Except for old-crop soy futures, CBOT futures closed higher today.  Unfavorable weather outlooks for the next two weeks probably offered support.  Tonight’s 6-14 day NWS outlook shows the Plains will have below normal rainfall and the area east of the Rockies will be colder than normal.   View maps HERE.

The May Soybean contract has lost ground for 4 straight days and is closing in on critical chart support between 14.56-14.60.   The drop in old-crop price versus new-crop was huge today as it’s generally accepted that Brazilian soybeans are coming to the USA. With the spec funds very long in these old-crop soybeans, it’s not surprising to see some liquidation. $2.38/bushel is the premium of July futures over November.

Cattle futures managed small gains with support from stronger boxed beef values. Choice carcasses were up 1.43 at 232.64; Select up 1.05 at 220.67/cwt.

Lean Hog futures closes sharply higher with some limit-up closes. Traders seem to have an upward bias for prices but are cautious.  Tuesday’s USDA Cold Storage report showed shrinking supplies of frozen beef, pork and chicken.  The FOB Plant Pork cutout closed higher but well off the midday level.

Corn May +7 503; Jly +7 509; Dec +9 504 (495-505) Bean May -11 1468; Jly -6 1465; Nov +12 1227 (1210-29) Meal may -2 478; Oct +5 385 Oil -24 4250 Wheat May +3 676; Jly +3 683 KC +4 750; MGE +3 727 Oats +3 409 Rice +5 1524

LC Apr +22 14392; Jun +12 13510; Oct +47 13862 FC May +27 17862; Aug +17 18245; Oct +32 18277 LH May +295 12397; Jun +300 12625; Oct +300 10235 Milk May +12 2241; Jun +10 2033

US$ steady

Dow -13 16502 SP -4 1875 NAS -34 4127 Tran +7 7742 VIX +.08 13.27

WTI -19 10156 Brent -2 10925 Gas unch 310 NG -2 472 HO -2 298 Eth +2 227

Gold +3 1284 Silvr +9 1945

2-yr +.035 0.446% 5-yr -.025 1.72% 10yr -.03 2.69% 30yr -.03 3.47%

Blue Grass East Stockyards Cattle Auction Report for 04/23/2014 Cattle Receipts:  788   Last Week:  385   Year Ago:  866

Compared with last week steer calves under 600 lbs sold 2.00 to 5.00 higher with very good demand.  Heifer calves under 600 lbs sold 3.00 to 5.00 higher with some featherweight heifers 10.00 higher with very good demand. Over 600 lb calves sold about steady.  Quality was average through attractive.  Yearling steers and heifers lightly tested.  Slaughter cows sold 1.00 to 3.00 higher with very good demand. Slaughter bulls sold steady in a light test with good demand.

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