CBOT futures closed mostly steady except for the soy complex which posted losses as much as one percent. Soybeans were pressured by profit-taking based on some meteorologists improving the rain situation in Argentina; but others disagree on the forecast. Corn and wheat futures traded wide ranges but managed to close near the highs. A weaker US Dollar and higher crude oil supported the market.

Cattle futures closed sharply higher to as much as up the daily limit (LC=$3.00; FC=$4.50). Today’s rally resulted from yesterday’s friendly Cattle inventory report which had a smaller herd increase than expected. Today’s gains were bigger because cattle futures were down strongly ahead of the Cattle report. New high closes were made for 2018. Nearby February LC is now in line with last week’s cash price. In boxed beef, Choice down 0.46 at 209.60; Select up 0.22 at 204.54. Beef Exports continue to run very strong in 2018 – nearly 23% ahead of 2017 YTD.   

Lean Hog futures closed higher to sharply higher in the nearby February contract. Prices were supported by the big gains in cattle futures and technical buying. The gains overcame pressure from weak pork exports, lower pork cutouts and the recent downtrend in many LH contracts.  FOB Plant Pork dropped .91 to 81.82.

Corn Mar unch 362 (358-62); Jly unch 378; Dec unch 393

Bean Mar -11 985 (977-95); Jly -10 1006; Nov -7 1004

  Meal -4 334

  Oil -17 3290

Wheat Mar -1 451; Jly -1 478 (470-78)

  KC unch 467; MGE +4 612

Oats +2 267

Rice -3 1240

 

LC Feb +257 12642; Apr +300 limit 12592; Jun +267 11775

FC Mar +450 14955; Apr +427 15012; Aug +405 15292

LH Feb +160 7482; Apr +57 7282; Jun +72 8300

Milk Feb +18 1358; Mar +13 1370

 

US$ -.5%

Dow +37 26187

SP -2 2822

NAS -26 7386

Tran -52 10920

  VIX -.07 13.47

 

WTI +107 6580

Brent +82 6971

Gas unch 190

NG -14 286

HO +2 209

Eth +4 143

Gold +5 1344

Slvr -9 1715

 

2-yr +.016 2.161%

5-yr +.040 2.566%

10yr +.062 2.782%

30yr +.075 3.016%

KENTUCKY CATTLE REPORT

 The USDA NASS released the Cattle report Wednesday, showing only a slight decline in overall numbers for cattle in Kentucky compared to 2017. The Kentucky cattle and calf inventory for Jan. 1, 2018, was estimated at 2.16 million head. Total inventory was down 10,000 head from last year.  Cows and heifers that have calved were estimated at 1.09 million head, up 10,000 head from the 1.08 million for 2018. Beef cow inventory was estimated at 1.03 million head and milk cows were estimated at 57,000 head.

Beef replacement heifers totaled 145,000 head, down 5,000 from January 2017. Dairy heifers, at 45,000 head, were up 5,000 from 2017.  The 2017 calf crop was estimated at 990,000 head, up 10,000 from the previous year’s estimate.

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