CBOT futures closed strongly lower on improving weather forecasts that could get planting progress back on schedule. Technically, corn futures traded below last week’s lows, as did some wheat contracts. Traders are preparing for the USDA WASDE report coming on Wednesday.  Funds were reportedly good sellers of corn, beans and wheat.

Corn Planting Progress
.     5/7/17   5-yr average
U.S.   47%       52%  (61% last year)
KY     50%       59%  (73% last year)

15% emerged vs 19% 5-yr average.

Soybean Planting Progress
.     5/7/17   5-yr average
U.S.   14%        17%  (21% last year)
KY     10%        12%  (14% last year)

Winter Wheat Conditions – 18 States
.        Good/Excellent  Poor/V.Poor
This Week       53%          15%
Last Week       54%          13%
Last year       62%           7%

SPRING WHEAT is only 54% planted vs 60% for 5-year average.

Following Friday’s slaughter of traders long cattle futures with locked-limit-down closes, cattle futures opened lower but quickly turned higher and closed very strongly near the highs of the day (the June LC contract is an exception with a loss of 52 cents). However, the June LC is at a $16+/cwt discount to last week’s average cash price of $144.69/cwt. This spread has to come together in the coming weeks.  Today’s stronger boxed beef market should support cash cattle prices. Choice carcasses up 2.57 at 241.44; Select up 3.32 at 222.89. 

Lean Hog futures closed modestly higher, extending the huge rally that started just 2 weeks ago.  Futures were supported by stronger cash hog prices and pork values -- FOB Plant Pork ended up 1.25 at 78.99.  The rally in most cattle futures probably helped as well.
 

Corn Jly -5 366; Dec -4 384 (383-89)

Bean Jly -8 965; Nov -5 961 (958-68)

  Meal -3 314

  Oil +4 3294

Wheat Jly -9 433; Dec -7 469

  Jly KC -6 444; MGE -9 545

Oats unch 248

Rice +8 994

 

LC Jun -52 12777; Oct +260 11907; Dec +187 11870 (12605-12892)

FC May +452 14830; Aug +322 15665; Oct +540 15417 (14820-15435)

LH May +50 6990; Jly +40 7722; Oct +15 6762

Milk May +2 1560; Jun -1 1587

 

US$ +.6%  99.13

Dow +5 21012

SP unch 2399

NAS +2 6103

Tran -97 9093

  VIX -.80  9.77

 

WTI +28 4650

Brent +31 4941

Gas +2 152

NG -9 318

HO +2 146

Eth -2 148

Gold -1 1226

Slvr -4 1623

 

2-yr +.016 1.334%

5-yr +.030 1.913%

10yr +.037 2.389%

30yr +.035 3.024%
 

Kentucky Weekly Livestock Summary for the week of May 1-6, 2017
Receipts 
This Week            Last Week         Last Year
  20,465               19,928            16,709

  Compared to last week steer calves sold 4.00 to 8.00 higher with instances sharply higher with good to very good demand.  Heifer calves 3.00 to 7.00 higher with instances sharply higher with good to very good demand. Quality was good through attractive.  Yearling steers and heifers sold 5.00 to 10.00 higher with instances sharply higher with good to very good demand for a very attractive offering.  Slaughter cows and slaughter bulls sold unevenly steady with good demand.

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