Trading at the CBOT was interesting today with wide trading ranges and a change in market leadership.  Futures were led higher overnight by the soy market, but when trading reopened at 830 am, futures fell abruptly. By mid-morning, futures began to rally led by the wheat futures market and corn somewhat. Corn and wheat closed near the day’s highs, but soybeans ended closer to the lows. Wheat found support from ideas excessive rainfall could hurt wheat production including quality. Corn benefited from a strong weekly export sales report. Soybeans were pressured by profit-taking amid a weak export sales report. July Soybeans did hit a new high for this March-May rally but closed lower. November Soybeans sit 30 cents below the 2016 high made May 10. Tuesday’s low is support at 10.19.

Cattle futures closed strongly higher after trading lower during the first 1.5 hours. Despite the weak beef market and cash cattle price, traders took advantage of June LC’s sharp discount to cash. Choice ended down 0.85 at 222.72; Select down 1.82 at 203.26.

Lean Hog futures also closed higher with June LH up for the third straight day. LH rose despite a weaker pork market and June LH’s premium to the latest CME LH Index. FOB Plant Pork fell 1.46 to 83.57 with all cuts down except for ham. At midday, FOB Plant was down 2.06. 

Corn Jly +3 408; Dec +1 410 (404-11)

Bean Jly -6 1080; Nov -4 1050 (1044-65)

  Meal +2 410 (402-20)

  Oil -30 3104

Wheat Jly +15 481 (465-82); Dec +13 508

  KC +11 462; MGE +12 534

Oats +1 191

Rice -17 1106

 

LC Jun +77 11892; Oct +167 11482; Dec +122 11512

FC Aug +272 14540; Oct +230 14247; Jan +187 13400

LH Jun +37 8055; Aug +157 8075; Oct +110 6840

Milk Jun +26 1294; Jly +15 1327

US$ -.2% 95.15

 (2016 low was 91.91 on May 3; high 99.82 set January 29)

Dow -23 17828

SP unch 2090

NAS +7 4902

Tran -21 7723

 VIX -.47  13.43  -3.4%

 

WTI -16 4930

Brent -28 4946

Gas -2 162

NG -7 192

HO -1 150

Eth unch 164

Gold -4 1220

Slvr +8 1634

 

2-yr -.043 0.875%

5-yr -.052 1.351%

10yr -.038 1.832%

30yr -.029 2.641%

 

Lexington, KY - Blue Grass Stockyards

Cattle Weekly Summary Report for the week ending 05/24/16

Receipts:  905   Last Week:  1972   Year Ago:  1959   

   Compared to last week steer calves 2.00 to 4.00 lower and heifer calves sold 3.00 to 5.00 lower with light to moderate demand.  Yearling steers 5.00 to 6.00 lower with light demand in a limited comparison.  Slaughter cows sold steady to 1.00 lower with moderate demand.  Erratic CME cattle futures continue to create instability on daily markets.

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