CBOT futures are trading mixed as corn and soybeans correct part of Monday’s losses.  Soybeans are supported by ideas that China’s demand may be holding up better than feared.  Although China’s economic news today was weaker than expected.  Rising soybean basis at soybean processors indicate that U.S. old-crop supplies remain tight. Brazilian soybeans are arriving at US shores; the question is how much more will come.  Corn planting progress won’t be as quick this week as last. Wheat futures are much lower but still ABOVE Monday’s lows. CBOT losing ground to KC and MGEX.  The global wheat supply looks to be adequate in 2014.

The MAY CBOT contracts will end trading at Noon Central tomorrow.

Live Cattle futures are down slightly with the June LC contract continuing the down trend off the May 2 high.  With midday boxed beef values jumping 2.83 to 226.65, LC futures might find some support.  Feeder Cattle futures continue to hold near contract highs.

May Lean Hogs are down for the 12^th straight day, and 14 out of last 15 days. This contract expires tomorrow, May 14.   FOB Plant Pork cutout dropped 3.80 to 110.02 on weaker loin, rib, ham and belly values.  The June LH contract is higher and has charted a bullish reversal.  Once the May LH contract is out of the way, June may follow the cash market more so.

SP500 hit new record highs today, but money is also going into “safe” Treasuries --leading to lower yields. US economic news was mostly negative today.

Corn Jly +1 501; Dec +2 494 Bean Jly +16 1481; Nov +5 1217 Meal Jly +6 484; Oct unch 389 Oil +38 4136 Wheat Jly -9 706 KC -3 821; MGE -2 788 Oats -2 355 Rice +2 1534

LC Jun -35 13730; Oct -45 14200 FC May +32 18492; Aug +32 19220; Oct +20 19280 LH May -85 11257; Jun +90 11990; Oct +22 10507 Milk May -11 2263; Jun -40 2071

US$ +.2%

Dow +.1% SP steady NAS -.3% Tran +.3% VIX +.5%  12.29

WTI +.7% Brent +.3% Gas +.2% NG -1% HO +.4% Eth -.7%

Gold unch Slvr unch

5-yr -.04 1.62% 10yr -.03 2.615% 30yr -.04 3.45% Blue Grass Stockyards Cattle Auction Report for 05/12/2014 Receipts:  1029        Last Monday:  1240   Year Ago:  972

Compared to last week:  Steer calves sold steady to 2.00 higher. Heifer calves under 500 lbs steady to 2.00 higher; over 500 lbs steady. A quality offering of calves today was offerred in average to thin flesh, which was met with an active trade. Slaughter Cows steady to 2.00 higher.  Slaughter Bulls 1.00-2.00 higher.

Total supply included 12% slaughter cows, 02% slaughter bulls, 01% replacements and 85% feeders.  Feeder supply 38% steers, 19% bulls, 43% heifers with 23% of feeders weighing over 600 lbs.

Glasgow, Ky  Farmers Livestock Market ( Weigh in sale ) Weighted Average Report for 5/12/2014 Receipts:1249    Last Week:1640    Last Year:1525

Compared to Last Week:  Steers 2.00-4.00 lower with 600-700 lbs.3.00 higher.  Feeder heifers 2.00-4.00 higher.  Slaughter cows 2.00 lower. Slaughter bulls 2.00-3.00 lower.    The supply included 29.5 percent steers,39.1 percent heifers, with 17 percent weighing over 600 lbs. 14 percent slaughter cows and bulls.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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