Market Update – April 28, 2014

CBOT futures were mostly higher overnight but headed south this morning. Wheat broke first at 830 am, then corn and soy after 9 am. Prices set the lows about 10 am but prices remain within pennies of those lows.  Old-crop beans are gaining on new-crop.

Traders are trying to sort out how much corn was planted before the storms moved in Sunday;  USDA will release its official numbers this afternoon at 4 pm ET.

Cattle futures are strongly higher on Friday’s friendly Cattle on Feed Report that showed March feedlot placements at 95.3% vs trade guesses averaging 101.6%, resulting in an April 1st inventory at 99.4% vs the 100.4% trade guess.  At midday, Choice beef is near steady.

Lean Hog futures were down sharply during the first hour of trading today due to Friday’s drop in cash hog and pork values.  However, rising pork trade today is erasing those early futures losses.  At midday, FOB Plant Pork is reported up 3.61 to 119.74 on higher belly, ham, picnic and loin prices.

Corn May +1 508; Jly +1 514; dec unch 506 (504-11)
Bean May +5 1503 (1499-1520); Jly +1 1495; Nov -4 1236
Meal May +3 494; Oct -2 391
Oil -27 4265
Wheat May -5 695; Jly -5 703 (697-717)
KC +1 780; MGE unch 749
Oats +7 410
Rice -3 1539

LC Apr +90 14590; Jun +67 13745; Oct +127 14095
FC May +155 18155; Aug +227 18690; Oct +202 18715
LH May -37 12055 (low 11940); Jun -157 12437; Oct +25 10202
Milk May -19 2251; Jun -32 2051

US$ -.05%

Dow +.3%
SP unch
NAS -.7%
Tran -.3%
VIX +4% 14.64

WTI unch
Brent -.8%
Gas -.8%
NG +2.3%
HO -.8%
Eth +.9%

Gold -.4%
Slvr -.9%

5-yr +.015 1.74%
10yr +.03 2.70%
30yr +.04 3.48%

Effective Wednesday, April 30, 2014 for trade date Thursday, May 1, 2014, the Board of Trade of the City of Chicago, Inc. (CBOT or Exchange) will apply variable price limits for grain and oilseed futures as described below. Also effective at the same time, the Exchange will remove price limits for all grain and oilseed options. These amendments were approved by the Commodity Futures Trading Commission on April 18, 2014.

KENTUCKY CASH GRAIN PRICES Click Here 

KENTUCKY LIVESTOCK AUCTIONS —  Click Here 

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