Since some CBOT corn futures contracts locked LIMIT-UP 40 cents today, the daily limit(up or down) tomorrow will be 60 cents. Unchanged are the daily limits for wheat at 60 cents and soybeans at 70 cents. CBOT trading reopens at 7:00 p.m. CDT.  

USDA reports this afternoon that as of April 28, only 5 pct of U.S. corn is planted; this compares to 4 pct a week ago, 49 pct a year ago, and 31 pct for the 2008-12 average. IL, IN and IA have 1%, 1%, and 2% planted. These states have 5-year averages of 30-36 pct.

Nationwide, only 2 pct of corn has emerged. Kentucky has 5 pct emergence.

Kentucky has 24 pct of its corn acres planted, up from 15 pct a week ago; this compares to 84 pct a year ago and 48 pct on average.

U.S. WINTER WHEAT conditions deteriorated slightly. Two percentage points moved from Good/Excellent (now 33%) to Poor/Very Poor (now 35%). SPRING WHEAT is only 12 pct planted, compared to 70 pct last year and 37 pct on average.

Kentucky’s wheat crop is 8 pct headed versus 86 pct a year ago and 30 pct on average. The crop is rated 90 pct good or excellent.  CLICK HERE to see the KY Weekly Crop & Weather Report.

May, July and September Corn futures closed up the daily 40-cent limit. This resulted from a change in the weather forecast over the weekend that makes it more likely corn planting will remain behind schedule. Buying was probably amplified by the fact that the speculative crowd had moved positions to even or maybe short CBOT Corn futures. Thus, these FUNDS have lots of buying potential (likewise they may turn heavy sellers if the outlook improves).

Soybean futures did not immediately follow corn and wheat futures higher at 830 am CT. The bean rally kicked in about 10 am and never looked back. Cash soybean and soybean meal markets have been the tightest ones, so seeing old-crop futures gain on new-crop is expected.

The November Soybean/December Corn price ratio is moving lower as the wet weather may take care of getting extra soybean acres. But it’s too early to know.

Corn and soybean futures rallied through key chart resistance points and are approaching other key levels that are apparent by looking at price charts.    The JULY CORN price is entering a “price gap” area where resistance runs up to $6.76; if that gives way, then look for $7.19.

This afternoon’s NWS maps continue to show mostly below-normal temperatures through May 13 for the Corn Belt. The western CB should average below-normal rainfall, while the eastern CB may average above-normal rainfall. http://www.cpc.ncep.noaa.gov/products/predictions/610day/index.php

 Live Cattle only managed a near steady close despite recent strength in fed cattle prices and boxed beef values -- Choice UP 1.90 at 194.79; Select UP 1.79 at 186.22.  Feeder Cattle closed lower but not that much considering a limit-up move in corn futures.

Lean Hog futures also closed slightly lower despite strength today in hog prices and the pork cutout value (up 52 cents to $88.23/cwt).

Corn May +40 limit 684; Jly +40 660; Dec +35.5 559.5 Bean May +41 1472; Jly +28 1409; Nov +19 1229 Meal May +13.5 431; Jly +12 416; Oct +7 347   Oil -20 4946 Wheat May +21 710; Jly +24 716.5; Dec +24 740   KC Jly +25 776; MGE +14.5 819 Oats +7 391 Jly Rice -14 1466

LC Apr -15 12770; Jun -5 12255; Oct unch 12645 FC May -137 14042; Aug -130 14987; Oct -142 15322 LH May -5 8930; Jly -25 9250; Oct +5 8180 Milk May -6 1864; Jun +29 1955 

US$ -.45% Dow +106 14819 SP +11 1594 NAS +28 3307 Tran +34 6150    VIX +.10 13.71

WTI +147 9447 Brent +64 10380 Gas -1 282 NG +16 438 HO unch 286.5 Eth +8 246

Gold +22 1475 Slvr +76 2455

2-yr unch 0.21% 5-yr -.01 0.67% 10yr unch 1.67% 30yr +.02 2.88%

KENTUCKY CASH GRAIN BIDS – Click Here