight steers trading 2.00 lower with moderate demand and middleweight calves over 400 lbs trading 2.00 higher with good demand.

Heifers sold steady to 3.00 higher with most advance on light and middleweights calves. Quality was average through good.  Slaughter cows sold steady with good demand and slaughter bulls sold 3.00 lower with moderate demand.

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