Under the weight of a stronger US Dollar, CBOT futures closed lower and in the lower part of the range. Reversing their trades from Wednesday, the funds were sellers. Traders are still waiting for clarification whether the Administration will try to change the way RFS is implemented. Most of the biofuels industry opposes any change. The U.S. is benefitting from a problem in Brazil where trucks are stuck on a muddy highway, keeping adequate supplies getting to ports for export. But Brazil’s record large crop will get shipped.

Live Cattle futures opened higher but soon turned lower and trended down throughout the session to close at/near the day’s lows. Today’s weakness seemed to disregard strength in the boxed beef market and indications of a cash market near steady with last week’s.  Choice carcasses ended up 1.67 at 208.35; Select up 0.85 at 203.72. Today’s export sales report was very positive with sales up 48% over the previous week.

Lean hog futures also traded higher in the morning but moved lower as cattle futures fell. The sell-off was also encouraged by sharply lower pork values and weaker cash hogs. FOB Plant Pork dropped 1.46 to 80.16 as bellies fell 6% and hams fell over 3%.  The midday quote was 81.11.
 

Corn Mar -3 373; Jly -3 386; Dec -3 398 (396-401)

      New-crop Bean/Corn Ratio = 2.57

Bean Mar -14 1027; Jly -14 1046; Nov -10 1022 (1015-32)

  Meal -4 331

  Oil -61 3388

Wheat Mar -3 432; Jly -4 467 (464-73)

  KC -5 460; MGE -13 540

Oats -3 257

Rice -2 935
 

LC Apr -142 11615; Jun -107 10672; Aug -105 10195

FC Mar -105 12345; May -197 12172; Aug -155 12387

LH Apr -15 6827; Jun -20 7780; Aug -37 7802

Milk Mar -2 1602; Apr +10 1599
 

US$ +.4%  102.15

Dow -113 21003

SP -14 2382

NAS -43 5861

Tran -154 9439

  VIX -.73  11.81

 

WTI-124 5259

Brent -129 5507

Gas -3 165

NG +1 281

HO -4 158

Eth -4 150

Gold -15 1235

Slvr -74 1770

 

2-yr +.024 1.312%

5-yr +.029 2.020%

10yr +.019 2.481%

30yr +.005 3.076
 

Drought is edging into Kentucky based on today’s Drought Monitor map. New areas of “abnormally dry” now cover southern Indiana and western Tennessee.  

http://droughtmonitor.unl.edu/

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 02/28/17

Receipts:  1092   Last Week:  1886   Year Ago:  1875 
     Compared to last week featherweight steers sold steady to 5.00 higher; middleweights steady to 3.00 lower and yearling 700-800 lbs 3.00 higher over 800 lbs steady.  Featherweight heifer calves sold 5.00 higher middleweights steady to 3.00 lower and yearlings steady.  Very good demand for weaned good quality calves.  Light run this week due to widespread heavy rain and storms.  Slaughter cows and slaughter bulls sold steady with good demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here