CBOT futures closed 1-2 percent lower with corn and soybean futures settling near the day’s lows. Futures opened on Sunday evening near steady, weakened overnight and then dropped significantly as trade re-opened at 830 a.m. CT.  Traders credited drier weather for the weakness. The spec funds supposedly were very aggressive sellers today adding to their short positions. While corn futures dropped back near the bottom of the sideways trading range, soybean futures fell to new lows last seen in March 2016 for the July contract and August 2016 for the November contract.

Corn Planting Progress
.     5/28/17   5-yr average
U.S.   91%       93%  (93% last year)
KY     91%       90%  (86% last year)

73% emerged vs 75% 5-yr average.

Corn Crop rated 65% good/excellent, compared to 72% a year ago.

Soybean Planting Progress
.     5/28/17   5-yr average
U.S.   67%        68%  (71% last year)
KY     45%        41%  (30% last year)

37% emerged vs 40% 5-yr average.

Winter Wheat Conditions – 18 States
.        Good/Excellent  Poor/V.Poor
This Week       50%          15%
Last Week       52%          15%
Last year       63%           8%

Beyond the nearby June Live Cattle contract, cattle futures closed higher with big gains in Feeders. Today’s gains were great, but didn’t recover all of the huge losses posted Friday ahead of that afternoon’s Cattle on Feed Report. LC futures’ discount to last week’s average cash price of $131.59 is supportive.  Choice beef dropped .35 to 245.25 and Select gained 1.00 219.45.

Lean Hog futures closed lower with the June LH contract being hit the hardest. However, this follows Friday’s surge to a new contract high. Lower cash hog prices weighed on the market. FOB Plant Pork dropped .15 to 90.13.

Corn Jly -7 367; Dec -7 386 (385-92)

Bean Jly -14 913; Nov -9 920 (918-31)

  Meal Jly -4 298

  Oil -18 3142

Wheat Jly -9 429 (426-39); Dec -7 466

   KC -4 433; MGE -1 568

Oats -2 242

Rice +21 1118

 

LC Jun +27 12297; Oct +142 11652; Dec +115 11710

FC Aug +297 14992; Oct +250 14827; Jan +180 14025

LH Jun -132 8050; Aug -30 8100; Oct -22 6800

Milk Jun +5 1565; Jly +4 1708

US$ -.4%

Dow -51 21029

SP -3 2413

NAS -7 6203

Tran +13 9164

  VIX +.57 10.38

 

WTI -14 4966

Brent -31 5184

Gas unch 162

NG -16 314

HO -1 155

Eth unch 152

Gold -6 1262

Slvr +10 1743

 

2-yr -.016 1.286%

5-yr -.034 1.757%

10yr -.042 2.208%

30yr -.039 2.877%

Lexington Auction (Tues)
Weighted Average Report for 05/30/2017
   Receipts:  646    Last Week:  856    Year Ago:  n/a

**Lexington Tuesday sale held at Richmond yards while new yards is under

construction**
    Compared to last Tuesday steer and heifer calves sold 1.00 to 3.00 higher with good demand. Yearling steers 2.00 to 3.00 higher with good demand. Quality was good through attractive. Slaughter cows and slaughter bulls sold steady with good demand.

Kentucky Farm Bureau Minute video  - Click Here

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