Soybean futures closed strongly higher on short-covering due to concerns that some acreage won’t get planted and that excessive rainfall this week could hurt. Soybean futures erased the cumulative losses from the past four trading days. The soybean rally also supported corn and wheat futures. With wheat in or near harvest, this week’s heavy rainfall is not welcomed.

5-Day Precipitation Forecast

http://www.wpc.ncep.noaa.gov/qpf/day1-7.shtml Cattle futures closed mostly higher, adding to Monday’s gains and chipping away at last Friday’s sharp losses. Support came from higher boxed beef values -- Choice Beef rose 2.14 to 249.47 and Select gained 2.10 to 242.56/cwt.

Lean Hog futures closed slightly lower – a good result following three days of sharp losses. Pork values finished higher. FOB Plant Pork gained 1.42 to 86.03 with higher values for ribs, hams and bellies.

Corn Jly +6 354; Dec +6 370 (362-70) Bean Jly +20 957; Nov +23 927 (905-29) Meal Jly +8 321 Oil +21 3290 Wheat Jly unch 489 (487-95); Dec -1 508 KC -2 506; MGE +2 547 Oats unch 252 Rice +2 980

LC -12 15205; Oct +15 15365; Feb +62 15445 FC Aug +95 22485; Oct +32 22035; Jan +25 21077 LH Jly -5 7715; Oct -32 6555; Dec -20 6280 Milk Jun unch 1674; Jly +5 1700

US$ +.1% Dow +113 17904 SP +12 2096 NAS +26 5055 Tran -28 8348 VIX -.58 14.81 -3.8%

WTI +56 6008 Brent -20 6375 Gas +5 215 NG +2 291 HO +1 188 Eth +2 148 Gold -6 1179 Slvr -10 1598

2-yr -.009 0.693% 5-yr -.038 1.662% 10yr -.049 2.309% 30yr -.047 2.041%

Lexington Auction Weighted Average Report for 06/15/2015 Receipts: 562 Last Week: 1140 Year Ago: 1192 Compared to last week steer calves sold steady with good demand, heifer calves sold firm with very good demand. Yearling steers lightly tested. Yearling replacement quality heifers 3.00 to 5.00 higher with very good demand. Average to good quality offering today. Slaughter cows sold steady to weak with moderate demand. Slaughter bulls sold steady with good demand.

16 replacement cattle, 114 slaughter cattle, and 432 feeder cattle. Today's supply included 32.7 percent that weighed over 600 lbs. 15.4 percent steers and 22.6 percent bull calves 6.6 percent Holstein Steers and 37.1 percent heifers of total recorded feeder supply. 103 head of slaughter cows with 96 percent going to slaughter. 11 head of slaughter bulls with 100 percent going to slaughter.