CBOT futures closed mixed after spending the overnight hours lower. However, as the market opened at 830 am CT, CBOT futures rallied sharply into the 11 am hour. After that, wheat fell back near the day’s lows, while corn/soybeans dropped back to mid-range. The sharp soybean rally still didn’t erase Friday’s big losses. Soybean futures were supported by the strong soybean meal market and less concern for trade problems with China. It’s reported that a deal was made to provide China with phone parts in exchange for no tariffs on U.S. soybeans or pork. The specs were supposedly heavy buyers in the soybean and soybean meal market. All three wheat markets are in well-defined downtrends. Corn planting has caught up to the normal pace and soybean planting is well ahead of normal. 

Corn Planting Progress
.     5/13/18  5-yr average
U.S.   62%       63%  (68% last year)
KY     63%       65%  (65% last year)

U.S. emergence is 28% vs 27% average

Soybean Planting Progress
.     5/13/18  5-yr average
U.S.    35%        26%  (29% last year)
KY      15%        13%  (17% last year)

U.S. emergence is 10% vs 6% average.

Winter Wheat Conditions – 18 States
.        Good/Excellent  Poor/V.Poor
This Week       36%          36%
Last Week       34%          37%
Last year         51%          17%

LC Jun -300 limit 10462; Oct -220 10527; Dec -180 11000
FC May -302 13540; Aug -352 14037; Oct -292 14155
LH May -5 6525 (expired today); Jly +175 7872; Oct +107 6442

Cattle futures gapped down on the open and closed sharply lower with the nearby June LC contract settling down the daily $3.00/cwt limit. The market was pressured by Friday’s disappointing cash trade. However, boxed beef was stronger -- Choice closed up 1.15 at 232.12; Select up 0.43 at 209.12. Note how far the June LC contract is discounted to Friday’s cash market around $120.

Lean Hog futures rose sharply as Friday’s worry about exports turned to optimism that China won’t impose more trade barriers. Also, Friday’s pork value had hit a 2-month high. Today, FOB Plant Pork gained .08 to 73.55.
 

Corn Jly unch 396 (394-97); Dec unch 414 (412-15)

Bean Jly +14 1018 (1002-26); Nov +9 1023 (1013-30)

  Meal +9 388

  Oil -6 3125

Wheat Jly -7 491 (490-99); Dec -7 530

   KC Jly -8 510; MGE  -3 601

Oats +5 239

Rice -15 1250

 

LC Jun -300 limit 10462; Oct -220 10527; Dec -180 11000

FC May -302 13540; Aug -352 14037; Oct -292 14155

LH May -5 6525 (expired); Jly +175 7872; Oct +107 6442

Milk May +1 1524; Jun +23 1609

US$ +.1%

Dow +68 24899

SP +2 2730

NAS +8 7411

Tran -50 10663

  VIX +.28 12.93

 

WTI +31 7099

Brent +128 7840

Gas +1 220

NG +4 284

HO +3 225

Eth +2 148

Gold -2 1318

Slvr -11 1657

 

2-yr +.013 2.552%

5-yr +.026 2.864%

10yr +.033 3.004%

30yr +.023 3.134%

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here