Market Closes – May 28, 2015

CBOT futures closed narrowly mixed. Corn bounced on technical buying as price could break below key chart support. Strong ethanol production figures seem to also support corn price. Wheat traded both sides of unchanged. Old soybean futures held support but November Soybeans moved to a new low. Meal and soyoil reversed their roles from yesterday.

Live Cattle futures closed higher while feeder cattle rose sharply. Given today’s weakness in boxed beef values, one might suspect traders expect the cash steer price to firm up and the June LC contract is already at a big discount going into June. Choice down 1.86 at 259.25; Select down 3.14 at 246.74.

Lean Hog futures also closed positively despite heavy weakness in the pork markets. Cash hog markets were steady/firm. FOB Plant Pork dropped 2.65 to 84.63 with all primal values falling and ham value leading the way down.

Corn Jly +4 353; Dec +3 370
Bean Jly -1 926; Nov -4 902
Meal Jly -3 305; Oct -3 293
Oil +33 3206
Wheat Jly +1 489; Dec +3 509
KC -2 510; MGE +1 547
Oats +3 240
Rice +8 951

LC Jun +102 15350; Oct +115 15447; Feb +70 15542
FC Aug +352 22495; Oct +262 22157; Jan +182 21342
LH Jun +82 8460; Aug +70 8385; Oct +35 7402
Milk Jun +22 1675; Jly +32 1719

 
US$ -.3%
Dow -37 18126
SP -3 2121
NAS -9 5098
Tran -77 8367
VIX +.04 13.31

WTI +46 5797
Brent +82 6288
Gas +5 199
NG -13 272
HO +2 188
Eth +1 154
Gold +2 1188
Slvr +4 1668

Blue Grass Stockyards
Cattle Weekly Summary Report for the week ending 05/27/15
Receipts: 1729 Last Week: 1959 Year Ago: 1826
**Total receipts include 591 head sold in special cow sale Wed. night.
Compared to last week steer and heifer calves sold steady to firm with good demand on an average to good quality offering. Yearlings sold steady with good demand. Slaughter cows and slaughter bulls sold steady to 1.00 lower with good demand.
Total supply included 08% slaughter cows, 02% slaughter bulls, 33% replacements and 57% feeders. Feeder supply 31% steers, 17% bulls, 52% heifers with 57% of feeders weighing over 600 lbs.

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