Market Closes - May 27, 2014
Posted on May 27, 2014Corn Planting Progress . 5/25/14 5-yr average U.S. 88% 88% KY 87% 82%
Soybean Planting Progress U.S. 59% 56% KY 30% 32%
Winter Wheat Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 30% 44% Last Week 29% 44% Last year 31% 42%
Rated Poor/V.Poor: TX-65%, OK-78%, KS-61%, CO-40%
Spring Wheat: 74% planted vs 77% year ago and 82% on average.
U.S. Pasture: 46% good/excellent vs 42% year ago. 21% poor/v.poor vs 27% year ago.
Live Cattle futures closed lower despite continuing strength in boxed beef. CHOICE Beef up 1.14 to 233.12 and Select up 1.75 to 222.65. Last week’s $2/cwt drop in cash prices and this short slaughter week have LC futures on the defensive. JUNE LC has fallen 5 straight days since hitting a Double Top near $140. Cash cattle remains at a strong premium to June LC futures.
Lean Hog futures closed mixed with the nearby contracts down on weak hog and pork markets. FOB Plant Pork down 2.17 to 112.89/cwt. June LH ended e-trade down a dollar and below key chart support of 116. Tomorrow’s trade is critical to see if futures climb back above 116.
Corn Jly -8 470; Dec -9 466 Bean Jly -27 1489; Sep -29 1291; Nov -27 1239 Meal Jly -8 494; Oct -10 402 Oil -44 3994 Wheat Jly -11 641; Dec -10 672 KC -7 738; MGE -7 718 Oats -6 340 Rice -15 1509
LC Jun -70 13560; Oct -47 14067; Feb -20 14615 FC Aug +65 19350; Oct +77 19487 LH Jun -35 11650; Oct +40 10600 Milk Jun +64 2170; Jly +72 2130
US$ +.1%
Dow +69 16675 SP +11 1912 NAS +51 4237 Tran +31 8018 VIX +.15 11.51
WTI -19 10416 Brent -12 11020 Gas -3 300 NG +9 450 HO -1 294 Eth -1 232
Gold -28 1263 Slvr -37 1904
2-yr +.005 0.350% 5-yr +.003 1.529% 10yr -.016 2.518% 30yr -.033 3.365%
Blue Grass Stockyards Cattle Report for 05/27/2014 Receipts: 1484 Last Tuesday: 1038 Year Ago: 1187
No comparison with yesterday due to holiday, however compared to last week steer calves under 600 lbs sold 2.00 to 4.00 lower; over 600 lbs sold steady with good demand on an average to good quality offering with fewer weaned calves on the market today compared with last week. Heifer calves sold steady except featherweights under 400 lbs 10.00 lower in a light test and 600-700 lbs heifers sold 5.00 lower in a light test. Quality was average through good. Yearling steers sold 1.00 to 3.00 higher with very good demand, yearling heifers lightly tested. Exceptionally good demand for weaned Holstein packages today with a fancy offering of reputation calves from one farm. Slaughter cows and slaughter bulls sold steady with good demand.
Total supply included 05% slaughter cows, less than 01% slaughter bulls, less than 01% replacements and 94% feeders. Feeder supply 70% steers, 19% bulls, 12% heifers with 46% of feeders weighing over 600 lbs.
April Poultry Production down from Year Ago Poultry certified wholesome during April 2014 (ready-to-cook weight) totaled 3.74 billion pounds, down slightly from the amount certified in April 2013. The March 2014 revised certified total at 3.61 billion pounds, was up 2 percent from March 2013.
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Tagged Post Topics Include: Economics, Market updates
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