CBOT futures are mixed with old-crop soybean and meal contracts posting strong gains from the ongoing tightness in U.S. supplies until 2014 harvest. Futures have been somewhat volatile this morning as traders try to figure out what factors are most important – such as freeze damage to wheat, cool soil temperatures, tensions in the Ukraine, increased rain chances in KS/OK, and China’s occasional cancellation of corn/soybean purchases.

Cattle futures are down moderately but still close to recent highs.  Cash trade is likely to develop slowly this week.

Lean Hog futures are very mixed with the summer months again leading the market on ideas that PEDv could cut slaughter numbers. FOB Plant pork is down 1.66 to 122.75 at midday.

According to the National Animal Health Laboratory Network (NAHLN), last week, 257 more cases of Porcine Epidemic Diarrhea (PEDv) were confirmed. This brings the number of confirmed cases to more than 5,500 since PEDv was identified in U.S. swine herds since April 2013.  30 states have had PEDv cases.

Corn May -3 499; Jly -4 505; Dec -2 501 Bean May +18 1495; Jly +17 1481; Nov +6 1226 Meal may +6 485; Oct unch 385 Oil +61 4287 Wheat May +4 683; Jly +4 691 KC +2 750; MGE +4 730 Oats -8 395 Rice -3 1539

LC Apr -35 14500; Jun -35 13555; Oct -50 13770 FC Apr -70 17930; May -90 17952; Aug -62 18215 LH May +52 12220; Jun +122 12387; Oct +17 10002 Milk Apr -1 2408; May +23 2226

US$ steady

Dow -.1% SP -.2% NAS -.9% Tran unch VIX +2.6% 16.53

WTI -.3% Brent -.2% Gas -.2% NG +1% HO unch Eth -3.5%

Gold -1.8% Slvr -2.3%

5-yr unch 1.60% 10yr -.02 2.62% 30yr -.02 3.46%

Blue Grass Stockyards Cattle Auction Report for 04/14/2014 Receipts:  1,537   Last Monday:  1,141   Year Ago:  1,868

Compared to last week steer calves sold steady to firm with very good demand on an active market with mostly good through attractive calves.  Heifer calves sold 2.00 to 5.00 higher with very good demand some 400-500 lbs heifers 7.00 to 10.00 higher with some farmer participation in the market driving demand higher.  High prices pushing many lightweight calves to town.  Yearling cattle lightly tested.  Slaughter cows sold 2.00 to 3.00 higher with very good demand.  Slaughter bulls sold steady with good demand.

Total supply included 10% slaughter cows, 02% slaughter bulls, less than 01% replacements and 88% feeders.  Feeder supply 38% steers, 20% bulls, 42% heifers with 27% of feeders weighing over 600 lbs. 

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