CBOT futures are higher led by soybean and meal futures. Rain prospects seem to be less than the market was trading on last Friday. Additional export sales for soybeans provided more support. Wheat futures are up for the fourth straight day on short-covering amid ideas that more of the foreign supplies are dropping in quality.

Traders expect this afternoon’s USDA crop ratings to drop 1-2 points from a week ago. USDA’s next Crop Production Report comes on August 12.

Cattle futures are higher. Cattle futures broke to the day’s lows soon after the 9 am opening but have been recovering throughout the morning. Futures are now near the day’s highs. August LC is discounted to last week’s cash price. At midday, Choice beef is down .88 to 262.25.

Lean hog futures are down in the nearby August LH contract but deferred futures are higher as they remain at a sharp discount to the nearby markets. Traders will watch closely the number of hogs coming to town and the average weight.

Corn Sep +3 356; Dec +4 366 Bean Sep +17 1091; Nov +19 1077 Meal Sep +5 361; Oct +6 351 Oil Sep +49 3603 Wheat Sep +13 547; Jly +7 603 KC Sep +11 ; MGE +8 624 Oats +2 353 Rice +1 1280

LC Aug +62 15792; Dec +2 15645 FC Aug +85 22112; Oct +50 22010 LH Aug -45 11757; Oct +97 10380 Milk Aug -3 2144; Sep +18 2175

US$ steady

Dow -.1% SP steady NAS +.2% Tran -.4% VIX -4% 16.35

WTI +.2% Brent +.4% Gas -.4% NG +.7% HO +.1% Eth +.3% Gold -.4% Slvr -.7%

5-yr -.033 1.640% 10yr -.034 2.471% 30yr -.023 3.273%

Kentucky Weekly Livestock Summary for the week of Ju1 25-31, 2014 Receipts This Week Last Week Last Year 19,183 19,258 17,702 Compared to last week, Steers Calves sold mostly steady to 2.00 higher with some lighter steers up to 10.00 higher, Yearling Steers sold 2.00 to 4.00 higher. Heifer Calves sold 5.00-10.00 higher, Yearling Heifers sold 2.00 to 5.00 higher. There was very good demand for all classes. Slaughter Cows sold 1.00 higher and slaughter bulls 2.00 to 3.00 higher with very good demand. Widespread rain over the weekend combined with milder temperatures this week increased demand for featherweight and stocker calves. The market very active this week.

Supply: Slaughter Cows 8 percent; Slaughter Bulls 2 percent; Feeder cattle 89 percent. In the feeder supply, Steers made up approximately 40 percent and Heifers approximately 41 percent. Steers and Heifers over 600 lbs totaled approximately 49 percent. Replacement cattle 1 percent.

 

 

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