USDA released its WASDE report this morning without any great surprises in the foreign production estimates or supply-demand tables.  But initial reaction was negative with a quick recovery – that’s now melted away.

Today’s selling in corn and soybeans is most likely profit-taking given that bullish news will be hard to find for a while and futures have rallied so much. Corn futures just accelerated to the downside, setting new lows for the day.

Live Cattle futures are up slightly as last week’s market gave conflicting signals with boxed beef values rising and cash cattle dropping.  The sharp rise in the Lean Hog futures market is offering some support.   Feeder Cattle futures are up sharply as the CBOT drops.

Lean Hog futures are up sharply as the bullish momentum rolls on.  Pork Cutout values are up about $1.50/cwt at midday.  The PED virus is cutting into expected slaughter numbers.   June LH contract is up the $3.00 limit.

Outside markets are negative with lower energy prices and equity markets.  Economic news from China was bearish over the weekend.

Corn May -13 476 (475-88); Jly -12 480;  Dec -9 476 (474-84) Bean may -32 1426 1421-56); Jly -24 1400;  Nov -16 1171 Meal May -11 447; Oct -5 360 Oil -37 4395 Wheat May -7 647; Jly -7 651 (648-57) KC -3 718; MGE -7 698 Oats -25 421 Rice -9 1521

LC Apr -20 14305; Jun +32 13620; Oct +25 13760 FC Mar +117 17355; Apr +157 17522; Aug +155 17762 LH Apr +260 11560; Jun +300 12350; Oct +170 9930 Milk Mar +18 2283; Apr +14 2139

US$ steady

Dow -.3% SP -.2% NAS -.1% Tran -.3% VIX +2.6%  14.48

WTI -1.4% Brent -.9% Gas -.9% NG unch HO -1.6% Eth -2%

Gold +.2% Slvr steady

5-yr -.01 1.63% 10yr -.01 2.78% 30yr unch 3.72%

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here