The “Weather Market” accelerated today as the hot, dry weather is dropping yield potential across the Corn Belt.  This afternoon’s USDA Crop Condition Report shows a drop of 2 points in corn and 4 points in soybeans. Tonight’s NWS maps show the next two weeks could have above-normal to much-above-normal temperatures.    See Maps here.

Live Cattle futures managed gains following Friday’s friendly Cattle on Feed Report.  The smaller-than-expected placements is more bullish the deferred contracts.  The huge CBOT rally slammed Feeder Cattle futures with the October down the $3 limit.

18 Major U.S. States Crop Condition/Progress: CORN Dented = 23 pct vs 73 pct year ago and 45 pct average                         Iowa= 9%, MN= 5%, WI= 5% Rated good/excellent = 59 pct vs 61 pct week ago Rated poor/very poor = 14 pct vs 13 pct week ago

SOYBEANS Set Pods = 84 pct vs 95 pct year ago and 90 pct average Rated good/excellent = 58 pct vs 62 pct week ago Rated poor/very poor = 13 pct vs 10 pct week ago

U.S. pasture conditions are deteriorating. Rated good/excellent = 41 pct vs 45 pct week ago Rated poor/very poor = 31 pct vs 28 pct week ago

Spring Wheat Harvested = 42 pct vs 54 pct average

Financial markets were impacted late in the trading day by rising concern about U.S. taking action in Syria.  Equities and Treasury yields dropped as precious metals rose.

Corn Sep +20 516 (hi 523); Dec +30.5 500.5 (hi 508) Bean Sep +62 1428 (hi 1435); Nov +61 1389 (hi 1398) Meal Sep +25 459; Dec +17 437 Oil +180 4444 Wheat Sep +20 655; Dec +21 667; JLY +20 680 (hi 689) KC +13 708;  MGE +13 729 Oats Sep -9 354; Dec +13 345 Rice +46 1624

LC Aug +30 12340; Oct +45 12715; Feb +85 13157 FC Aug -60 15440; Oct -300 limit 15580; Jan -257 15562 LH Oct +92 8602; Dec +82 8307; Feb +70 8520 Milk Aug -1 1789; Sep +22 1750

US$ steady

DOW -64 14946 SP -7 1657 NAS unch 3658 Tran unch 6479 VIX +1.01 14.99 (+7.2%)

WTI -29 10613 Brent +3 11107 Gas -5 296 NG +2 350 HO -1 309 Eth +7 251

Gold +9 1405 Slvr +57 2431

2-yr -.01 0.37% 5-yr -.03 1.59% 10yr -.03 2.79% 30yr -.03 3.77% KENTUCKY CROP PROGRESS AND CONDITIONS www.nass.usda.gov/Statistics_by_State/Kentucky/Publications/Crop_Progress_&_Condition/cw13/CW082613.pdf

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