While CBOT futures traded higher overnight, markets sold off in the day session to close steady to mostly lower. The spec funds didn’t follow-through on their short-covering as the 6-10/8-14 day outlooks are for drier weather, albeit cooler than normal. Funds reportedly were big sellers today in corn.

Corn’s trading range mimicked Monday’s range but erased around half of Monday’s huge gains. Corn did not trade above yesterday’s high or the key chart resistance levels.  Soybeans did trade above the resistance levels as it worked to catch up with corn and wheat’s sharp gains on Monday. But the gains were wiped out by the close thanks to a 1% loss in soybean meal. Chicago wheat made a strong move higher overnight but fell back as corn and soybeans weakened. Damage to wheat from floods, snow and freezing will take time to measure.

Cattle futures closed mostly higher with the nearby June LC contract trading up the daily $3.00 limit much of the day and closed pennies off the limit. Deferred LC and all FC contracts sold off in the last hour and ended well off the day’s highs.  June LC was supported by its very large discount to last week’s cash market around $136/cwt. Today’s huge run-up in boxed beef values gives traders confidence cash cattle will trade steady to higher than last week. Tomorrow, check out the results at https://fedcattleexchange.com  Choice carcasses up 3.18 at 229.45; Select carcasses up 3.83 at 213.28. Feeder futures erased some of Monday’s losses as corn futures weakened.

Lean Hog futures rallied on a stronger cash hog market and higher pork values. FOB Plant Pork closed up .48 at 75.89 with 3% gains in the value of loins and ribs.  LH were supported by cattle futures, resulting in Monday’s losses being wiped out.

Corn May -5 364; Jly -5 372; Dec -4 390 (388-95)

Bean May -1 958; Jly -1 969; Nov unch 965 (961-73)

  Meal -3 311

  Oil +46 3235

Wheat May -1 441; Jly -2 454 (448-61)

  Jly KC +2 468; MGE -5 557

Oats +2 245

Rice -2 933

 

LC Jun +292 12705; Aug +62 12080; Oct -30 11760

FC May +102 14962; Aug +185 15560; Oct +145 15407

LH May +82 6695; Jly +82 7570; Oct +7 6657

Milk May +5 1537; Jun -4 1551

US$ -.1%

Dow +36 20950

SP +3 2391

NAS +4 6095

Tran +84 9154

  VIX +.43 10.54

 

WTI -82 4802

Brent -62 5090

Gas +1 153

NG -3 318

HO unch 148

Eth -4 153

Gold +2 1258

Slvr +1 1685

 

2-yr -.016 1.266%

5-yr -.036 1.811%

10yr -.038 2.289%

30yr -.034 2.977%
 

Lexington Auction Weighted Average Report for 05/01/2017
   Receipts:  690    Last Week:  789    Year Ago:  543
**Lexington Monday sale held at Mt. Sterling yards while new yards is under construction**
    Compared to last Monday steer calves sold 3.00 to 5.00 higher with very good demand and heifer calves sold 3.00 to 6.00 higher with very good demand.  Quality was average through attractive.  Slaughter cows sold 4.00 higher and slaughter bulls sold steady with good demand.

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