Yesterday’s lower-than-expected condition ratings for the Spring Wheat crop led to sharply higher wheat prices, especially at the MGEX exchange. The July MGEX wheat contract gapped higher at the opening bell Monday evening. Corn and soybean futures rebounded from Monday’s losses with support coming from the wheat markets and some deterioration in rain forecast for the western Corn Belt. It’s a weather market – stay tuned. The speculative funds are heavily short, so there is “fuel” for a rally if the weather supports it.

Cattle futures opened steady to higher but was headed lower by mid to late morning.  June LC was supported by its discount to last week’s cash market but weaker boxed beef prices eventually weighed futures down. Choice carcasses down 1.33 at 251.19; Select down 0.32 at 221.45. Watch the online Fed Cattle Exchange market tomorrow for early signs of this week’s cash market.

Lean Hog futures closed higher, supported by sharply higher cash hog prices and pork cutouts. FOB Plant Pork gained 1.83 to 94.97 with strong gains in ribs and bellies.

The Dow Jones Index closed at a record high.

Corn Jly +4 381; Dec +3 399 (396-402)

Bean JLy +1 932; Nov +1 939 (938-47)

  Meal unch 301

  Oil +15 3209

Wheat Jly +11 445 (437-46); Dec +10 481

  KC +14 457; MGE +27 628

Oats +3 253

Rice -4 1125

 

LC Jun -85 12750; Oct -82 11737; Dec -90 11792

FC Aug -160 14995; Oct -147 14832; Jan -112 14110

LH Jun +80 8277; Aug +22 8022; Dec +47 6355

Milk Jun +1 1632; Jly +7 1668

US$ -.2%

Dow +93 21328

SP +11 2440

NAS +45 6220

Tran +68 9457

  VIX -1.04 10.42

 

WTI -13 4595

Brent -5 4824

Gas unch 149

NG -6 296

HO +1 144

Eth +3 157

Gold +1 1267

Slvr -14 1680

 

2-yr +.008 1.367%

5-yr +.005 1.783%

10yr -.002 2.211%

30yr -.003 2.865%

Kentucky Farm Bureau Minute video  - Click Here

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here