CBOT futures closed mostly steady to higher. KC and Chicago Wheat futures led the market today. Overnight rainfall led to initial price weakness but prices rallied sharply late morning and closed near the day’s highs. Corn futures seem to follow the wheat market today but with smaller price changes.  For both corn and wheat, today’s highs came up short of last Friday’s highs. Soybean futures finished mid-range and mostly in the lower half of Monday’s range. Traders are watching daily for signs of export sales and the weather forecast.

Cattle futures moved higher in early morning trade but then weakened with prices turning negative in the last half hour of trading. Although boxed beef values were strongly higher for the second day in a row, futures were hit with technical selling with LC in overbought territory; April LC rallied $12.00/cwt off the April 4 spike low. Choice closed up 2.54 at 217.65; Select up 0.39 at 202.11.  At midday, Choice beef was up only 1.88. Warmer and drier weather hopefully will lead to more grilling.

Lean Hog futures closed lower, adding to Monday’s sharp losses. Additional pressure came from the Cold Storage Report.  FOB Plant Pork ended up .21 at 68.08.
 

Corn May +3 381 (377-81); Dec +2 406 (403-07)

Bean May +1 1022 (1016-26); Nov unch 1029 (1025-33)

   Meal unch 372

   Oil -3 3101

Wheat May +11 472; Jly +10 484 (468-85)

   KC +9 492; MGE +5 593

Oats -2 224

Rice +6 1313

 

LC Apr -62 12110; Aug -15 10492; Oct -45 10865

FC Apr +7 13910; Aug -65 14647; Oct -40 14765

LH May -55 6745; Jly -90 7800; Oct -67 6615

Milk May unch 1509; Jun +6 1555

 

US$ -.2%

Dow -425 24024

SP -36 2635

NAS -121 7007

Tran -221 10400

  VIX +1.68 18.02  +10.3%

 

WTI -91 6773

Brent -89 6775

Gas -3 209

NG +4 278

HO -1 213

Eth -2 147

Gold +8 1332

Slvr +11 1670

 

2-yr +.005 2.479%

5-yr +.009 2.828%

10yr +.027 3.000%

30yr +.040 3.183%

Lexington Auction
Weighted Average Report for 04/23/2018
   Receipts:  1519    Last Week:  610    Year Ago:  789
Compared to last Monday market was mixed with featherweight steers and heifers under 450 lbs 5.00 higher and middleweight calves mostly steady. Somewhat softer undertone for yearling cattle that were lightly tested.  Quality was good through attractive with some farmer participation in the market for lightweight calves suitable for grass. Many attractive packages of calves today.  Slaughter cows and slaughter bulls sold 1.00 to 2.00 higher with moderate demand.

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