CBOT futures closed mixed and old-crop corn and soybean futures gained on new-crop contracts. Corn and wheat futures finished closer to the day’s lows, while soybean and soybean meal futures settled within cents of the day’s highs. The soy complex continues to get its strength from the strong cash soybean meal market.

The CBOT July wheat erased yesterday’s sharp rally. July has developed chart support in the $6.86 area. A close below that may point toward the $6.65 low posted April 1. July has chart resistance at $7.20 and 7.40. A crop tour of the central Plains next week will generate lots of news regarding the magnitude of recent freeze damage to HRW wheat.

April Live Cattle futures managed a small gain as cash cattle traded $1-2/cwt higher than last week. This puts cash prices in KS/NE very near a record price above $128. Boxed beef also strengthened today -- Choice UP 1.35 at 192.89; Select DN 0.07 at 184.43. Bring on the warmer weather and fire up the grills. Unfortunately, tonight’s 6-14 day outlook shows below-normal temps and above-normal rain for most of the country east of the Mississippi River. http://www.cpc.ncep.noaa.gov/products/predictions/610day/

Lean Hog futures closed higher and near the day’s highs. Cash hog prices and the pork cutout were mostly higher. Traders remain optimistic better markets are ahead for hog producers.

Corn May -1 644; Jly -5 620; Dec -7 524 Bean May +7 1431; Jly +9 1381; Nov +4 1210 Meal May +3.6 418; Oct +3 340   Oil -11 4966 Wheat May -12.5 689; Jly -11 692.5; Dec -10 716   KC Jly -11 750; MGE -4 804 Oats -4 384 Rice -5 1480

LC Apr +25 12785; Jun -30 12260; Dec -22 12800 FC May -40 14180; Aug -97 15117; Oct -100 15465 LH May +37 8935; Jly +72 9275; Oct +55 8175 Milk May +8 1873; Jun +29 1932 

US$ -.3% Dow +12 14712 SP -3 1582 NAS -11 3279 Tran +5 6116     VIX -.01 13.61

WTI -74 9290 Brent -56 10285 Gas +1 282 NG +2.5 419 HO -1 289 Eth +1 246

Gold unch 1462 Slvr -4 2410

2-yr -.01 0.21% 5-yr -.03 0.68% 10yr -.04 1.66% 30yr -.04 2.86% 

Kentucky Weekly Livestock Summary for April 19-25, 2013 Receipts This Week    Last Week   Last Year   28,387           26,161           21,202 Compared to last week:  Steer and heifer calves were 1.00-3.00 lower early in the week but ended 3.00 to 5.00 higher.  Feeder Steers and Heifers were 3.00-5.00 lower early and finishing steady to 3.00 higher.  Strong demand by local farmers and a late rally in futures contributed.  Slaughter Cows and Bulls sold mostly steady with instances 2-4 higher late.

Supply:  Slaughter Cows 10 percent; Slaughter Bulls 3 percent; Feeder cattle 85 percent.  In the feeder supply, Steers made up approximately 39 percent and Heifers approximately 40 percent.  Steers and Heifers over 600 lbs totaled approximately 48 percent.  Replacement cattle 2 percent. 

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