CBOT futures closed higher, led by soybean oil and soybean futures. Market support continues to come from strong export demand for soybeans and corn. Recent weakness in the US Dollar promotes export sales. Corn was also supported by strong ethanol production last week.  Wheat futures closed higher on short-covering with KC and MGEX wheat leading the gains.  KC and Chicago wheat posted their highest closes since July 25. MGEX spring wheat futures have trended higher throughout August and are up 27 cents since July 25.  

Cattle futures closed lower for the third straight day as traders doubt cash cattle prices will strengthen much. August LC is about $4.00 below last week’s average cash steer price. Live Cattle futures closed near the day’s lows. Choice carcasses down 0.09 at 201.75; Select up 0.46 at 193.13. Feeder futures moved to new lows for the latest downtrend as firming CBOT futures added to the weakness from Live Cattle futures.

Lean Hog futures closed strongly higher, erasing part of Tuesday’s large losses. FOB Plant Pork closed up .40 at 74.36. Belly values bounced back 3.83 cents after the 14.86 cent drop yesterday.

Corn Sep +3 330; Dec +2 340 (336-40)

Bean Sep +11 1030; Nov +9 1016 (1003-17)

  Meal unch 337

  Oil +63 3401

Wheat Sep +2 426; Dec +3 443; Jly +4 482

  KC +7 418; MGE +8 524

Oats -2 170

Rice -21 1022

 

LC Aug -75 11475; Dec -65 11360; Feb -37 11352

FC Aug -40 14672; Oct -35 14242; Jan -40 13472

LH Oct +115 6100; Dec +130 5675; Feb +125 6137

Milk Sep +34 1773; Oct +27 1738

US$ steady

Dow +22 18574

SP +4 2182

NAS +2 5229

Tran +32 7882

  VIX -.45 -3.5%

 

WTI +36 4694

Brent +57 4980

Gas +3 145

NG unch 261

HO +3 149

Eth -1 143

Gold -3 1354

Slvr -18 1969

2-yr -.016 0.730%

5-yr -.026 1.131%

10yr -.027 1.549%

30yr -.039 2.258%

LOWER MEAT PRICES LIMIT FOOD INFLATION

   Consumer food prices were unchanged in July due mostly to declining meat costs, the Labor Dept. reported. The consumer price index for meats, poultry, fish and eggs purchased at the grocery store dropped 0.6 percent last month, following a 0.7 percent decrease in June. Over the last 12 months, meat, poultry, fish and egg prices together have fallen 5.6 percent. The decline has contributed to a decrease of 1.6 percent in the index for all food consumed at home over that time span.

   For all food (at home and away), consumer prices rose 0.2 percent over the past year, the smallest 12-month increase since the year ending March 2010.
 

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here