Soybean futures closed sharply higher but well off the day’s highs which came before noon.  A strong USDA Export Sales report fueled the rally as traders believe that demand needs to be cut back and current prices aren’t doing it.  Corn futures had a volatile day of trading but ended up only 2 cents – caught between support from soybeans and pressure from the falling wheat market.  Wheat futures continue to fall as the rain falls in the southern Plains.  Chicago July Wheat broke below chart support.

With a 3-day weekend upon us, feedlots gave in and sold cattle down $1-2/cwt which weighed on CME futures.  Boxed beef firmed with Choice up 0.63 at 231.79 and Select up 1.07 at 221.16.   Feeder futures fell sharply but have been due for a correction.

Lean Hog futures dropped on the weak hog and pork markets. FOB Plant Pork dropped 1.10 to 113.82/cwt with weakness in all products but the Belly.

Corn Jly +2 477; Dec +2 473 (469-79) Bean Jly +13 1519; Sep +20 1327; Nov +17 1271 (1252-79) Meal Jly +3 501; Oct +6 413 Oil +39 4086 Wheat Jly -5 659 (654-70); Dec -4 688 KC -10 752;  MGE -8 731 Oats +5 346 Rice +5 1532

LC Jun -67 13760; Oct -70 14267; Feb -25 14720 FC Aug -115 19537; Oct -92 19650; Jan -147 19020 LH Jun -232 11760; Aug -62 12810; Dec -25 9505 Milk Jun +75 limit 2098; Jly +69 2067

US$ +.2% Dow +10 16543 SP +4 1892 NAS +23 4154 Tran +42 7923 VIX +.12 12.03

WTI -26 10381 Brent -13 11042 Gas +2 301 NG -10 438 HO unch 296 Eth +4 231

Gold +6 1294 Slvr +15 1949

2-yr +.008 0.347% 5-yr +.023 1.544% 10yr +.016 2.552% 30yr +.010 3.426%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 05/20/14

****No sale next Monday due to Memorial Day, sales resume Tuesday.

Receipts:  2,109   Last Week:  2,252   Year Ago:  2,775 Compared to last week steer calves sold steady to 5.00 higher with advance on middleweight steers 500-700 lbs with very good demand on a good through attractive quality offering.  Heifer calves sold steady to 3.00 higher on middleweight heifers 500-700 lbs.  Market very active this week with very good demand for weaned offerings.  Yearling steers sold steady to firm with good demand. Yearling heifers lightly tested.  Slaughter cows sold steady to weak with good demand. Slaughter bulls sold steady with very good demand.

Total supply included 07% slaughter cows, less than 01% slaughter bulls, 01% replacements and 91% feeders.  Feeder supply 39% steers, 20% bulls, 41% heifers with 45% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

Subscribe to “Between the Rows” e-newsletter from the KFB Commodity Division by Clicking Here.