CBOT futures closed mixed with the soy complex down sharply led by the old-crop contracts. Today’s lows are near Monday’s lows. Given outstanding crop ratings for corn and soybeans with a favorable 2-week weather forecast, traders are raising their ideas of how big the crops will be for 2014. Abundant crop supplies will generate price competition between the commodities and keep prices in check. USDA will update its forecasts for 13/14 and 14/15 supply-demand tables on Friday at Noon EDT.

Live Cattle futures were mostly lower with the nearby August LC contract down sharply on heavy spread trading by a large commodity fund. The August is now at a marked discount to last week’s cash trade. With boxed beef values hitting new record highs today, cash cattle may trade even higher this week as slaughter schedules return to normal. Feeder Cattle futures closed lower after hitting new contract highs on Monday. Choice Beef gained 1.85 to 250.03 and Select gained 1.59 to 242.82.

FOB Plant Pork cutout closed down .25 to 134.27.

Corn Sep -2 398; Dec -2 404; Dec’15 -1 437 Bean Aug -25 1248; Sep -9 1141; Nov -9 1116; Nov’15 -10 1121 Meal Aug -7 402; Oct -2 360 Oil -55 3788 Wheat Sep unch 556; Dec unch 580; Jly +1 631 KC Sep -5 664; MGE -5 657 Oats +4 350 Rice +8 1370

LC Aug -142 15352; Dec +15 15535; Apr -17 15522 FC Aug -210 21590; Oct -165 21755; Apr -110 21175 LH Jly +40 13220; Aug -197 12985; Dec +20 10425 Milk Jly -5 2132; Aug -13 2053

US$ -.1%

Dow -118 16907 SP -14 1964 NAS -60 4391 Tran -8 8201 VIX +.65 11.98

WTI -10 10343 Brent -132 10892 Gas -2 297 NG -2 421 HO -4 288 Eth +4 214 Gold +3 1320 Slvr +7 2108

2-yr -.008 0.508% 5-yr -.040 1.694% 10yr -.058 2.559% 30yr -.062 3.377%

Blue Grass Stockyards Cattle Report for 07/08/2014 Receipts: 1169 Last Tuesday: 789 Year Ago: 1354

Compared to Monday steer calves sold steady with very good demand. Heifer calves sold steady to 2.00 higher with very good demand. Quality was average through good. Yearling steers sold steady in a limited comparison. Yearling heifers limited comparison with yesterday however exceptionally good demand for yearling heifers today. Exceptionally good demand for yearling Holsteins today. Slaughter cows and slaughter bulls sold steady with good demand.

Total supply included 06% slaughter cows, 02% slaughter bulls, 01% replacements and 91% feeders. Feeder supply 57% steers, 06% bulls, 37% heifers with 71% of feeders weighing over 600 lbs.

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