Due to favorable growing conditions and weather forecasts for the main Corn Belt, CBOT futures gapped lower when trade opened Sunday night. December Corn and November Soybeans left the gaps open with corn futures moving to new contract lows. November soybean contract tested the July 11th low.

This afternoon’s crop ratings are unchanged for the 18-States for corn and soybeans. These ratings are much better than “normal” and have traders predicting record yields.

Corn Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 76%   5% Last Week 76%   5% Last year 63%   11%

Silking: 56% vs 55% average

Soybean Conditions – 18 States . Good/Excellent Poor/V.Poor This Week 73%   5% Last Week 72%   6% Last year 64%    8%

Setting Pods: 19% vs 17% average

Winter Wheat Harvested – 18 States 75% this week versus 66% last year and 68% for 5-year average.

U.S. Pasture: 53% good/excellent vs 55% last week and 44% year ago. 17% poor/v.poor vs 16% last week and 28% year ago.

Live Cattle futures closed higher for the third straight day. The rally based on cash cattle strength from Friday was boosted today by a strong wholesale beef market. Choice Beef closed up 2.07 to 250.52/cwt and Select Beef gained 1.43 to 244.08. The August LC contract is about $3.00 from the contract high. Thus it’s recover two-thirds of its early July loss.

The bears have won out as the August LH contract is down for the 4th straight day. Price also closed below chart support at $126. The next support is probably 123.70. FOB Plant Pork dropped 2.57 to 134.99 on sharp losses in the value of loins and bellies; ribs rose 2 percent.

Corn Sep -7 364; Dec -6 372 (370-76); Dec’15 -6 412 Bean Aug -1 1176; Sep -13 1091; Nov -14 1071 (1065-80); Nov’15 -11 1082 Meal Aug unch 381; Oct -5 350 Oil -43 3614 Wheat Sep -2 530; Dec -2 554; Jly +1 606 KC -6 628; MGE -7 623 Oats unch 332 Rice -14 1298

LC Aug +132 15295; Dec +80 15535; Apr +35 15452 FC Aug +137 21302; Oct +135 21390; Mar +105 20565 LH Aug -197 12510; Oct -85 11270; Feb +17 9945 Milk Aug +7 2140; Sep +10 2043

US$ +.1%

Dow -48 17052 SP -5 1974 NAS -7 4425 Tran -25 8361 VIX +.75 12.81

WTI +93 10288 Brent +53 10777 Gas +3 289 NG -10 385 HO +2 286 Eth -2 208 Gold +3 1313 Slvr +8 2096

2-yr +.012 0.492% 5-yr +.015 1.681% 10yr -.015 2.469% 30yr -.032 3.260%

Blue Grass Stockyards Cattle Auction Report for 07/21/2014 Receipts: 1054 Last Monday: 811 Year Ago: 795 Compared to last week steer calves sold steady with good demand; heifer calves sold steady except yearling 600-700 load 4.00 higher with very good demand. Quality was good through attractive. Yearling steers no test. Yearling heifers 4.00 higher. Slaughter cows and slaughter bulls sold firm with good demand. Total supply included 07% slaughter cows, 03% slaughter bulls, less than 01% replacements and 90% feeders. Feeder supply 23% steers, 25% bulls, 52% heifers with 41% of feeders weighing over 600 lbs.

KENTUCKY CASH GRAIN PRICES – Click Here 

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