After seeing significant losses on Tuesday, CBOT futures are mostly higher today with old-crop soybean meal and soybean futures leading the market on fresh news about China’s soybean demand. Corn futures have climbed back to post a small gain in sympathy with soybeans.  Corn planting progress is near average and going well with more good days ahead.  Wheat futures are mostly lower as some significant rainfall is expected in the southern Plains – thus KC HRW futures are leading the declines.

Live Cattle futures are up slightly, recovering from Tuesday’s declines.  Futures’ gains are surprisingly limited given yesterday’s $3.00 gain in Choice Beef plus the midday quote being up another $1.40.  And the June LC contract is still at a big discount to recent cash trading.

Lean Hog futures are mostly higher on Tuesday’s strong cash hog and pork markets.  The midday quote for FOB Plant Pork is down about half of the $2.00 gain made yesterday.  June LH contract is at a substantial premium to the CME Lean Hog Index.   Deferred LH futures continue to reach new highs.

Corn Jly +1 474; Dec unch 472 Bean Jly +22 1492; Nov +11 1243 Meal Jly +7 494; Oct +2 401 Oil +37 4044 Wheat Jly -5 666; Dec -4 693 KC -6 762; MGE -2 736 Oats +5 339 Rice -2 1527

LC Jun +10 13885; Oct +30 14405 FC May +20 18925; Aug +115 19707; LH Jun +102 11962; Oct +120 10845 Milk May +3 2261; Jun +12 2039

US$ +.2%

Dow +.7% SP +.5% NAS +.3% Tran +.2% VIX -4.7%  12.35

WTI +1.8% Brent +.8% Gas +.7% NG -.9% HO +.4% Eth +2.5%

Gold -.5% Slvr -.2%

5-yr +.03 1.54% 10yr +.03 2.54% 30yr +.04 3.41%

Blue Grass Stockyards Cattle Report for 05/20/2014 Receipts:  1038   Last Tuesday:  1223   Year Ago:  1232

Compared to Monday’s sale steer and heifer calves sold steady to 4.00 higher with advance on 400-700 lbs calves.  Quality was good through attractive.  Yearling steers and heifers limited comparison with yesterday however compared with last week sold steady with good demand in a limited comparison.  Slaughter cows and slaughter bulls sold steady to weak with good demand.  Excellent demand for weaned calves on a very active market today.

Total supply included 07% slaughter cows, 01% slaughter bulls, 0% replacements and 92% feeders.  Feeder supply 48% steers, 15% bulls, 37% heifers with 49% of feeders weighing over 600 lbs.

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