CBOT futures were lower overnight on ideas that weekend rains are bearish on good production prospects.  However, prices have been rallying with price at/near the day’s highs. This morning’s USDA export inspections report showed more soybeans shipped last week than expected. Strong old-crop demand for soybean meal is driving the bean market. JULY Soymeal is testing the May 22 high with the uptrend intact. The soybean oil market remains a weight on the soy complex.  Wheat futures made new lows for the move but have recovered much of the losses.

Cattle futures are down slightly on uncertainty for the cash market. Boxed beef is weaker today -- Choice beef down .41 to 232.25 and Select beef down .86 to 221.04/cwt.  Feeder cattle challenged last week’s highs and have backed down.

Lean Hog futures fell sharply when markets opened but have since rallied as a strong pork market showed itself.  FOB Plant Pork cutout surged 2.96 to 118.97/cwt with big gains in loin, picnic, rib and ham values.

Corn Jly +4 470; Dec +1 459 Bean Jly +12 1505; Nov -1 1232 Meal Jly +7 507; Oct -2 405 Oil -20 3830 Wheat Jly -3 624; Dec -4 656 KC -1 722; MGE -4 702 Oats +11 382 Rice -8 1490

LC Jun -37 13742; Dec +2 14575 FC Aug -5 19700; Oct -32 19810; Mar -2 19157 LH Jun -32 11302; Oct unch 10585 Milk Jun +25 2108; Jly +10 2072

US$ +.2%

Dow +.1% SP unch NAS -.1% Tran +.3% VIX +3% 11.76

WTI -.3%

Brent -.3%

Gas -.5%

NG +.5%

HO -.2%

Eth -1.3%

Gold -.2%

Slvr +.4%

5-yr +.07 1.60% 10yr +.07 2.53% 30yr +.06 3.38%

Kentucky Weekly Livestock Summary for May 23-29, 2014

Receipts This Week   Last Week   Last Year 9,079      17,777       9,193 Compared to last week:  Steers and Heifers mostly steady to 3.00 higher, with instances in late week sales quoting 5.00 to 10.00 higher.  Light week with many barns shut down in observance of Memorial Day.  Demand good to very good. Slaughter Cows and Bulls mostly 1.00 to 3.00 higher.

Supply:  Slaughter Cows 8 percent; Slaughter Bulls 2 percent; Feeder cattle 88 percent.  In the feeder supply, Steers made up approximately 31 percent and Heifers approximately 45 percent.  Steers and Heifers over 600 lbs totaled approximately 34 percent.  Replacement cattle 2 percent.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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