CBOT Corn futures posted small gains at the close, supported by slow farmer selling and higher wheat futures prices.  Wheat rallied on strong year-to-date wheat export sales, Chinese demand for wheat, and talk of production cuts in some foreign producers. However, U.S. wheat prices are higher than the competition’s.

November Soybean futures closed slightly higher after trading a wide range the past 24 hours. The low came Tuesday evening at the opening of electronic trade and the high posted at the opening of the pit trade, before prices closed near the bottom of the daytime range. While the August contract jumped on tight cash supplies, the new-crop contracts were lifted by the varied crop conditions, uncertain harvestable acreage, talk of an increased risk of an early frost this year and technical considerations.  Soybean futures are at risk of a sell-off if the Spec funds aggressively sell their huge LONG futures position.  Critical chart support for November Soybeans is $11.86 1/2, the low posted in April 2013.  SEE CHART by CLICKING HERE.

Live Cattle futures closed little changed as traders wait for better information on cash cattle prices or rising beef values.  No help from boxed beef today with Choice down 0.46 at 186.32; Select down 0.01 at 181.65/cwt.

The August Lean Hog contract closed strongly higher as the pork product market maintained the sharp gains made on Tuesday, thanks to higher pork belly prices.

Corn Sep +3.5 499; Dec +1.5 479; May +1 499 Bean Aug +24 1374; Sep +1 1250; Nov +3 1206 (1194-1211) Meal Aug +6 435; Dec +1 365 Oil -2 4209

Wheat Sep +9 664; Dec +9 677; Jly +8 689 KC +10 707; MGE +4 741

Oats +2 340 Rice -7 1582

LC Aug -20 12145; Dec unch 12837; Feb +10 12995 FC Aug +17 15342; Oct +47 15910; Jan +22 15915 LH Aug +70 9757; Oct +12 8332; Feb +5 8295 Milk Aug -6 1778; Sep +4 1868

US$ -.2%

Dow -21 15500 SP unch 1686 NAS +10 3626 Tran +40 6462 VIX +.06 13.45

WTI +224 10532 Brent +93 10784 Gas +2 300 NG +2 345 HO +5 306 Eth +6 229

Gold -2 1322 Slvr +8 1976

2-yr unch 0.33% 5-yr stdy 1.39% 10yr -.02 2.59% 30yr -.04 3.65% Treasury yields were up sharply earlier in the day before the Federal Reserve’s announcement made following this week’s 2-day meeting. The Fed’s “tapering” might be slower to come than traders believed.

Economic and Policy Update    July 30, 2013 - Online at:  http://www.ca.uky.edu/agecon/index.php?p=209

In this issue:

• UK Hemp Report – Will Snell
• Maintaining Business Structure Integrity through Proper Record Keeping: Corporations & LLCs – Jonathan Shepherd
• 2013 Corn Acreage, Yield and Demand Update – Cory Walters
• Late Summer Nitrogen Applications to Pastures: Will they Pay in 2013? – Greg Halich

POTASH PRICE EXPECTED TO FALL – Bloomberg News http://www.bloomberg.com/news/2013-07-30/uralkali-sees-potash-price-slump-after-exiting-bpc-trade-venture.html

KENTUCKY PEST NEWS  July 30, 2013 Issue is online at:  www.uky.edu/KPN KENTUCKY CASH GRAIN BIDS – Click Here