Corn up 25 limit – May 564; Jly 547; Dec 477

Bean up 70 limit – May 1437; Jly 1428; Nov 1256

  Meal up 25 limit - May 423; Dec +25 limit 397

  Oil +246 5292

Wheat May +16 618; Jly +16 616 (592-629); Dec +16 624

  KC May +17 576; MGE +9 611

Oats +10 379

Rice -4 1318

 

LC Apr unch 12097; Jun +67 12290; Aug +72 12197

FC Apr -295 14387; Aug -302 15727; Oct -245 15825

LH Apr +12 10105; Jun -72 10530; Aug +47 10217

Milk Apr +29 1746; May +54 1810

In response to a bullish USDA Prospective Plantings report, corn, soybean and soybean meal futures closed up their respective daily limits. Based on farmer surveys (did they put in low numbers), USDA forecast 2021 planted corn acreage at 91.1 million acres and soybean acreage at 87.6 million acres; these are far short of pre-report trade guesses of 93.2 million and 90.0 million acres. Also, March 1^st corn and soybean stocks were slightly less than the trade had expected. It’s now all about how well planting season goes and how world demand responds to the higher prices. Maybe the seed companies will have a better idea of planted acres than USDA. Price limits are expanded tomorrow for corn, 40 cents; soybeans, 105 cents; and soybean meal, $40/ton.

Kentucky producers are expected to plant 4% more corn and 5% more soybeans this year. Hay acreage will be down 7%. Burley acreage at 36,000 acres will be down 3%; fire-cured acreage at 9,000 acres would be 8% higher; dark-air cured acreage is unchanged at 6,100 acres.  USDA-NASS News Release is available HERE.

Live cattle closed higher on stronger fed cattle prices and the beef cutout, but feeder futures fell hard when CBOT prices soared to limit-up levels. Feeders had just made new contract highs yesterday. On the Fed Cattle Exchange, there were two sales at $118/cwt, a new high for 2021. Choice beef ended up 2.29 at 247.12 and Select rose 2.21 at 238.13 on moderate movement.

Lean hog futures ended narrowly mixed. Cash fundamentals remain supportive. FOB Plant Pork ended up 2.08 at 108.97, lower than the morning quote of 111.43. One big difference was ham value – dropping from 98.90 to 88.89. Traders expect tomorrow’s weekly export sales report to continue to show strong export demand.  

US$ steady 93.18

Dow -85 32982

SP +14 3973

NAS +201 13247

Tran -95 14631

  VIX -.21 19.40

 

WTI -109 5946

Brent -60 6354

Gas -3 196

NG -2 261

HO -2 177

Eth -2 180

Gold +23 1707

Slvr +30 2443

 

2-yr +.014 0.162%

5-yr +.028 0.938%

10yr +.018 1.744%

30yr +.019 2.415%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here