Except for the soy complex, CBOT futures closed lower on great corn planting progress and by a wet forecast for the Plains states which should improve wheat conditions. This afternoon, USDA reported corn planting progress at 55% which exceeded most every private guess. Kentucky farmers did not catch up as much as expected, but this week’s warm, dry weather should take care of that. Winter Wheat conditions improved only one point so the crop may have bigger problems than moisture (winterkill, etc). The Kansas Wheat Tour will be in the fields this week to forecast yields.

Technically, corn futures hit new contract lows and low closes. Wheat futures also made some new low closes (but not necessarily new lows). Soybean oil lifted soybean futures today with July soyoil soaring to a new 2-month high. Soybean oil benefited from rumored sales to China.

Corn Planting Progress .             5/3/15                 5-yr average U.S.          55%                     38% (28% last year) (IL=69%, IN=21, IA=68, MN=83, MO=61) KY             25%                   52% (38% last year) (TN=51%)

Soybean Planting Progress .                  5/3/15               5-yr average U.S.           13%                        9% (5% last year) KY              1%                         7% (2% last year)

Winter Wheat Conditions – 18 States .                       Good/Excellent       Poor/V.Poor This Week             43%                        20% Last Week             42%                        20% Last year                31%                        38%

Pasture Conditions 53% good/excellent vs 13% poor/v.poor

See the KY Crop Progress and Condition report by clicking here. Cattle futures closed strongly higher, supported by the better-than-expected $160/cwt cash trade on Friday. Box beef values improved today with Choice up 1.00 at 255.64 and Select up 0.68 at 243.90.

Lean hog futures closed higher and near the day’s highs as bullish momentum rolls on as cash hog prices trend higher in line with the expected seasonal trend. Pork values reversed midday weakness to close higher. FOB Plant Pork ended up .46 at 74.32.

Corn Jly -2 361; Dec -2 378 (377-80) Bean Jly +11 976; Nov +8 949 (938-52) Meal Jly +1 313; Oct unch 306 Oil +103 3247 Wheat Jly -1 473 (466-74); Dec -2 498 KC -2 498; MGE -4 530 Oats -4 232; Rice -10 1010

LC Jun +155 15072; Oct +112 15072; Dec +125 15192 FC May +152 21515; Aug +225 21732; Oct +212 21590 LH May +92 7692; Jun +57 8182; Oct +52 7290 Milk May +12 1638; Jun +42 1687

 

US$ +.25% Dow +46 18070 SP +6 2114 NAS +12 5017 Tran +14 8751 VIX +.15 12.85

WTI -22 5893 Brent -3 6643 Gas -1 203 NG +4 281 HO unch 198 Eth +2 161 Gold +12 1187 Slvr +28 1639

2-yr unch 0.603% 5-yr -.001 1.504% 10yr +.029 2.146% 30yr +.053 2.877%

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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