KFB Beef Expo -  March 2-4, 2018

CBOT futures rallied strongly today, led by the wheat market. Prices were supported by dry weather – in the Plains for wheat and in Argentina for soybeans and corn. KC and Chicago wheat futures are up 40 cents in the last two days as futures broke above key chart resistance at the February highs. The rally was amplified by the speculators covering their short wheat positions. The funds have apparently moved to the long side of corn. Corn has rallied around 30 cents since the January lows. Old-crop soybean futures have gained over a dollar/bushel in the same time frame; November Soybean is up 70 cents. Traders will continue to be concerned about the weather and try to figure out the corn/bean acreage to be planted in the U.S.  They will also watch for Chinese retaliation on agricultural products for President Trump’s proposed tariffs on imported steel and aluminum.

Cattle futures traded both sides but closed near unchanged. Nearby LC was supported by strong beef cutout values (highest since July) and strong beef export sales. Choice up 1.27 at 222.30; Select up 0.50 at 215.60.  A big increase yr/yr in cattle on feed means beef production will be increasing, so demand needs to be sustained to support prices.

Lean Hog futures closed lower as pork values weaken and the charts are technically weak. LH futures have closed lower for four straight days after the February rally ended on Monday with reversal price action.  FOB Plant Pork dropped .06 to 77.38.

Corn May +4 386; Jly +4 393; Dec +3 405 (399-405)

Bean May +12 1068; Jly +12 1076; Nov +6 1038 (1027-38)

  Meal +2 397

  Oil +16 3239

Wheat May +20 515; Jly +21 528 (503-31)

   KC +21 543; MGE +13 635

Oats +3 273

Rice -4 1250

 

LC Apr +5 123.32; Jun -10 11550; Oct -25 11532

FC Mar +30 14505; May -55 14800; Aug -62 15172

LH Apr -25 6697; Jun -60 8007; Aug -110 8137

Milk Mar +6 1408; Apr -9 1402

US$ -.4%

Dow -420 24609

SP -36 2678

NAS -92 7181

Tran -51 10331

  VIX +2.62  22.47

 

WTI-29 6135

Brent -53 6420

Gas -3 189

NG +3 270

HO -1 189

Eth unch 149

Gold unch 1318

Slvr +8 1648

 

2-yr -.048 2.214%

5-yr -.069 2.581%

10yr -.060 2.808%

30yr -.043 3.085%

Lexington, KY - Blue Grass Stockyards

Cattle Weekly Summary Report for the week ending 2/27/18

     Receipts:  2048   Last Week:  1437   Year Ago:   

**Total receipts include 594 head sold in cow sale Wed. night

       Compared to last week steer and heifer calves sold steady to 3.00 higher with good demand.  Yearling steers sold steady except 700-800 lb 3.00 to 5.00 higher with good demand.  Quality was good through attractive.  Slaughter cows sold 5.00 to 7.00 higher with good demand and slaughter bulls sold 3.00 to 4.00 higher with good demand. 

Kentucky Farm Bureau Minute video  - Click Here

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KENTUCKY LIVESTOCK AUCTIONS --  Click Here