Led by the KC wheat market, CBOT futures pushed sharply higher with gains magnified by heavy short-covering by the speculative crowd. The buying was spurred by weekend weather that ranged from heavy flooding to heavy snow and freezing temperatures.  The damage to wheat will be assessed in the coming days/weeks.  While corn planting is reported at the 34% average rate, it may fall behind this week. The good news is that the speculative funds only covered a small part of the huge short in corn and wheat. If they keep covering, prices should move even higher. Technically, corn and wheat futures are above their 200-day moving averages. In looking at corn and soybean price charts, today’s highs are at/near the previous highs, with today’s high marking the 3^rd time at this resistance level. A push through this resistance could hit some buy-stop orders, accelerating the market upwards. Have a plan to take advantage of a sharp rally.

Corn Planting Progress
.     4/30/17   5-yr average
U.S.   34%       34%  (43% last year)
KY     42%       45%  (62% last year)

9% emerged vs 8% 5-yr average.

 

Soybean Planting Progress
.     4/30/17   5-yr average
U.S.   10%        7%  (7% last year)
KY      6%        6%  (6% last year)

 

Winter Wheat Conditions – 18 States
.        Good/Excellent  Poor/V.Poor
This Week       54%          13%
Last Week       54%          13%
Last year       61%           7%

SPRING WHEAT is only 31% planted vs 46% for 5-year average.

Cattle futures closed mostly lower after opening higher at 830 am. However, cattle traders turned sellers when they saw the sustained rally in corn futures. Nearby LC futures ended higher, supported by last week’s higher cash price and a stronger boxed beef market today. Choice closed up 4.49 at 226.27; Select 1-3 up 1.77 at 209.45.  At midday, Choice was up only 2.42.  Live prices have risen faster than beef values.

Lean Hog futures opened higher, but closed lower, following cattle futures lower. Futures were pressured by cash hogs while the pork cutout strengthened. FOB Plant Pork closed up .95 at 75.41, compared to +.43 at midday.

Corn May +11 369; Jly +11 377; Dec +9 394 ((387-96)

Bean May +14 959; Jly +14 970; Nov +11 964 (954-69)

  Meal May +3 314

  Oil +44 3189

Wheat May +24 443; Jly +24 456 (438-57)

  July KC +28 466; MGE +8 563

Oats +6 243

Rice +22 935

 

LC Jun +10 12412; Aug +12 12017; Oct -42 11790

FC May -95 14860; Aug -95 15375; Oct -92 15262

LH May -85 6612; Jly -35 7487; Oct -15 6650

Milk May -3 1532; June +1 1548

 

US$ +.1%

Dow -27 20913

SP +4 2388

NAS +44 6092

Tran -27 9070

  VIX -.71 10.11

 

WTI -49 4884

Brent -53 5152

Gas -2 153

NG -6 321

HO -2 149

Eth +1 157

Gold -3 1262

Slvr -41 1678

 

2-yr +.008 1.278%

5-yr +.028 1.844%

10yr +.040 2.322%

30yr +.052 3.004%

Kentucky Weekly Livestock Summary for the week of Apr 24-29, 2017
  Receipts
This Week      Last Week         Last Year
  19,928        19,986            16,259

   Compared to last week steer calves sold 1.00 to 7.00 higher with good demand.  Heifer calves sold 3.00 to 6.00 higher with good demand.  Yearlings sold steady to 2.00 higher with good demand.  The highest increase was recorded toward the end of the week as CME futures showed significant gains.  Slaughter cows sold steady and slaughter bulls sold steady to 2.00 lower with good demand.  Quality was good through attractive this week.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here