CBOT futures closed out the week on a really bad note, but are still higher than a week ago.  JULY contracts expired at Noon CDT today with very volatile price movements in wide trading ranges.  This JULY expiration combined with improved weather forecasts and pre-weekend profit-taking to cause sharp losses on the day near the daily lows. Sunday evening’s model updates for July weather will likely determine if CBOT futures move up or down as the markets open up.

Cattle futures closed mixed with little change after making a trip lower between 11 am and 12:30 pm CDT.  Cash cattle trade was not well established but boxed beef dropped again today.  Choice down 1.19 at 191.53; Select down 1.04 at $183.67/cwt.  Keep in mind that the large funds are very long LIVE CATTLE futures.

Lean Hog futures closed lower with the August LH contract trading to a new low for this recent trend of lower prices that started 10 trading days ago – down about $5/cwt off the contract high on June 27.  Pork values have been dropping all week, but recovered a little today -- FOB Plant Pork Cutout increased 0.73 to $101.48/cwt.

Corn Sep -15 545.5; Dec -18 509; Mar -18 521 Bean Aug -43 1429; Sep -34 1298; Nov -33.5 1257 Meal Aug -15 443; Dec -14 374 Oil -31 4622 Wheat Sep -2 681; Dec -3 694; Jly14 -3 709 KC unch 708.5;  MGE -1 766 Oats -4 352 Rice -17 1520

LC Aug -7 12185; Oct -35 12607; Feb -5 12957 FC Aug unch 15012; Oct +27 15445; Jan -20 15695 LH Jly -7 10210 (expires Monday); Aug -37 9490; Dec -10 8135 Milk Jly -2 1736; Aug -15 1765

US$ +.2% Dow +3 16464 SP +5 1680 NAS +22 3600 Tran -35 6437 VIX -.17 13.84

WTI +104 10595 Brent +108 10881 Gas +10 312 NG +3 364 HO +3 303 Eth -2 245

Gold -2 1278 Slvr -16 1978

2-yr +.03 0.37% 5-yr +.03 1.43% 10yr +.01 2.61% 30yr unch 3.64%

 

USDA EXTENDS ACREAGE REPORTING DEADLINE FOR FSA TO AUG. 2, 2013 Risk Management Deadline Remains Unchanged

July 12, 2013 – John W. McCauley, USDA Kentucky Farm Service Agency (FSA) State Executive Director, announced an extension of the FSA acreage reporting deadline.  Farmers and landowners have an additional 18 calendar days to submit their annual report of acreage to their local FSA county office with the deadline extended from Monday, July 15, 2013, to Friday, Aug. 2, 2013.     Only the FSA reporting deadline has been extended.   The acreage reporting requirement for crop insurance has not changed and remains July 15.

 

Kentucky Weekly Livestock Summary for July 5-11, 2013

Receipts This Week   Last Week   Last Year 19,538     No Report    14,498

There is no comparison available due to the holiday last week.  However, after the off week, trading was active.  Demand was good to very good for all classes of Steers and Heifers and good for Slaughter Cows and Bulls.

Supply:  Slaughter Cows 7 percent; Slaughter Bulls 2 percent; Feeder cattle 90 percent.  In the feeder supply, Steers made up approximately 46 percent and Heifers approximately 37 percent.  Steers and Heifers over 600 lbs totaled approximately 62 percent.  Replacement cattle 1 percent.

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