CBOT futures closed lower after trading higher overnight. Corn futures gapped higher Sunday evening, traded sideways overnight, then headed lower when trading reopened at 830 am.  Soybean futures also started higher, but traded sideways until late morning before succumbing to the selling pressure. Prices were pressured by continued fund liquidation as they try to shrink their long positions ahead of Tuesday’s WASDE report that may have a bearish tone.  Market reports indicate the funds’ soybean long is still quite large. In contrast, the funds are supposedly at or near a record short position in wheat futures. Weather forecasts offer limited threats to production.
 

Nationally, corn and soybean condition ratings slightly improved.  Compared to a week ago, Kentucky’s corn crop was near steady but soybean conditions did slip. Flooding in western KY has damaged crops in addition to roads and other infrastructure.

Flooded Corn and Chance for Survival -  UK Article   (click here)

Week ending July 10
U.S. Corn Conditions
.        Good/Excellent  Poor/V.Poor
This Week      76%           5%
Last Week      75%           5%
Last year      69%           9%

U.S. Soybean Conditions
.        Good/Excellent  Poor/V.Poor
This Week      71%           6%
Last Week      70%           7%
Last year      62%          11%

Winter Wheat is 66% harvested compared to 65% for the 2011-15 average.

Live and Feeder Cattle futures closed sharply lower with October LC down the daily $3.00 limit (limit expands to $4.50 tomorrow).  Cattle opened near steady with Friday’s closes but selling pushed prices lower throughout the morning. After cash cattle were priced $3.00/cwt lower on Friday, traders came into the office ready to liquidate longs. As prices fell, others jumped on the bandwagon, pushing some prices to limit-down levels. Live Cattle futures hit new contract lows; Feeder futures made contract lows on June 20 about $5.00 below today’s closing prices. Even with August LC futures at a sharp discount to the recent $120/cwt trade, traders are concerned about beef demand. Boxed beef values are down. Choice down 0.65 at 208.70; Select down 0.88 at 195.40. 

 

Lean Hog futures also closed lower. Pressure came from the bearish cattle market and by a weak pork market. FOB Plant Pork closed up .06 to 89.54.  This is better than the midday quote of 88.67.  

Corn Sep -7 348; Dec -7 355 (351-68)

Bean Aug -6 1077; Nov -3 1055 (1051-77)

  Meal -4 373

  Oil -2 3033

Wheat Sep -4 430; Dec -3 453

  KC -4 417; MGE -1 500

Oats +8 204

Rice +6 1068

 

LC Aug -287 10935; Dec -290 11087; Feb -260 11117

FC Aug -400 13945; Oct -402 13745; Jan -325 13220

LH Jly -42 7962; Oct -67 6792; Dec -60 6157

Milk Jly -1 1519; Aug -19 1577

 

US$ +.3%

Dow +80 18227

SP +7 2137  - RECORD HIGH CLOSE

NAS +32 4989

Tran +29 7712

  VIX +.34 13.54

 

WTI -65 4476

Brent -66 4610

Gas +1 138

NG -10 270

HO unch 142

Eth -1 158

Gold -2 1357

Slvr +20 2030
 

Kentucky Farm Bureau Minute video  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here