CBOT futures closed steady in corn and lower in wheat, soybeans and meal futures. Wheat was pressured by a wet forecast for the Plains; KC wheat led the declines. Corn and soybeans are under pressure from fund selling and big South American crops. Follow-through selling off of Friday’s big loss in soybeans weighed on bean futures. Soybeans and wheat closed near the day’s lows while corn managed mid-range closes with a last-minute rally.  Traders will get more anxious as Friday’s plantings report approaches.  Trade reports indicate the spec funds have built a sizable short position in corn to go with their wheat short; they may be somewhat close to neutral in soybeans.

Cattle futures closed sharply lower and near the day’s lows as traders reversed some bullish trades made last week when countries banned Brazilian beef. Prices remain within $2-3/cwt of the highs. Boxed beef was under pressure today -- Choice ended down 1.71 at 219.91; Select down 1.93 at 213.62.

Lean Hog futures opened lower and kept on selling off into the closing bell. LH futures are back down to levels not seen since December. Futures were pressured by weaker cash hog prices and the sharp losses in cattle futures. A stronger pork cutout could not limit futures losses. FOB Plant Pork closed up .64 at 79.12/cwt, compared to up 1.40 at midday. Traders are concerned about the pork supply and cautious ahead of Thursday’s Quarterly Hogs and Pigs Report.

Corn May unch 356; Jly unch 363; Dec unch 380 (378-82)

Bean May -4 971; Jly -4 982; Nov -6 971 (970-79)

  Meal -3 315

  Oil +6 3229

Wheat May -4 421; Jly -5 435 (433-40)

  Jly KC -7 434; MGE -3 540

Oats -6 240

Rice +2 980

 

LC Apr -102 12107; Jun -140 11145; Oct -87 10640

FC Mar -122 13215; May -247 13132; Aug -217 13310

LH Apr -162 6565; Jun -222 7352; Aug -157 7415

Milk Apr +1 1500; May +3 1529
 

US$ -.5%

Dow -46 20551

SP -2 2342

NAS +12 5840

Tran +6 8935

  VIX -.46 12.50

 

WTI -24 4773

Brent +3 5083

Gas +1 162

NG -2 305

HO unch 150

Eth -2 154

Gold +7 1256

Slvr +36 1811

2-yr 1.257%

5-yr 1.918%

10yr 2.378%

30yr 2.983%

Lexington Auction Weighted Average Report for 03/27/2017

Receipts:  952    Last Week:  952    Year Ago:  572
**Lexington Monday sale held at Mt. Sterling yards while new yards is under construction**

    Compared to last Monday steer calves sold steady with good demand.  Heifer calves sold steady to 4.00 lower with moderate demand.  Slaughter cows and slaughter bulls sold steady with good demand.
 

Kentucky Weekly Livestock Summary for the week of Mar 20-25, 2017
Receipts
This Week            Last Week         Last Year
26,791               19,784            22,644

   Compared to last week, steer calves below 600 lbs sold mostly steady to 2.00 higher, above 600 lbs 2.00 to 5.00 higher.  Heifer calves below 500 lbs were steady to 4.00 higher and above 500 lbs 4.00 to 6.00 higher with instances to 10.00 higher.  Demand was good to very good for a moderate to heavy supply of calves.  Yearling steers and heifers sold 1.00 to 4.00 higher with good demand.  Slaughter cows were mostly steady to 2.00 higher and slaughter bulls steady to 3.00 higher with good demand for a moderate to heavy supply.

   In the feeder supply, steers made up approximately 40 percent and heifers approximately 41 percent. Feeder cattle over 600 lbs totaled approximately 41 percent.

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