CBOT futures traded wide ranges with lows set late morning before soybeans rallied on a friendly Crush Report. While corn closed strongly, soybeans fell off the day’s highs under pressure from the soybean oil pit. The weather looks to be wet in the Corn Belt for the next few days but the 6-14 day outlook is warmer and drier than normal. If this forecast proves true, prices may be pressured. Yesterday’s technical price reversals will hang over the market.

Cattle futures closed mixed. LC and FC rallied in the morning on stronger boxed beef and lower corn futures. However, futures dropped as the CBOT rallied into the close. LC futures weakened further late day as the beef market went from up a dollar to down a dollar. Choice down 1.10 at 234.94; Select down 0.25 at 233.71/cwt.

Lean Hog futures closed mixed with the August LH contract lower despite its discount to the Cash LH Index above 80.00 and stronger hog cutouts. FOB Plant Pork gained .72 to 82.55 on a 4% pop in the belly value; ribs dropped 2.5%. The July LH contract expired today at 80.47.

Corn Sep +1 429; Dec +1 440 (432-43) Bean Aug -8 1025; Nov -9 1016 (1005-27) Meal Aug +5 362; Oct +2 351 Oil -75 3165 Wheat Sep -4 567; Dec -2 574 KC -2 559; MGE -2 589 Oats unch 255 Rice -2 1106

LC Aug -12 14702; Oct -10 15022; Feb -12 15292 FC Aug +102 21432; Oct +80 21162; Jan +27 20405 LH Aug -62 7530; Oct +5 6497; Dec +27 6150 Milk Jly -4 1634; Aug -30 1610

US$ +.5% 97.14 Dollar has gained 3.5% since the mid-June lows. Resistance sits at 97.8.

Dow -3 18050 SP -2 2107 NAS -6 5099 Tran -60 8224 VIX -.14 13.23

WTI -143 5161 Brent -116 5735 Gas -7 186 NG +8 292 HO -5 168 Eth -2 158 Gold -5 1148 Slvr -26 1506

2-yr -.008 0.633% 5-yr -.028 1.633% 10yr -.040 2.359% 30yr -.048 3.143%

Lexington Auction (Tues) Weighted Average Report for 07/14/2015 Receipts: 307 Last Week: 904 Year Ago: 1536 Light run of cattle today due to widespread storms overnight which created extensive flooding and muddy conditions; rainy pattern has persisted for two weeks across central Kentucky. Compared to yesterday steer and heifer calves sold steady in a light test with very good demand for high quality 400-600 lb heifers. Yearling steers and heifers no comparison. Light run of average to good quality cattle today. Slaughter cows and slaughter bulls sold weak with light demand for low dressing individuals.

2 replacement cattle, 17 slaughter cattle, and 288 feeder cattle. Today's supply included 77.3 percent that weighed over 600 lbs. 13.7 percent steers and 8.2 percent bull calves 1.0 percent Holstein Steers and 69.2 percent heifers of total recorded feeder supply. 10 head of slaughter cows with 100 percent going to slaughter. 07 head of slaughter bulls with 100 percent going to slaughter.