Corn and Soybean futures closed lower but well above the day’s lows as profit-taking kicked in.  Soybeans charts are developing clearly-defined overhead resistance.  Although soybean meal moved to new highs, a 2+ pct drop in soybean oil futures weighed on soybean price. Corn futures are also within cents of the early April highs that are resistance. Although corn planting is behind, there may be a planting window coming before it turns wet again (see 6-10 day forecasts here).  A big warm up should cure some of the cool soil temperatures holding back corn planting/emergence.

Wheat futures closed higher on support from low yield findings on a crop tour of Kansas. KC and MGEX continue to gain on Chicago due to the different yield potential.  The middle of KS may hit 90 degrees next week.

Live Cattle futures closed little changed as feedlot trade has not been established. Boxed beef values were mixed today with Choice down $1.26 at $233.10 and Select up $1.87 at $222.29/cwt. – this reversed yesterday’s widening of the Choice-Select spread.  Deferred Feeder Cattle futures moved to new contract highs.

Lean Hog futures closed lower with sharp losses in the May, June and July contracts. Futures have been running at a premium to cash and there’s no sign of cash hog prices rising.  Producers are holding hogs on feed longer as indicated by rising average hog weights.  The average carcass weight was 215.0 pounds the last two weeks, up 7 pounds from a year ago.  For 2014, the average weight is 214, up 3 pct for the same period in 2013.  FOB Plant Pork gained 73 cents to close at $115.80 on higher rib values.

The Federal Reserve finished its 2-day meeting and announced it would reduce its bond-buying program by another $10 billion as planned. FOMC bond buying will total $55 billion in May.  Early this morning, US Q-1 GDP was reported at only +0.1%.

** CANOLA PROCESSOR TO BUILD IN TODD COUNTY **     Click here for Governor’s release.

Corn Jly -2 519; Dec -3 509 Bean Jly -4 1513; Aug -2 1441; Nov -1 1247 Meal Jly +2 494; Oct +2 399 Oil -89 4188 Wheat Jly +5 721 (711-25); Dec +6 743 KC +10 812; MGE +7 769 Oats -9 360 Rice +1 1555

LC Apr +35 14585 (expired); Jun +17 13720; Oct +7 14040 FC May +62 18120; Aug +92 18747; Oct +95 18797 LH May -260 11767; Jun -215 12312; Oct -80 10290 Milk May +19 2267; Jun +50 2136

US$ -.4%

Dow +46 16581 – RECORD High Close SP +6 1884 NAS +11 4115 Tran +55 7672 VIX -.30 13.41

WTI -159 9969 Brent -80 10818 Gas -5 296 NG -4 479 HO -4 293 Eth -4 226

Gold -5 1291 Slvr -35 1914

2-yr -.028 0.414% 5-yr -.064 1.677% 10yr -.050 2.646% 30yr -.034 3.457%

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