CBOT corn, wheat and soy complex futures closed sharply higher and at/near the day’s highs.  On a percentage basis, corn futures led the market up, followed by soybean futures.  Two factors supported the market: 1) warm, dry weather forecasts imply that yields won’t reach their potential since parts of the Corn Belt have been running behind normal in rainfall; 2) last week the USDA-FSA office released an acreage report that indicates acreage will be smaller than that used in the recent Crop Production Report.

Tonight’s 6-14 day NWS forecast maps call for Above-normal temperatures and mostly Above-normal rainfall.  However, actual rainfall may be more spotty than this general forecast.  See MAPS here.

Corn condition rankings declined about 3 points this week, while soybean conditions fell about 2 points.  Declines in these rankings are normal in August.

18 Major U.S. States Crop Condition/Progress: CORN Dented = 11 pct vs 57 pct year ago and 30 pct average Rated good/excellent = 61 pct vs 64 pct week ago Rated poor/very poor = 13 pct vs 11 pct week ago

SOYBEANS Set Pods = 72 pct vs 90 pct year ago and 81 pct average Rated good/excellent = 62 pct vs 64 pct week ago Rated poor/very poor = 10 pct vs 9 pct week ago

U.S. pasture conditions are steady with last week.

Cattle futures closed mostly higher by small amounts. The August Live Cattle contract dropped back to near last week’s cash cattle trade level. Boxed beef finished stronger today with Choice carcasses up 0.83 at 195.22 and Select carcasses down 0.24 at 186.15.

Corn Sep +19.5 493; Dec +22 485.5; Jly +21 511

Bean Sep +39 1322; Nov +44 1303; Jly +15 1251 Meal Sep +11.5 420; Dec +18 404 Oil +64 4345

Wheat Sep +10.5 641.5; Dec +10 653; JLY +8.5 669 KC +5 703; MGE +8 745

Oats +7 385 Rice -5 1550

LC Aug -25 12365; Oct +15 12807; Feb+27 13202 FC Aug +12 15490; Oct +25 16012; Jan +32 15975 LH Oct -25 8647; Dec unch 8345; Feb -5 8542 Milk Aug -2 1803; Sep -39 1784

US$ steady

Dow -71 15011 SP -10 1646 NAS -14 3589 Tran -46 6329 VIX +.73 15.10   +5%

WTI -43 10686 Brent -81 10959 Gas -4 293 NG +9 346 HO -1 307 Eth +2 225

Gold -5 1366 Slvr -18 2314

2-yr +.01 0.37% 5-yr +.05 1.61% 10yr +.06 2.89% 30yr +.05 3.90%

Blue Grass Stockyards Cattle Auction Report for 08/19/2013

Receipts:  948   Last Monday:  611   Year Ago:  788

Compared to last week steer and heifer calves sold steady to 3.00 higher with very good demand. Yearling steers sold steady to 1.00 higher in a light test with very good demand.  Yearling heifers lightly tested.  Average to good quality offering.  Slaughter cows and slaughter bulls sold steady with good demand.

Total supply included 11% slaughter cows, 02% slaughter bulls, 01% replacements and 86% feeders.  Feeder supply 41% steers, 28% bulls, 31% heifers with 49% of feeders weighing over 600 lbs.

KENTUCKY CROP PROGRESS AND CONDITIONS www.nass.usda.gov/Statistics_by_State/Kentucky/Publications/Crop_Progress_&_Condition/index.asp

KENTUCKY CASH GRAIN BIDS – Click Here