CBOT futures closed steady to lower after trading both sides of unchanged.  Chicago/KC wheat closed well off the day’s lows, supported by a big rally in the MGEX wheat contract.  Spring wheat futures have been supported on supply concerns for hi-protein wheat plus spreading drought areas in MT and No/So Dakota. Corn and soybeans were pressured by drier weather promoting planting. Soybean futures closed near the day’s lows but remained above yesterday’s lows. The last two days have shown some stability in the soy complex after almost two weeks of falling prices; July Soybeans dropped over 60 cents during this period.

Both Live Cattle and Feeder Cattle futures closed sharply higher with some contracts locked up the daily trade limit. Markets opened near steady but prices shot higher immediately; limits were hit by late morning. Prices were supported by sharply higher gains in the cash market where $4-5/cwt gains were seen. The packers have strong margins, so have room to pay up.  The boxed beef market didn’t support the cash market today. Choice up 0.04 at 245.58; Select down 0.96 at 217.22.  June LC remains at a sharp discount to cash prices.

Lean Hog futures closed quite mixed with the nearby June LH contract closing down $1.00 after opening above yesterday’s close. Pressure came from weaker cash hog prices and apparent unwinding of LC/LH spreads. The October LH contract closed higher and is pressing key chart resistance level. The last time October exceeded $69.00 was last June. FOB Plant Pork closed up .44 at 91.44.

US equity indexes closed at record highs.

Corn Jly -1 370; Dec -2 389 (386-92)

Bean Jly -4 912; Nov unch 918 (916-24)

  Meal -1 297

  Oil -9 3125

Wheat Jly unch 429 (421-31); Dec unch 466

   KC -1 431; MGE +7 579

Oats +7 255

Rice -8 1105

 

LC Jun +300 limit 12742; Oct +300 12115; Dec +282 12172

FC Aug +450 limit 15707; Oct +450 15465; Jan +422 14552

LH Jun -100 8092; Aug -17 8200; Oct +45 6887

Milk Jun -4 1666; Jly -14 1712

US$ +.2%

Dow +136 21144

SP +18 2430

NAS +48 6247

Tran +114 9277

  VIX -.52  9.89  -5%

WTI +4 4836

Brent -41 5035

Gas unch 160

NG -6 301

HO -2 150

Eth +1 156

Gold -5 1267

Slvr -12 1728

 

2-yr +.020 1.298%

5-yr +.015 1.763%

10yr +.015 2.213%

30yr +.007 2.864%

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 05/30/17
Receipts:  646   Last Week:  1412   Year Ago:  NA

   "No sale report on for Monday 5/29/17 due to holiday"

Compared to last Tuesday steer and heifer calves sold 1.00 to 3.00 higher with good demand. Yearling steers 2.00 to 3.00 higher with good demand. Quality was good through attractive. Slaughter cows and slaughter bulls sold steady with good demand. 

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