Market Closes – April 20, 2015

CBOT futures closed mixed with short-covering supporting the soybean and wheat markets. The funds have large short positions in these commodities. The buying was encouraged by news that China reduced bank reserve requirements in order to stimulate their economy and everyone knows of China’s appetite for soybeans. There’s also some risk of more trucker strikes in Brazil. Wheat also got a lift from disappointing rainfall in parts of HRW country. Despite today’s gains, price charts still have a negative appearance.

Tonight’s 9% corn planting progress came up a point shy of traders’ expectations. Kentucky is extremely behind normal. The 2-week forecast calls for below to much-below normal temperatures east of the Mississippi River. This will not help corn emergence as soil temps struggle to maintain 50 degrees. The good news is that it will probably dry out some. See Forecast Map here.

Corn Planting Progress
.           4/19/15               5-yr average
U.S.          9%                        13%
KY            2%                        29%     (9% last year)

Winter Wheat Conditions – 18 States
.                    Good/Excellent            Poor/V.Poor
This Week           42%                             19%
Last Week           42%                             19%
Last year              34%                             33%

Following through on last Friday’s limit-down closes and weak cash markets, cattle futures opened lower this morning and continued to sell down throughout the morning. There was a minor bounce into the 1:00 pm pit closing but prices drifted in afternoon e-trade. This heavy technical selling ignored the stronger boxed beef markets. Choice Beef closed up 1.35 at 259.14 and Select gained 1.23 to 252.20.

Lean Hog futures opened higher but sold off sharply soon thereafter. The day’s wide trading range was nearly established in the first 15-20 minutes. Pressure may have come from the sharply-lower cattle market and last week’s large slaughter total – up 12 pct over a year ago. FOB Plant Pork dropped .13 to 67.86 with sharp losses in the value of picnics and bellies.

Corn May -2 378; Jly -2 385; Dec -2 401 (399-405)
Bean may +9 977; Jly +8 979; Nov +5 958 (952-63)
Meal May +3 318; Oct +2 312
Oil +7 3159 (hi 3186)
Wheat Jly +9 498 (488-99); Dec +9 522
KC +3 518; MGE +7 551
Oats unch 263
Rice -13 977

LC Apr -245 15535; Jun -312 14587; Oct -190 14635
FC Apr -117 21182; Aug -372 20647; Oct -367 20497
LH May -25 7027; Jun -75 7552; Oct -82 7000
Milk Apr +4 1584; May +38 1637

US$ +.5%

Dow +209 18035
SP +19 2100
NAS +63 4995
Tran +146 8794
VIX -.59 13.30

WTI +68 5642
Brent +5 6350
Gas unch 193
NG -9 254
HO unch 188
Eth +1 162
Gold -10 1193
Silver -29 1593

2-yr +.020 0.524%
5-yr +.026 1.318%
10yr +.036 1.886%
30yr +.051 2.556%

Lexington Auction
Weighted Average Report for 04/20/2015
Receipts: 785 Last Week: 1608 Year Ago: 594

Compared to last week steer calves sold steady except 400-600 lbs sold
2.00 to 4.00 lower with light to moderate demand for fleshy unweaned offerings. Heifer calves under 600 lbs sold 3.00 to 7.00 lower with featherweights sharply lower with light to moderate demand; over 700 lbs sold steady in a light test with good demand. Few weaned offerings today and most middleweight calves carrying moderate to heavy flesh. Storms and rain again overnight slowed cattle movement today and has pushed April rainfall totals to record levels. Yearlings lightly tested. Slaughter cows sold 1.00 to 2.00 higher with good demand. Slaughter bulls sold steady with good demand.

This week’s supply included 20 percent that weighed over 600 lbs. 19 percent steers and 26 percent bull calves 1.0 percent Holstein Steers and 41 percent heifers of total recorded feeder supply. 95 head of slaughter cows with 93 percent going to slaughter. 11 head of slaughter bulls with 100 percent going to slaughter.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS —  Click Here 

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