CBOT futures closed little changed in corn and wheat to one percent lower in soybeans. Unfortunately, all major contracts closed near the day’s lows. Futures traded higher overnight but the selloff began soon as the CBOT reopened at 830 am CT. Technically, soybean charts look bearish with futures trading to new lows and closing below chart support marked by the April and May lows. The spec funds are short all three major commodities and reportedly sold more today.

Cattle futures closed strongly higher and near the day’s highs; this followed similarly-sized losses on Wednesday. Cattle futures have generally moved in broad sideways action since May 10.  Markets were supported by short-covering ahead of tomorrow’s Cattle on Feed Report and the long 3-day weekend. In boxed beef, Choice closed up 0.03 at 246.11; Select down 0.62 at 218.98, similar to the midday quotes. June LC remains at a sharp discount to this week’s cash trade near $132/cwt.

Lean Hog futures closed moderately higher with the June LH contract trading to a new contract high and close. Futures started the day weaker, but found support from a higher cash hog market. Traders are optimistic the cash market will rise to meet the LH futures market. FOB Plant Pork ended up .44 at 90.30; a 3% loss in loins was offset by value gains of picnics, ribs, hams and bellies.  This cutout was up .92 at midday.

Crude Oil closed sharply lower, losing half of the gains made over the last three weeks.  The July WTI contract was turned back at the 200-day moving average of $52.00 and closed at $48.71. Traders were disappointed that OPEC did not commit to additional production cuts to shrink the market’s oversupply situation.

Corn Jly -2 369; Dec -2 387 (387-91)

Bean Jly -9 939; Nov -9 939 (938-51)

  Meal -2 305

   Oil -24 3204

Wheat Jly -2 431 (430-36); Dec -1 466

  KC -1 431; MGE +1 562

Oats +3 242

Rice -12 1093

 

LC Jun +180 12392; Oct +120 11795; Dec +125 11847

FC Aug +245 15112; Oct +210 15005; Jan +147 14270

LH Jun +75 8095; Aug +70 8055; Oct +45 6802

Milk Jun +37 1660; Jly +45 1725

 

US$ +.2%

Dow +71 21083

SP +11 2415

NAS +42 6205

Tran +141 9164

  VIX -.03 9.99

 

WTI -246 4871

Brent -264 5132

Gas -4 161

NG -2 318

HO -6 155

Eth +2 150

Gold +3 1256

Slvr +8 1719

 

2-yr -.008 1.298%

5-yr -.009 1.793%

10yr -.011 2.255%

30yr -.015 2.920%

 

Lexington, KY - Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 05/23/17

Receipts:  1412   Last Week:  1270   Year Ago:  905
      Compared to last week steer calves sold steady to 2.00 higher with good demand.  Heifer calves sold mostly steady with good demand.  Quality was good through attractive.  Yearlings sold 3.00 to 6.00 higher with very good demand for 700-900 lb steers and packages of open replacement quality heifers.  Slaughter cows sold 3.00 higher with good demand and slaughter bulls sold 2.00 lower with moderate demand. 

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