CBOT futures started the day on a weak note but rallied into midday as old-crop soybean futures provided momentum. Soybean and Chicago wheat futures closed near the day’s highs. New-crop corn futures erased early losses to post 1-2 cent gains. Today’s weather outlook may not be quite as good (warm, dry) as seen Monday.

Although cash grain bids are basis the JULY contract, the MAY contracts trade through noon next Tuesday. It will be interesting to watch how those wind down – will somebody get caught short? The May/July Soybean spread widened 6 cents today to 81 cents.

Live Cattle futures closed lower for the third straight day even though boxed beef values recovered to near the record high -- Choice UP 0.93 at 201.19; Select UP 0.65 at 190.26. Traders may be wary of demand slipping at these high prices. However, June LC futures already are pricing in an $8/cwt drop in cash steers.

Lean Hog futures closed higher on a jump in cash hog prices and the Pork Cutout -- up 91 cents to $87.92/cwt.

Corn Jly +3.5 640; Sep +2 561.5; Dec +1 539 Bean Jly +13 1382; Sep +9 1258; Nov +7 1214.5   Meal Jly +2 403; Oct +1.5 342   Oil +38 4914 Wheat Jly +6 709 (698-711); Dec +7 736    KC +1 758; MGE +4 810 Oats -2 377 Rice -11 1540

LC Jun -47 12082; Oct -25 12427; Dec -25 12570 FC May -152 13687; Aug -90 14655; oct -110 14965 LH May +40 9145; Jly +12 9137; Oct +30 8115 Milk May -12 1856; Jun -34 1852

US$ steady Dow +87 15056 SP +8 1626 NAS +4 3397 Tran +99 6397    VIX +.17 12.83

WTI -68 9548 Brent -138 10408 Gas -4.5 282 NG -9 392 HO steady 292 Eth +4 256

Gold -16 1452 Slvr -3.5 2392

2-yr +.01 0.22% 5-yr +.01 0.75% 10yr +.02 1.78% 30yr +.02 3.00%  

This chart from Daily Livestock Report shows how significant the increase in corn stocks could be for the 2013/14 marketing year.   http://www.dailylivestockreport.com/documents/dlr%2005-07-13.pdf

Blue Grass Stockyards Cattle Report for 5/7/2013 Receipts:      1,437   Last Tuesday:  1,720   Year Ago:      1,444    Compared to Monday, steer calves sold steady with good demand, 600-700 lbs firm with good demand on a good quality offering.   Heifer calves sold mostly steady to 3.00 higher on 400-500 lbs with Good demand a good quality offering.  Yearling steers no comparison with yesterday, however compared to last week sold 1.00 to 4.00 higher with most advance on fancy 900 lbs steers.  Yearling heifers compared to last week sold 1.00 to 2.00 higher with good demand.  Slaughter cows and slaughter bulls sold steady with moderate to good demand.    Total supply included 07% slaughter cows, 02% slaughter bulls, less than 01% replacements and 90% feeders.  Feeder supply 55% steers, 07% bulls, 38% heifers with 72% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN BIDS – Click Here