CBOT futures headed lower when the trading pits opened at 930 am CDT, but reduced losses as the day wore on. CBOT wheat staged the best comeback to close with small gains.

With the important USDA reports coming next Thursday, traders may have been evening up some positions. Soybeans especially had reason to trade lower after the huge rally yesterday. Also, there’s disappointment that China hasn’t made significant purchases of US beans to replace Brazilian cancellations.

On average, analysts are looking for soybean planted acreage of 78.35 million acres, according to Bloomberg News. This compares to 77.2 million planted last year.

The same survey put planted corn acreage at 97.34 million acres; this compares to 97.2 million planted in 2012.

A weak US dollar and rising crude oil prices were supportive to the CBOT.

Cattle futures closed slightly lower ahead of the Cattle on Feed Report as the cash cattle and boxed beef markets remain weak. Fed cattle sold for $124-125/cwt this week, down $2-3 from last week. Today’s boxed beef market: Choice DN 1.55 at 191.43; Select DN 0.96 at 192.28. Note that SELECT beef is valued higher than CHOICE.

CATTLE ON FEED report is considered FRIENDLY for deferred cattle futures next week. Feedlot placements in February of 1.482 million head were down 13.5 percent from a year earlier and are the lowest February placements since USDA started the report in 1996. With 6.7 percent less marketings, this resulted in a March 1, 2013, on-feed inventory of 10.86 million head, down 7 percent from a year ago.

Lean Hog futures closed mixed as the cash hog and pork markets remain weak. The April contract is over $2.50/cwt above the CME Lean Hog Index which measures the cash hog market.

Corn May -7 726; Jly -9 708.5; Dec -3 565 Bean May -8.5 1440.5; Jly -7.5 1418; Nov -11.5 1264   Meal May -3.6 419;  Oct -5 355   Oil +1 5043 Wheat May +1 730; Jly +2 729; Dec +2 746   KC +1 761.5; MGE +4 806.5 Oats +1 396 Rice +11 1490

LC Apr -22 12620; Jun -82 12117; Oct -47 12692 FC Mar -50 13465; Apr -25 13805; Aug -15 14795 LH Apr -30 7805; Jun +17 8972; Oct unch 8040 Milk Apr -1 1758; May -8 1826

 US$ -.5% Dow +90 14512 SP +11 1557 NAS +22 3245 Tran +62 6179   VIX -.42 13.57 -3%

WTI +126 9371 Brent +19 10766 Gas -1 306 NG -1 393 HO -1 288 Eth -2.5 254.4

Gold -8 1606 Slvr -51 2870

2-yr unch 0.25% 5-yr +.01 0.80% 10yr +.01 1.93% 30yr +.02 3.15%

Kentucky Weekly Livestock Summary for 15 March through 21 March, 2013 Receipts This Week   Last Week    Last Year   19,290      25,392       23,871

   Compared to last week:  Feeder Steers and Heifers 5.00-8.00 lower.  Steer and Heifer calves sold mostly 3.00 to 5.00 lower.  Demand light to moderate for all classes.  Pressure this week stems from lower futures markets and continued cool weather in the region.  Slaughter Cows and were steady to 3.00 lower and Bulls mostly steady.

United States Cattle on Feed Down 7 Percent  Cattle and calves on feed for slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 10.9 million head on March 1, 2013. The inventory was 7 percent below March 1, 2012.

 Placements in feedlots during February totaled 1.48 million, 14 percent below 2012. Net placements were 1.42 million head. During February, placements of cattle and calves weighing less than 600 pounds were 355,000, 600-699 pounds were 270,000, 700-799 pounds were 407,000, and 800 pounds and greater were 450,000. Placements are the lowest for February since the series began in 1996. 

Marketings of fed cattle during February totaled 1.64 million, 7 percent below 2012.   Other disappearance totaled 60,000 during February, 35 percent below 2012. 

Spring will have to wait; pattern holding wet, cold weather over Bluegrass      LEXINGTON, Ky., (March 22, 2013) – According to the calendar, it is officially spring; however, it seems someone forgot to tell the weather to act accordingly in the Bluegrass.  So what is going on?  Did the groundhog lie? When is it going to get warmer?  Will the rain and snow slow down? University of Kentucky College of Agriculture meteorologists offered some explanation and hope. http://news.ca.uky.edu/article/spring-will-have-wait-pattern-holding-wet-cold-weather-over-bluegrass

KENTUCKY CASH GRAIN BIDS – Click Here