Corn was supported by an export sale to South Korea that was reported this morning.  Although the 18-state corn planting progress is 59 percent, the northern states are way behind normal and cool, wet weather could cause planting delays to linger. Talk of acres switching out of corn will pick up.

Tonight’s 6-10 and 8-14 day outlooks from NWS show above-normal temperatures across the Corn Belt with cooler temps pushed into the Dakotas and Rockies – these cool areas will get above-normal rain.

Soybean futures (and meal/oil) closed strongly higher to recover part of Monday’s sharp losses – more so in the old-crop contracts.  It appeared that traders refocused on the tight old-crop supply situation and ideas that China may want more of their previous purchases than it recently appeared. JULY Soybeans look to be in a 14.40 to 15.20 price range with today’s closing price near the midpoint.

December Corn is in a more precarious situation after gapping lower Sunday night and trading below the April/May uptrend. Watch support at 4.87 and 4.74.

Chicago Wheat futures closed lower with losses limited by better prices in KC and MGEX.  Spring Wheat planting is not going well and cool, wet weather in the Dakotas, MN and MT won’t help.  Hanging over the wheat market is a comfortable world S&D.

Live Cattle futures closed lower with the JUNE LC contract leading the way lower. Most of the day’s loss came between 945 and 1100 am CT. Although boxed beef prices were up strongly all day today, the JUNE LC contract’s $9/cwt premium to recent cash prices ($146) is hard to ignore, especially since we are almost halfway through May. Choice up 2.79 at 226.61; Select up 2.89 at 215.53.

Lean Hog futures closed higher except for the expiring May LH contract. Although the pork cutout dropped sharply (reversing Monday’s jump), cash hog prices were higher today. FOB Plant Pork dropped 2.20 to 111.62/cwt. Belly value fell 10.93 to 136.29 after rising nearly 8.0 on Monday.  The JUNE LH contract traded lower overnight but rallied hard from 730 to 915 am, then moved sideways the rest of the day, charting an outside day UP. This comes after JUNE lost over $9.00 since April 24.

The SP500 Index traded over 1900 for the first time ever and set a new record high close.  Stocks were little changed today as April Retail Sales disappointed investors. Treasury yields fell a considerable amount as more investors sought less-risky instruments given the uncertainty of the US economy.

Corn Jly +3 503 (497-503); Dec +3 495 (491-96) Bean Jly +18 1484 (hi 1485); Sep +7 1277; Nov +7 1219 (1207-20) Meal Jly +6 485; Oct +1 390 Oil +23 4121 Wheat Jly -6 709 (704-15); Dec -6 733 KC unch 825; MGE +4 795 Oats -1 355 Rice unch 1532

LC Jun -65 13700; Dec -50 14427; Feb -45 14570 FC May +12 18472; Aug -20 19167; Oct -12 19247 LH May -102 11240 expire tomorrow; Jun +60 11960; Oct +45 10530 Milk May -9 2265; Jun -41 2070

US$ +.3%

Dow +20 16715 SP +1 1897 NAS -14 4130 Tran +36 7904 VIX -.10 12.13

WTI +134 10193 Brent +100 10941 Gas +3 294 NG -6 437 HO +3 295 Eth unch 213

Gold -2 1294 Slvr unch 1954

2-yr -.016 0.383% 5-yr -.043 1.615% 10yr -.045 2.610% 30yr -.048 3.445%

Blue Grass Stockyards                                       Cattle Report for 05/13/2014

Receipts:  1223   Last Tuesday:  1289   Year Ago:  1276

Compared to Monday’s sale Steer and Heifer calves sold steady.  Not enough heavy Feeder Cattle for an accurate market comparison but a higher undertone noted.  Demand very good for all classes. Full range of quality in today’s offering, including consignments of high quality feeder steers in light flesh and offered with a good weigh-up.  Slaughter Cows and Bulls steady.  Offerings today did not include the quantity of high yeilding cattle on offer yesterday.

Total supply included 07% slaughter cows, 01% slaughter bulls, less than 01% replacements and 92% feeders.  Feeder supply 58% steers, 14% bulls, 28% heifers with 54% of feeders weighing over 600 lbs.

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