CBOT futures closed steady to higher, led by corn and KC/MGE wheat. Corn found support from Friday’s CFTC report that showed the spec funds had a larger-than-expected short position as of last Tuesday; there was significant short-covering today in corn. Wheat was supported by corn’s rally and by the early warm and dry weather in the southern Plains. CBOT futures overcame the stronger US dollar and weak energy futures markets. KC July Wheat is now over 40 cents above the contract low set March 2; resistance is 5.02 and 5.16.

Cattle futures closed mixed with the nearby April LC down 50 cents which keeps it in line with last week’s cash trade at $139-140/cwt. A late afternoon surge in boxed beef values should support cattle futures Tuesday. Choice carcasses closed up 3.42 at 227.47; Select up 2.37 at 217.49. This is much stronger than 225.77 and 215.82 at midday. Feeder futures traded narrow ranges but closed lower, near the day’s lows.

Lean Hog futures closed little changed except for the nearby April LH contract which lost $1.05/cwt. April LH was weighed by a weaker cash hog market while April is about $4.00 premium to the CME LH Index. April LH closed about $2.00 below last Thursday’s highest price – a level not seen since October 15, 2015. The pork market was supportive with FOB Plant Pork gained .55 to 76.63.

Corn May +4 369; Jly +4 373; Dec +4 387 Bean May unch 896; Jly unch 902; Nov unch 907 Meal -2 271 Oil +32 3245 Wheat May +3 479; Jly +3 486 KC +6 489; MGE +6 521 Oats +4 196 Rice +12 1045

LC Apr -50 13930; Jun +27 12882; Oct +42 12302 FC Mar -35 16205; May -45 16165; Aug -55 16080 LH Apr -105 7077; Jun -5 8302; Aug +7 8130 Milk Mar -1 1379; Apr +10 1366

US$ +.3% Dow +16 17229 SP -3 2020 NAS +2 4750 Tran -3 7690 VIX +.42 16.92

WTI -113 3737 Brent -69 3970 Gas -1 143 NG unch 182 HO -2 120 Eth +1 144 Gold -23 1236 Slvr -24 1536

2-yr +.001 0.960% 5-yr -.001 1.481% 10yr -.016 1.961% 30yr -.015 2.732%

Kentucky Weekly Livestock Summary for the week of Mar 7-Mar 12 2016. Receipts This Week Last Week Last Year 26,637 21,797 18,548 Compared to last week, steer calves sold mostly steady to 2.00 higher and heifers were mostly steady to 3.00 higher. Demand was good to very good for an average to good quality offering. Yearling steers and heifers sold steady to 2.00 higher with moderate demand for a light test. Slaughter Cows sold steady to 2.00 higher and slaughter bulls mostly steady to firm with moderate to good demand. Good weather allowed for a good supply of cattle across the board.

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