Market Closes - May 16, 2016

Posted on May 16, 2016

Trading at the CBOT was uneventful with closing prices little changed from Friday. Corn edged higher and finished near the day’s highs. Funds were heavy buyers with December Corn trading above the 200-day moving average ($3.93 tonight).  Soybeans closed steady and mid-range. Corn found support from a strong weekly export inspections (shipments) report.  Wheat and soybean inspections were weak. The weekend cold weather in the northern Plains apparently didn’t damage crops.

Corn Planting Progress

.     5/15/16   5-yr average
U.S.   75%       70%  (82% last year)
KY     82%       67%  (79% last year)

43% emerged vs 34% 5-yr average.


Soybean Planting Progress

.     5/15/16   5-yr average
U.S.   36%       32%  (41% last year)
KY     21%       18%  (20% last year)


Winter Wheat Conditions – 18 States

.        Good/Excellent  Poor/V.Poor
This Week       62%           8%
Last Week       62%           7%
Last year       45%          19%

Except for the nearby June Live Cattle contract, cattle futures closed higher with Feeder Cattle leading the way higher. June LC was pressured by traders moving positions to deferred contracts ahead of the “delivery” period.  The cash fed market rose $7-10/cwt last week and boxed beef values rose sharply again today as retailers build stocks for the Memorial Weekend. Let’s hope for great cookout weather. Choice up 3.84 at 222.40; Select up 2.59 at 208.54. This is similar to midday quotes.  

Lean Hog futures closed higher in the summer contracts and lower in the deferred ones (lost it in last 5 minutes of trading). Support came from the cattle market and overall optimistic outlook for hog prices. FOB Plant Pork gained 1.13 to close at 83.63 on stronger values in loins, ribs and bellies.


Corn Jly +3 394; Dec +2 400 (394-400)

Bean Jly unch 1064; Nov unch 1055 (1047-62)

   Meal -2 361

  Oil +29 3279

Wheat unch 475 (467-76); Dec unch 499

  KC -2 453; MGE +2 537

Oats +2 197

Rice +24 1193

 

LC Jun -40 12302; Oct +92 11890; Dec +112 11805

FC May +160 14865; Aug +147 14772; Oct +150 14387

LH Jun +107 8302; Aug +40 8252; Oct -27 7045

Milk May +1 1274; Jun +12 1238

 

US$ Steady

Dow +175 17711

SP +20 2067

NAS +58 4775

Tran +55 7563

  VIX -.36 14.68  -2.4%

 

WTI +151 4772

Brent +125 4908

Gas +2 161

NG -7 203

HO +4 144

Eth +2 157

Gold +1 1274

Slvr +2 1715

 

2-yr +.036 0.790%

5-yr +.055 1.264%

10yr +.052 1.757%

30yr +.046 2.598%

 

Kentucky Weekly Livestock Summary for the week of May 9-14, 2016.
Receipts  
This Week   Last Week     Last Year
16,518      16,709        17,741
   Compared to last week, steer calves sold mostly 3.00 to 5.00 higher and heifers mostly 2.00 to 4.00 higher with instances 10.00 to sharply higher for some value added calves.  Demand was mostly good through very good for a plain through attractive offering.  Yearlings sold mostly 3.00 to 4.00 higher with good demand for a moderate supply.  Slaughter cows were unevenly steady with moderate to good demand and slaughter bulls steady to 1.00 lower with moderate demand.

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here