CBOT futures headed higher when e-trade opened at 830 am on good soybean export news. Given that soybean futures have been working lower the past week and had reached areas of chart support, this friendly news chased the bears off – at least for today!  Corn futures traded down overnight but improved as the day wore on.  The JULY Corn contract is in a triangle formation that will have to soon break out higher or lower. December Corn actually closed above its short-term downtrend resistance, but is still below the April 29 high of $5.125/bushel.

Wheat futures traded lower but closed near the highs of the day.  Tomorrow’s USDA Wheat production estimates will be looked at closely.

USDA WASDE report comes out at Noon EDT.

Cattle futures closed narrowly mixed on lack of significant news; trading ranges were quite narrow. Choice beef was down 1.50 at 225.65; Select down 0.75 at 212.51.

Lean Hog futures closed lower.  Pork cutouts closed steady. June futures’ premium to cash price is negative until cash hog/pork finds some footing.

Corn Jly +3 513; Dec +2 511 (503-12) Bean Jly +23 1469; Sep +8 1281; Nov +7 1224 (1214-27) Meal Jly +6 481; Oct +3 392 Oil +29 4112 Wheat Jly -2 735 (728-38); Dec -2 757 KC +1 842; MGE -1 806 Oats -3 353 Rice -4 1550

LC Jun +35 13792; Oct +20 14225; Dec +7 14427 FC May +47 18350; Aug -40 19027; Oct -50 19102 LH May -32 11490; Jun -102 12015; Oct +15 10410 Milk May -8 2281; Jun +15 2164

US$ +.3%

Dow +32 16551 SP -3 1876 NAS -16 4051 Tran +3 7704 VIX +.03 13.43

Wti -50 10027 Brent -13 10800 Gas -2 290 NG -15 459 HO -1 292 Eth +9 215

Gold +1 1290 Slvr -16 1918

2-yr -.016 0.387% 5-yr -.026 1.620% 10yr -.01 2.61% 30yr +.03 3.43%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 05/06/14

Receipts:  2,529   Last Week:  2,594   Year Ago:  2,008

Compared to last week steer calves sold under 600 lbs sold 2.00 to 5.00 higher with very good demand on a good through attractive quality offering.  Heifer calves under 600 lbs sold 5.00 to 10.00 higher with instances of 15.00 higher with exceptionally good demand on a very active market with mostly good through attractive quality calves.  Yearling steers and heifers sold 3.00 to 4.00 higher with very good demand. Slaughter cows and slaughter bulls sold steady with very good demand.

Total supply included 07% slaughter cows, less than 01% slaughter bulls, 01% replacements and 91% feeders.  Feeder supply 39% steers, 20% bulls, 41% heifers with 45% of feeders weighing over 600 lbs.

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