CBOT futures closed higher, finally ending a long stretch of lower closes. Today’s buying relieves some of the “oversoldness” of the market. Additional short-covering may continue tomorrow on technical considerations. Futures started lower early this morning but trended up throughout the day to close near the day’s highs. Crop conditions were expected to hold steady and USDA’s numbers didn’t disappoint. Both corn and soybeans are rated much above last year and portend record yields if weather cooperates through August. This week’s weather will turn drier for the Corn Belt which should be helpful, although it could be cooler than normal. Much above normal rainfall could plague the mid-South and Delta.

Corn Conditions – 18 States       . Good/Excellent      Poor/V.Poor This Week 76%                5% Last Week 75%                5% Last year 66%                  9%

Silking: 34% vs 33% average

Soybean Conditions – 18 States           . Good/Excellent          Poor/V.Poor This Week        72%                    6% Last Week        72%                   5% Last year          65%                    8%

Blooming: 41% vs 37% average

Winter Wheat Harvested – 18 States 69% this week versus 66% last year and 68% for 5-year average.

U.S. Pasture: 55% good/excellent vs 46% year ago. 16% poor/v.poor vs 28% year ago.

Live Cattle futures closed lower but not below Friday’s lows. Cash cattle dropped a couple dollars/cwt last week. Boxed beef also weakened today. Choice Beef was down .65 to 251.14 and Select dropped .42 to 244.42/cwt.

Lean Hog futures closed higher as the July LH contract has only one more day to trade. Pork values were up at midday but the closing quote is in the red. FOB Plant Pork Cutout dropped .48 to 134.85/cwt. Loins dropped 3 percent and belly values rose 2.2 pct.

Corn Sep +3 381; Dec +3 388 (380-89) Bean Aug +1 1197; Sep +9 1108; Nov +11 1086 (1069-91) Meal Aug +1 389; Oct +3 351 Oil +11 3688 Wheat Sep +12 538; Dec +13 560 (546-62) KC +10 646; MGE +11 639 Oats +5 334 Rice -31 1289

LC Aug -132 14780; Dec -75 15225; Feb -110 15175 FC Aug +30 21067; Oct -52 21092; Mar +7 20457 LH Jly +57 13337; Aug +167 13035; Dec +80 10515 Milk Jly +7 2147; Aug +29 2099

US$ unch

Dow +112 17055 SP +10 1977 NAS +25 4441 Tran +59 8313 VIX -.26 11.82

WTI +8 10091 Brent +11 10677 Gas +2 293 NG unch 415 HO +1 287 Eth +.5 211 Gold -31 1307 Slvr -50 2096

2-yr +.012 0.464% 5-yr +.030 1.671% 10yr +.027 2.547% 30yr +.028 3.371%

Blue Grass Stockyards Cattle Auction Report for 07/14/2014 Receipts: 811 Last Monday: 825 Year Ago: 999 Compared to last week steers sold 2.00 to 5.00 lower with moderate demand; heifer calves sold steady to 3.00 lower with moderate to good demand. Quality was plain through good. Yearling steers sold 4.00 lower in a limited comparison. Yearling heifers lightly test. Slaughter cows sold steady with good demand, slaughter bulls sold 3.00 lower with moderate demand. Total supply included 09% slaughter cows, 02% slaughter bulls, less than 01% replacements and 88% feeders. Feeder supply 40% steers, 25% bulls, 35% heifers with 44% of feeders weighing over 600 lbs.

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