CBOT futures are higher with WHEAT futures leading the way on technical-based buying supported by fundamentals of world quality concerns and Russia’s buildup of troops on Ukrainian border. The funds are short wheat futures and are fueling the rally. KC and MGE September contracts are testing key chart resistance from the July 17th highs.

Cattle futures are trading lower on ideas that cattle and beef values will weaken. The midday Choice beef quote is 262.14, down 1.13, and Select is down .77 to 255.98. Feeder futures are also pressured by the rally in CBOT futures.

Lean Hog futures are little changed. LH futures popped sharply higher around 730 am CDT but quickly started giving those gains back and now prices are near unchanged. The sharp discount of the August LH contract to the cash hog index could have contributed to the buying. However, the FOB Plant Pork cutout is down over a dollar in the midday quote.

Corn Sep +6 362; Dec +6 374 (366-74) Bean Sep +8 1089; Nov +7 1073 (1059-76) Meal Sep +3 358 Oil +30 3587 Wheat Sep +17 569; Jly +12 624 KC +16 659; MGE +19 648 Oats +6 366 Rice unch 1267

LC Aug -20 15825; Feb -22 15592 FC Aug -42 22082; Oct -45 21960; Mar -62 21050 LH Aug +22 11607; Oct -12 10155 Milk Aug +4 2167; Sep +13 2162

US$ +.1%

Dow +.3% SP +.3% NAS +.5% Tran -.3% VIX -6.5% 15.77

WTI +.1% Brent +.3% Gas +1.5% NG +.3% HO +1% Eth +.7% Gold +1.6% Slvr +1%

5-yr -.016 1.648% 10yr -.016 2.467% 30yr -.011 3.267%

Watch for Mites in this Dry Weather! Doug Johnson, Extension Entomologist, University of Kentucky     At least one soybean field in the Jackson Purchase area has suffered from mite damage.  Deciding on the need for mite control is very difficult. READ UK ALERT here.

KENTUCKY CASH GRAIN PRICES – Click Here 

KENTUCKY LIVESTOCK AUCTIONS --  Click Here 

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