Corn May +25 limit 680 (661-80); Jly +25 657; Dec +17 568 (551-73)

Bean May +29 1569 (1540-73); Jly +23 1539; Nov +20 1362 (1338-65)

  Meal May +6 429 (421-36); Dec +4 412 (407-18)

  Oil May +250 limit 6521; Dec +107 5200

Wheat May +29 739; Jly +27 739 (715-46); Dec +25 741

  KC +28 702; MGE +23 742

Oats +7 406

Rice -21 1322

 

LC Apr +65 11850; Aug +110 11795; Oct +72 12277

FC Apr -110 13275; Aug +40 15030; Oct -5 15360

LH May -10 10925; Jly +115 10567; Oct +110 8700

Milk Apr +2 1766; May +27 1927; Jun +45 1949

CBOT futures closed sharply higher to limit-up in old-crop corn and May soybean oil futures. Corn, all 3 wheat exchanges, soybeans and soybean oil traded new contract highs. Today’s rally was fueled buy heavy speculative buying based on fundamental concerns surrounding dry weather for Brazil’s safrinha corn and several wheat production areas around the world including the U.S. Tightening supplies, strong demand and weather concerns are keeping sellers cautious. While corn planted is 3 points behind normal, this week’s warmer and mostly dry weather should lead to rapid progress. KY farmers are way ahead of normal in both corn and soybean planting.

U.S Crop Progress
Corn is 17% planted vs 8% last week and 20% 5-yr avg.
   KY@ 41% is 9 pts ahead of normal. MO is 24 pts behind @20%.

Soybeans are 8% planted vs 3% last week and 5% 5-year avg.
   KY@ 14% is 9 pts ahead of normal. LA is 18 pts behind @15%.

Winter Wheat Condition:
  49% good/excellent vs 53% week ago and 54% year ago.
  19% poor/v.poor vs 17% week ago and 15% year ago.

Live cattle closed higher while feeder cattle closed mostly lower except for a couple contracts. Feeder cattle opened sharply lower and tested last Thursday’s lows, but managed to erase most of those early losses and closed near the day’s highs – despite the soaring corn market. April LC is at a discount to last week’s average cash price, so hopefully LC futures rally to meet cash and not the opposite. The packers are still able to not share the wealth with the fed cattle owners. Choice beef ended up 1.43 at 285.20 and Select gained 2.22 to 274.35. As expected, cash trading has been inactive. Last week’s 5-market average fed steer price was $121.36 live and $192.11 dressed.  

Beyond the nearby May contract, lean hog futures posted modest gains near the high of the range. LH was supported by higher cash hog prices and expectations of continued strong pork export demand. FOB Plant Pork dropped 2.64 to 109.30 after being at 111.10 in the morning report. Belly value dropped 13.25 to 163.09; this is down from 197.63 last Tuesday.

 

US$ steady 90.80 

Dow -62 33982

SP +7 4188

NAS +122 14139

Tran -38 15096

  VIX +.31 17.64

 

WTI -19 6195

Brent -40 6571

Gas -1 199

NG +6 279

HO +1 188

Eth unch 220

Gold +3 1781

Slvr +19 2626

 

2-yr +.013 0.170%

5-yr +.015 0.831%

10yr +.003 1.570%

30yr -.003 2.248%

 

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