CBOT futures closed generally steady except for the soy complex which saw a very strong soybean meal market lead soybeans higher; a 2% drop in soybean oil futures limited soybean’s gains. Soybean oil has been selling off the past 10 trading days as traders buy more meal futures. Nearby meal futures hit a new high, a level which hasn’t been seen since last August. May Soymeal is up over $75/ton since a month ago.  Soybean futures are just below key chart resistance levels which are layered up through $10.60 and then $10.87 and $11.08 on the monthly continuation chart. Manage your price risk.

Corn and soybean planting progress is ahead of the 5-year averages.  Winter Wheat conditions improved over last week as the Plains received good moisture.

 

Corn Planting Progress

.     5/1/16   5-yr average

U.S.   45%       30%  (45% last year)

KY     64%       38%  (20% last year)

(TN=80%, MO=89%, IN=30%)

 

Soybean Planting Progress

.     5/1/16   5-yr average

U.S.   8%        6%  (10% last year)

KY     7%        5%  ( 1% last year)

 

Winter Wheat Conditions – 18 States

.        Good/Excellent  Poor/V.Poor

This Week       61%           7%

Last Week       59%           8%

Last year       43%          20%

Live and Feeder cattle futures closed higher on short-covering as prices respected last week’s lows. Buying was encouraged by June futures’ discount to last week’s cash trade near $124/cwt. However, a weak boxed beef market will weigh on the market. Choice down 1.68 at 209.77; Select down 2.31 at 199.96.  Choice was only down 0.25 at midday.

Lean Hog futures closed higher at new highs for this move off last week’s lows. Traders are optimistic given stronger hog and pork values along with good packer margins and strong pork exports. FOB Plant Pork rose 1.19 to 83.73 with a 3.5% jump in loin value.

Corn Jly unch 392; Dec +1 396

Bean Jly +14 1044; Nov +10 1018

  Meal Jly +12 347

  Oil -64 3250

Wheat Jly -1 488; Dec +1 517

  KC -4 474; MGE +2 549

Oats unch 205

Rice +22 1133

 

LC Jun +87 11580; Oct +125 11357; Dec +107 11370

FC May +100 14142; Aug +112 14150; Oct +102 14092

LH May +52 7842; Jly +135 8312; Oct +65 7037

Milk May -14 1303; Jun -30 1296

 

US$ -.4%

Dow +118 17891

SP +16 2081

NAS +42 4818

Tran +52 7924

VIX -1.02  14.68  -6.5%

 

WTI -101 4491

Brent -148 4589

Gas -5 156

NG -13 205

HO -3 136

Eth -2 152

 

2-yr +.024 0.797%

5-yr +.044 1.325%

10yr +.055 1.874%

30yr +.064 2.727%

 

Lexington Auction Weighted Average Report for 05/02/2016

Receipts:  543    Last Week:  640    Year Ago:  579

****Lexington Monday sale now held at Mt. Sterling yards due to fire that destroyed Lexington yards****

Compared to last Wednesday steer calves sold weak with light demand.  Heifer calves under 600 lbs sold 5.00 lower with light demand over 600 lbs sold 3.00 lower with moderate demand. Quality was average.  Slaughter cows sold 1.00 higher and slaughter sold steady with moderate demand.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Kentucky Weekly Livestock Summary for the week of Apr 25-30, 2016.

Receipts

This Week            Last Week         Last Year

16,259               20,263            21,935

   Early in the week, steers and heifers continued the downward trend trading 7.00 to 10.00 lower.  As the week progressed, however, the downward pressure from the CME eased a bit.  Calves ended the session mostly steady to 2.00 lower, but, with a few instances up to 2.00 higher.  Demand was moderate to good for a plain to good quality offering.  Slaughter Cows and slaughter bulls sold mostly steady with a light to moderate supply and moderate to good demand.