CBOT futures closed mixed following the midday USDA report which updated their supply/demand estimates for 17/18 and 18/19. While the forecast drop in world ending stocks of corn and soybeans from this crop year to the 18/19 one appeared to be friendly/bullish, the closing prices didn’t confirm it. The day’s highs came right after the report was released at 11 am CT. But futures had fallen back to pre-report levels soon after noon, with the closes well off the highs. Focus should return to planting progress and export business (China interest in US soybeans).  Today’s climate update predicts neutral conditions into the fall – no El Nino or La Nina.

Cattle futures closed higher and near the day’s highs, which were in the last half-hour of trading. June Live Cattle was very strong today, trading to a new high for this April-May rally and closing at its highest level since March 22. June LC has now retraced 50% of its February-April decline of $22/cwt. The market now needs some help from the cash market. Boxed beef was steady. Choice closed up 0.11 at 231.07; Select up 0.19 at 209.14.

While the May closed lower, all other LH contracts posted gains. May was pressured by weaker cash hog prices while pork values were strong. FOB Plant Pork closed up .54 at 72.58, thanks to a 3-cent gain in belly value. This compares to a 1.23 gain at midday.
 

Corn Jly -1 402 (400-07); Dec unch 419 (417-24)

Bean Jly +5 1021 (1014-34); Nov +7 1031 (1023-40)

  Meal unch 386

  Oil +10 3113

Wheat Jly -4 506 (500-15); Dec -5 544

  KC JLY -4 527; MGE -2 609

Oats +2 243

Rice -14 1252

 

LC Jun +185 10752; Oct +50 10725; Dec +67 11172

FC May +145 13860; Aug +125 14395; Oct +90 14475

LH May -45 6547; Jly +47 7807; Oct +35 6395

Milk May -2 1525; Jun -14 1589

US$ -.3%

Dow +197 24740

SP +25 2723

NAS +65 7405

Tran +98 10606

    VIX -.19 13.23

 

WTI +27 7132

Brent +26 7747

Gas +2 219

NG +7 281

HO unch 222

Eth unch 146

Gold +9 1322

Slvr +22 1668

 

2-yr +.004 2.534%

5-yr -.008 2.830%

10yr -.031 2.964%

30yr -.045 3.109%
 

Blue Grass South, Stanford, Ky
Cattle weighed at time of sale
Weighted Average Report for 05/10/2018
Receipts:  2181    Last Week:  2483    Year Ago:  2230
*** 645 Head of Hereford Influenced feeders not included in totals above***
                       *** Total on the day 2826 Head***
Compared to last Thursday: Feeder steers 2.00-3.00 lower, Feeder heifers 1.00-3.00 higher, Good demand for feeder classes. Slaughter cows and bulls steady, Good demand for slaughter classes.

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