CBOT futures closed higher led by soybeans and meal. Strong export demand and a firm cash market caused a short-covering rally back near Tuesday’s highs. Although forecasts still call for cool weather, there is growing attention to a lack of widespread rainfall. August is the critical month for soybean yields.

Cattle futures closed mixed with price action quite volatile in the 830-10 am period. Boxed beef values backed off some from yesterday’s midday record quotes. Traders are banking long-profits ahead of Friday’s Cattle on Feed Report that’s expected to show July 1st ON-feed inventory at 98.2 pct of year ago. Lean Hog futures dropped the daily price limit of $3.00 as traders worry more about nearby cash markets. USDA’s Cold Storage Report also showed more pork in the freezer than expected. August futures are at a discount to cash prices however.

Corn Sep +2 362; Dec +2 371; Dec’15 +2 411 Bean Aug +17 1201; Nov +19 1076; Nov’15 +8 1078 Meal Aug +10 391; Oct +5 350 Oil +27 3620 Wheat Sep +6 531; Dec +6 554; Jly +5 607 KC +2 623; MGE +2 621 Oats +3 333 Rice -4 1312

LC Aug +10 15605; Dec -20 15772; Apr -125 15500 FC Aug +122 21725; Oct +127 21817; Mar +17 20825 LH Aug -300 12457; Oct -300 11045; Feb -300 9697 Milk Aug +28 2188; Sep +38 2106

US$ unch

Dow -27 17087 SP +3 1987 Record Close NAS +18 4474 Tran +13 8469 VIX -.72 11.52

WTI +64 10303 Brent +84 10817 Gas -2 286 NG -1 376 HO +2 288 Eth +1 210 Gold -1 1305 Slvr -4 2097

2-yr -.008 0.471% 5-yr -.010 1.648% 10yr -.002 2.464% 30yr +.008 3.260%

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