CBOT futures are trading mixed following the Noon EDT release of USDA’s WASDE Report. Initial reaction is weighing the soy complex down, but lifting corn and wheat futures. World soybean stocks will grow from 85.5 mmt to 96.2 mmt in 2015/16.

2014-15 End Stocks	Today’s USDA	Average Trade Guess	April’s USDA Est.	Season Avg Price
Wheat	709 million	693	684	6.00
Corn	1.851 billion	1.864	1.827	3.55-3.75
Soybean	350 million	360	370	10.05
2015-16 End Stocks
Wheat	793 million	751		4.50-5.50
Corn	1.746 billion	1.752		3.20-3.80
Soybean	500 million	443		8.25-9.75
2015 Wheat Production	2.087 billion	2.096	2.026

 

Cattle futures are mixed with Live Cattle futures trading slightly higher after testing lower prices mid-morning. Except for the nearby May FC contract, feeder futures are trading lower but well off the day’s lows in a day with wide trading ranges. Live Cattle are supported by stronger boxed beef values quoted at midday: Choice up 1.28 at 260.85 and Select up .20 at 248.30.

Lean Hog futures are trading slightly higher after testing the downside earlier today. Prices remain near the recent highs with support from the product market. FOB Plant Pork is up 1.29 at 82.29.

Corn Jly +2 360; Dec unch 376 Bean Jly -12 961 (hi 981); Nov -12 937 (937-55) Meal -4 306 Oil -14 3305 Wheat Jly +5 486 (478-91) KC +4 513; MGE +5 542 Oats +6 241 Rice -23 938

LC Jun +37 15062; Oct +25 15010 FC May +67 21745; Aug -142 21600 LH May +30 8100; Jun +45 8472 Milk May unch 1632; Jun -6 1699

 

US$ -.7% Dow -.3% SP -.4% NAS -.5% Tran -1.3% VIX +3% 14.26

WTI +2.3% Brent +2.9% Gas +2.6% NG +4% HO +2.7% Eth -.4% Gold +.8% Slvr +.2%

5-yr -.017 1.575% 10yr -.018 2.254% 30yr -.026 3.009%

Glasgow,Ky Farmers Livestock Market ( Weigh in sale ) Weighted Average Report for 05/11/15 (Slaughter cows and bulls weigh out sale)

Receipts:1151 Last Week:1347 Last Year:1249 Compared to Last Week feeder steers and bulls 2.00-4.00 higher. Feeder heifers 1.00-3.00 higher. Slaughter cows steady 1.00 higher. Slaughter bulls 1.00-2.00 higher.

143 replacement cattle, 119 slaughter cattle,889 feeder cattle. The feeder supply included 18.5 percent steers,39.6 percent heifers, and 25.4 percent bulls, 0.0 percent Holstein steers with 25.9 percent weighing over 600 lbs.