CBOT futures closed mostly lower and mostly in the upper half of the day’s trading range.  The main feature today was bull-spreading in Corn futures with the July contract gaining 12 cents/bushel on December. Most CBOT contracts traded inside the wide ranges posted during Monday’s volatile trading session. Short-term price action will rely mostly on technicals and how the large funds play the market.

Tonight’s 6-14 day outlook calls for below-normal temperatures for the eastern Corn Belt and near-normal temps in the western CB.

Live Cattle futures managed gains today despite weaker boxed beef values. Choice 1-3 down 0.88 at 205.29 (down about $6/cwt from recent peak); Select 1-3 down 1.35 at 184.09.  Cash cattle may not trade until the end of the week.

Lean Hog futures closed strongly higher after the June contract broke through $96.00 chart resistance.  The trend is up and traders are optimistic about cash hog and pork markets.  Today, the Pork Cutout was up 71 cents to $95.76/cwt.

Corn Jly +5 660.5; Sep -5 584; Dec -7 553 Bean Jly -4 1529; Sep -7 1360; Nov -9.5 1316 Meal Jly -2 452.5; Dec -3 389 Oil -7 4859 Wheat Jly unch 709; Dec -1 732; JLY’14 +1 766 KC -1 751; MGE -2 821 Oats +2 382 Rice +6 1552

LC Jun +22 12095; Oct +72 12345; Dec +67 12557 FC Aug +115 14557; Oct +125 14922; Jan +70 15055 LH Jun +70 9652; Jly +120 9475; Oct +87 8407 Milk Jun -4 1774; Jly -22 1800

US$ +.1% Dow -76 15178 SP -9 1631 NAS -20 3445 Tran -31 6257 VIX -.01 16.27

WTI +37 9382 Brent +140 10346 Gas +4 283 NG +.5 399 HO +4 287 Eth -1 255

Gold -14 1398 Slvr -25 2247

2-yr +.02 0.30% 5-yr +.02 1.06% 10yr +.02 2.15% 30yr +.04 3.31%

SURE Disaster Program Deadline Approaches for 2011 Crops       Lexington, KY, June 4, 2013 -- The Kentucky Farm Service Agency (FSA) State Executive Director John W. McCauley reminds producers today that they have until Friday, June 7, to apply for assistance for 2011 crop losses under the Supplemental Revenue Assistance Payments (SURE) Program. The program provides crop disaster assistance payments to eligible producers on farms that have incurred crop production or quality losses.

Blue Grass Stockyards Cattle Report for 06/04/2013 Receipts:  1,322 Last Tuesday:  1,187 Year Ago:  1,238

Compared to Monday steer calves sold steady to firm with good demand.  Heifer calves sold mostly steady except 400-500 lbs 2.00 higher with good demand.  Yearling steers sold 1.00 to 2.00 higher in a limited comparison with good demand.  Yearling heifers no comparison.

Total supply included 04% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 95% feeders.  Feeder supply 54% steers, 06% bulls, 40% heifers with 83% of feeders weighing over 600 lbs.

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