CBOT futures closed mixed with wheat performing the best, along with soybean oil. Markets moved higher on Sunday evening. Corn and soybeans weakened overnight with the daily lows coming near the 830 am market re-opening. Wheat futures rallied strongly and lifted corn and soybeans. Futures topped out around lunch time and then sold off to varying degrees. Corn finished better than soybeans which finished poorly under pressure from a 1% loss in soybean meal futures. Soybeans did hit new highs for this rally that started in early March (May resistance is $9.175). Although wheat futures closed up strongly, the closes were about 6 cents below the day’s highs. Traders bought wheat futures on concerns for past/future freeze damage and dry soils in the southern Plains.

Traders are positioning for Thursday’s key reports – Quarterly Stocks and Prospective Plantings. There’s always risk of a market shakeup.

Cattle futures closed narrowly mixed. The nearby April LC contract closed lower under pressure from last week’s lower cash price in the $136-137 area. Limiting losses were the higher Lean Hog market and a stronger boxed beef market. Choice carcasses ended up 0.92 at 225.28; Select up 2.74 at 217.63.

Lean Hog futures closed strongly higher beyond the nearby April LH contract, supported by Friday’s Quarterly Hogs and Pigs Report which showed less expansion than expected. Kept for Breeding is 100.0% of year ago vs 100.6% average trade guess. Futures were also supported by a strong pork market. FOB Plant Pork gained 1.03 to 76.30. Strong value gains in loin, butt and picnic cuts more than offset a 2% drop in belly value. The midday gain was 1.74.

Corn May unch 370; Jly unch 375; Dec unch 387 Bean May -1 909; Jly -2 916; Nov -1 922 Meal -3 272 Oil +45 3363 Wheat May +8 471; Jly +7 478 (high 484) KC +5 477; MGE +4 518 Oats +3 190 Rice -7 1019

LC Apr -75 13510; Jun +15 12552; Oct +35 12072 FC Apr -25 15557; Aug -12 15472; Oct -17 15147 LH Apr +30 6992; Jun +160 8245; Oct +100 6992 Milk Apr -2 1384; May -3 1375

  US$ -.3% Dow +20 17535 SP +1 2037 NAS -7 4767 Tran -67 7859 VIX +.50 15.24 +3.4%

WTI -16 3930 Brent -23 4021 Gas steady 147 NG +5 185 HO -2 118 Eth +1 143 Gold steady 1222 Slvr +5 1525

2-yr unch 0.869% 5-yr -.008 1.364% 10yr -.010 1.882% 30yr -.014 2.650%

Kentucky Weekly Livestock Summary for the week of Mar 21-26 Mar 2016. Receipts This Week Last Week Last Year 22,644 23,382 31,589 Compared to last week, Feeder cattle were mixed with steer and heifer Calves below 500 lbs selling 2.00 to 3.00 higher while calves above 500 lbs were 2.00 to 3.00 lower. Yearling steers and heifers sold mostly 2.00 to 3.00 lower on a light test. Demand was moderate through good for a moderate to good supply and plain through good quality offering. Slaughter Cows and slaughter bulls were unevenly steady with good demand for a moderate supply.

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