Market Closes – April 5, 2016

CBOT futures closed mixed in corrective trade. Corn edged higher as it continues to bounce back from the sharp losses posted Thursday in response to USDA’s Prospective Plantings Report. May Corn is 9 cents above last week’s low. Soybean futures dropped one percent on pressure from the losses in soybean oil futures and from unwinding of long bean/short corn spreads. The new-crop bean/corn price ratio dropped from 2.51 to 2.48. Selling was also encouraged by Monday’s reversal to the downside. The 6-10 day and 8-14 day outlooks portend below-normal temperatures with above-normal moisture through the 10-day period. KY and TN are in the “wet” bulls-eye.  See the maps HERE.

Kentucky’s crop and livestock condition ratings are mostly Good.  See KY Crop Condition Report by clicking HERE.   KY wheat conditions are better than a year ago, but about same as the 5-year average.

Cattle futures are closed sharply lower on bearish expectations for fed cattle prices and long liquidation due to bearish chart action – futures fell below March lows and are headed toward February lows. Margins are bad for feedlots and the packers. Today’s boxed beef market saw Choice up 0.19 at 217.70; Select up 2.97 at 209.20.

Lean Hog futures closed slightly higher except for the April and May LH contracts. LH futures shook off the sharp losses in cattle futures and found support from the pork market. FOB Plant Pork gained 1.07 to 77.60 with big increases in the value of bellies, hams, ribs and picnics.

Corn May +2 357; Jly +2 360; Dec +2 371
Bean May -9 905; Jly -9 913; Nov -9 919
Meal unch 269
Oil -70 3399
Wheat May -1 474; Jly unch 481
KC -2 473; MGE -4 525
Oats -3 184
Rice -1 979

LC Apr -252 13067; Jun -292 12075; Oct -260 11697
FC Apr -405 15262; Aug -425 15085; Oct -357 14855
LH Apr -30 6737; Jun +27 7900; Oct +10 6787
Milk Apr -2 1373; May -8 1372

 
US$ steady
Dow -134 17603
SP -21 2045
NAS -48 4844
Tran -45 7772
VIX +1.30 15.42 +9.2%

WTI +86 3656
Brent +53 3822
Gas +1 139
NG -6 194
HO unch 109
Eth unch 148
Gold +13 1231
Slvr +20 1514

2-yr -.028 0.720%
5-yr -.052 1.172%
10yr -.059 1.720%
30yr -.068 2.543%

Kentucky Farm Bureau Minute video  – Click Here 

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS —  Click Here

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