CBOT futures closed narrowly mixed after trading around one-percent ranges. Price movement may be limited until the May CBOT options expire tomorrow. Then updated weather forecasts should influence price direction. The expectations of rain totals in KS/OK are being trimmed.  Here’s today’s Drought Monitor map for April 17 conditions.  http://droughtmonitor.unl.edu/CurrentMap.aspx

Cattle futures closed sharply lower and near the day’s lows. The nearby April LC contract posted a bearish key reversal. It appears traders preferred to book profits today ahead of Friday’s Cattle on Feed Report and ideas today’s cash cattle trade at $121-122 suggests a near-term top is in.  Boxed Beef did not provide support. Choice closed down 0.30 at 211.34; Select down 0.09 at 198.48.

Lean Hog futures closed little changed and remain near the April highs. With May futures at a steep premium to the cash market, it’s hard to see much upside, especially since it has already bounced $10.00/cwt off the early April low (which is also the lifetime contract low). FOB Plant Pork closed down .04 at 68.42, compared to 68.86 at midday.
 

Corn May -1 382; Jly -1 391; Dec unch 408 (406-09)

Bean May -4 1037; Jly -4 1049; Nov -3 1042 (1038-48)

  Meal -3 373

  Oil -2 3141

Wheat May +1 477; Jly +1 491 (485-494)

  KC +6 495; MGE -5 613

Oats -1 234

Rice -9 1308

 

LC Apr -117 11780; Aug -202 10312; Oct -182 10765

FC Apr -152 13722; Aug -235 14370; Oct -227 14570

LH May +30 7015; Jly -35 8070; Oct -50 6822

Milk May +1 1496; Jun +7 1539

US$ +.2%

Dow -83 24665

SP -16 2693

NAS -57 7238

Tran -98 10672

  VIX +.39 15.99

 

WTI -14 6833

Brent +12 7360

Gas +1 208

NG -8 266

HO +2 211

Eth +1 151

Gold -5 1349

Slvr -1 1724

 

2-yr +.005 2.432%

5-yr +.026 2.757%

10yr +.045 2.912%

30yr +.057 3.103%

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 4/17/18
     Receipts:  1879   Last Week:  2184   Year Ago:  1518
Compared to last week steer calves sold mostly steady. Yearling steers sold 3.00 to 5.00 higher with good demand.  Heifer calves sold steady except over 500 lbs weaned and thin-fleshed offerings sold 2.00 to 3.00 higher with good demand.  Quality was good through attractive.  Slaughter cows sold 1.00 to 2.00 lower and slaughter bulls sold steady with moderate demand.

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