Market Update - July 10, 2013

Posted on Jul 10, 2013
CBOT futures are mostly higher, supported by tight old-crop corn and soybean supplies, as well as a hotter, drier forecast over the next 2 weeks.  The JULY CBOT contracts end trading at Noon on Friday.  Once these contracts are “off the board”, trading will be focused on the new-crop.

CBOT wheat futures are up slightly but are taking a break from the 5-day 30-cent rally that preceded today.

Outside markets are supportive today with the US dollar down sharply and energy futures rising after US stockpiles were reported smaller than expected.

Cattle futures are lower, but not far off the recent highs.  LIVE CATTLE futures are looking for direction from the boxed beef market and cash cattle trade.  Tuesday’s beef values were mixed with CHOICE lower ($194.32) and SELECT higher ($185.85).

LEAN HOG futures are moderately higher despite a falling Pork Cutout value.  However, July LH futures are at a discount to the last reported CME Lean Hog Index of $103.36.  Today’s rally recovers part of Monday and Tuesday’s futures losses.

Corn Sep +4.5 556; Dec +1 523

Bean Aug +10 1478; Nov +18 1294 Meal Aug +6 455; Dec +8.5 387.5 Oil +4 4706

Wheat Sep +3 680; Dec +3 694; Jly’14 +1 708 KC +5 709;  MGE +3 772

Oats -2 359

Rice +12 1532

LC Aug -55 12217; Dec -27 12840 FC Aug -37 15077; Oct -35 15505

LH Jly +75 10160; Oct +82 8467

Milk Jly +10 1740; Aug +35 1805

US$ -.5%

Dow -.2% SP -.2% NAS +.1% Tran -.5% VIX +1.1% 14.51

WTI +2% Brent +.4% Gas +2% NG +.4% HO +.4% Eth +.6%

Gold +.7% Slvr +.4%

5-yr +.02 1.51% 10yr +.03 2.67% 30yr +.03 3.68%

FSA Acreage Reporting Deadline is July 15, 2013

July 10, 2013  --  The Kentucky Farm Service Agency is reminding producers that the acreage reporting deadline for the 2013 crop year is July 15, 2013.  Acreage reports are required for many Farm Service Agency programs.  Crops reported after July 15, will be considered late filed; however , the late file fee will be waived for the 2013 crop year for crops reported July 15 through September 15.

Producers are also reminded that August 2nd is the deadline to sign up for DCP.

Registration is open for Kentucky Grazing School

The 2013 Kentucky Grazing School will be Aug. 21-22 in Woodford County, at 7:30 a.m. to 5:30 p.m. EDT both days.  Preregistration is necessary, and Aug. 14 is the deadline to register. Enrollment is limited to the first 45 registrants. Applications are available online at http://www2.ca.uky.edu/grazer or through the county extension office.

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates