Wheat futures soared today and lifted corn, oats and rice futures. Aggressive short-covering in wheat futures accelerated as buy-stops were hit when key moving averages were exceeded. Some factors which encouraged buying include concerns that a strong El Nino will hurt Australian wheat production, that Russia may lift its wheat prices and unfavorable moisture conditions in some areas(wet TX, dry Canada). INFORMA released updated acreage forecasts which weighed on soybeans and supported corn. The US Dollar continues to trend lower (weaker) and is about 7 pct below the high set a month ago; this makes US commodities more affordable and competitive on the world market.

Cattle futures closed strongly higher on a rising boxed beef market and bullish technical momentum. The June LC has surpassed the last high set in early April; $158 is the next target. Choice up 1.57 at 264.74; Select up 2.20 at 251.31.

Lean Hog futures closed lower today as the May LH contract expired. Cash hog prices weakened while pork values increased -- FOB Plant Pork closed up .97 at 84.37.

Corn Jly +6 368; Dec +6 385 Bean Jly unch 957; Nov +2 937 (932-39) Meal Jly unch 302; Oct unch 296 Oil +10 3334 Wheat Jly +33 514 (481-515); Dec +32 536 KC +34 543; MGE +26 566 Oats +12 247 Rice +19 963

LC Jun +182 15380; Oct +132 15307; Dec +97 15387 FC May +50 21925; Aug +132 21895; Oct +142 21712 LH Jun -82 8395; Oct -47 7340 Milk May -7 1625; Jun -10 1667

 

US$ -.3% Dow +192 18252 SP +23 2121 - NEW RECORD HIGH NAS +69 5051 Tran +39 8599 VIX -1.02 12.74 -7.4%

WTI -83 5967 Brent -22 6659 Gas +2 206 NG +8 301 HO unch 201 Eth +2 167 Gold +3 1221 Slvr +20 1740

2-yr -.032 0.544% 5-yr -.054 1.508% 10yr -.039 2.235% 30yr -.015 3.056%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 05/12/15 Receipts: 2193 Last Week: 2686 Year Ago: 2252 Compared to last week steer calves sold steady to 3.00 higher and heifer calves sold steady to 5.00 higher with very good demand. Replacement quality heifers continue to be in very good demand. Yearlings sold 3.00 to 5.00 higher with good demand. Good quality offering this week. Slaughter cows and slaughter bulls sold 1.00 to 2.00 higher with good demand. Total supply included 08% slaughter cows, 01% slaughter bulls, 01% replacements and 90% feeders. Feeder supply 44% steers, 18% bulls, 38% heifers with 50% of feeders weighing over 600 lbs.