CBOT futures closed mostly lower but by small amounts ahead of Tuesday’s midday USDA report updating forecasts of supply-demand factors for 2014/15 and 2015/16. Fast planting progress for corn and soybeans along with recent rainfall are weighing on prices. Friday’s CFTC report for positions early last week showed the spec funds were record short wheat and grew their short corn position by a large amount.

Corn Planting Progress .           5/10/15       5-yr average U.S.           75%        57%  (55% last year) (IL=88%, IN=52, IA=83, MN=95, MO=77) KY             64%        62%  (60% last year) (TN=84%)

Soybean Planting Progress .         5/10/15    5-yr average U.S.      31%        20%  (18% last year) KY         9%         13%  (7% last year)

Winter Wheat Conditions – 18 States .           Good/Excellent  Poor/V.Poor This Week       44%          20% Last Week       43%          20% Last year         30%          42%

Pasture Conditions 56% good/excellent vs 12% poor/v.poor

Cattle futures closed lower with Live Cattle charting bearish price reversals. Despite this, feeder cattle futures improved in afternoon trading to turn May through November contracts positive. Choice up 1.45 at 259.57; Select carcasses up 1.28 at 248.10.

Lean Hog futures also closed lower after opening the session higher at what turned out to be the day’s highs. Futures dropped despite higher values for cash hogs and pork. FOB Plant Pork closed up 1.43 at 81.00.

Corn Jly -3 360; Dec -3 375 (374-80) Bean Jly -2 974; Nov -2 949 (949-57) Meal Jly -3 310; Oct -3 303 Oil +23 3319 Wheat Jly unch 481 (476-84); Dec -1 505 KC unch 509; MGE -4 537 Oats -4 235 Rice -13 961

LC Jun -125 15025 (15010-15277); Oct -135 14985 FC May +90 211677; Aug -20 21742; Oct -35 21585 LH May -15 8070; Jun -55 8427; Oct -52 7337 Milk May -6 1632; Jun -33 1703 (hi 1749)

 

US$ +.25% Dow -86 18105 SP -11 2105 NAS -10 4994 Tran -12 8755 VIX +.99 13.85 +7.7%

WTI -2 5937 Brent -41 6498 Gas unch 199 NG -7 281 HO -1 195 Eth -1 165 Gold -6 1183 Slvr -13 1631

2-yr +.044 0.620% 5-yr +.107 1.600% 10yr +.132 2.282% 30yr +.142 3.043%

2015 UK Wheat Field Day

The annual UK Wheat Field Day is slated for Tuesday May 12, 2015 at the University of Kentucky Research and Education Center in Princeton, KY. Registration will begin at 8:30 and the tours will end at noon (CDT). The field day will conclude with a lunch sponsored by the Kentucky Small Grain Growers Association.   Click Here for info.

Monsanto makes move to acquire Syngenta   But Syngenta asks for higher valuation. Click here for more info.

 

Lexington Auction Weighted Average Report for 05/11/2015

Receipts: 856 Last Week: 1379 Year Ago: 1240 Compared to last week steer and heifer calves sold mostly steady with good demand. Quality was average through attractive. Slaughter cows and slaughter bulls sold steady with good demand. 14 replacement cattle, 109 slaughter cattle, and 733 feeder cattle. Today's supply included 22.5 percent that weighed over 600 lbs. 16.7 percent steers and 33.1 percent bull calves 1.2 percent Holstein Steers and 34.6 percent heifers of total recorded feeder supply. 94 head of slaughter cows with 94 percent going to slaughter. 15 head of slaughter bulls with 100 percent going to slaughter.