CBOT futures closed little changed except for soybean oil. KC wheat gained one percent and added to the rally which began last week. Corn was supported by a very good weekly corn export sales report. For the 4-day week, the nearby contracts gained 4-5 cents. The funds remain substantially short corn, wheat and soybean futures. There’s very little fundamental news to drive the market up or down. The US Dollar Index finished the week about where it started.

See the March-May weather outlook which predicts warmer and drier-than-normal conditions in the eastern Corn Belt and Ohio Valley.  http://www.cpc.ncep.noaa.gov/products/predictions/long_range/seasonal.php?lead=1

Cattle futures closed mostly lower today, but higher for the week, thanks mostly to Tuesday’s huge rally. Support came from better values in the US equity and energy markets. Futures today were pressured by a weak boxed beef market. Choice dropped 1.73 to 211.66 and Select lost 1.12 to 208.15. These losses are bigger than the midday quotes of -1.13 in Choice and .73 in Select.

This afternoon’s Cattle on Feed Report was in line with expectations. The 10.7 million head is essentially unchanged from a year earlier inventories. The report also said Kentucky had 17,000 head on feed on January 1, 2016, up 2,000 head from a year earlier.

Lean hog futures closed lower with a sharp loss in the nearby April LH contract. Futures extended the downward price movement which started yesterday after futures traded higher early in the morning. Traders took profits going into the weekend. LH futures were pressured today by weaker cash hog prices and pork values. FOB Plant Pork lost .85 to 74.63 with a sharp 5% loss in loin’s value.

Corn Mar unch 365; Jly unch 374; Dec unch 386 Bean Mar -1 878; Jly -2 885; Nov -2 888 Meal +1 264 Oil -44 3139 Wheat Mar unch 462; Jly -1 474 KC +4 457; MGE +1 493 Oats -6 192 Rice +16 1102

LC Feb +22 13537; Jun -30 12315; Aug -37 11910 FC Mar -60 15587; May -105 15295; Aug -105 15242 LH Apr -187 6890; Jun -115 7915; Aug -55 7860 Milk Feb -2 1382; Mar -3 1385

 

US$ -.3% Dow -21 16392 SP steady 1918 NAS +17 4504 Tran +1 7286 VIX -1.11 20.53 -5%

WTI -102 2975 Brent -115 3313 Gas -1 96 NG -4 181 HO -5 103 Eth +1 141 Gold +2 1228 Slvr -8 1535

2-yr +.036 0.746% 5-yr +.006 1.221% 10yr -.017 1.743% 30yr -.025 2.606%

January Milk Production up 0.3 Percent Milk production in the 23 major States during January totaled 16.6 billion pounds, up 0.3 percent from January 2015. December revised production, at 16.4 billion pounds, was up 0.7 percent from December 2014. Production per cow in the 23 major States averaged 1,923 pounds for January, 4 pounds above January 2015. This is the highest production per cow for the month of January since the 23 State series began in 2003.

2015 Annual Milk Production up 1.3 Percent from 2014 The annual production of milk for the United States during 2015 was 209 billion pounds, 1.3 percent above 2014. Production per cow in the United States averaged 22,393 pounds for 2015, 134 pounds above 2014. The average annual rate of milk production per cow has increased 12.6 percent from 2006.

Kentucky Farm Bureau Minute video  - Click Here 

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here