CBOT futures are down sharply but off the day’s lows. Trading ranges are relatively narrow today. Old-crop soy futures led the market down when trading restarted at 830 am CT. Monday’s corn and soybean crop ratings were stable and probably shook out a few bullish traders amid the prospect of a record soybean crop and tripling of U.S. ending stocks in 2015.

Outside markets are bearish today with a stronger US dollar and sharply lower energy futures.

Cattle futures are trading mixed, waiting on more price direction from the wholesale beef market and feedlot trade. Lean Hog futures are steady to lower with weakness focused in the deferred contracts. Pork is quoted steady to firm at midday.

Corn Sep -9 373; Dec -8 380 (378-88) Bean Aug -28 1169 (low 1153); Nov -12 1074 (1070-86)    Meal Aug -9 380; Oct -4 347    Oil -42 3646 Wheat Sep -6 531; Dec -6 554     KC -9 637; MGE -9 641 Oats unch 334 Rice unch 1290

LC Aug +35 14815; Dec -2 15222; Feb +47 15222 FC Aug +67 21135; Oct +15 21107; Mar -42 20415 LH Aug -2 13032; Oct unch 11572; Feb -70 9820 Milk Jly +1 2144; Aug -1 2096

US$ +.2% Dow -.1% SP -.3% NAS -.8% Tran +.2% VIX +2.6% 12.13

WTI -1.7% Brent -2.1% Gas -1.6% NG -.9% HO -1.3% Eth -1% Gold -.7% Slvr -.3%

5-yr +.012 1.686% 10yr +.005 2.554% 30yr +.010 3.379%

Glasgow,Ky Farmers Livestock Market (Weigh in sale) Weighted Average Report for 7/14/2014 Receipts:1843 Last Week:1124 Last Year:1389 Compared to Last Week: Steers 3.00-4.00 lower.Heifers 2.00 4.00 lower. With 300 lbs.10.00 lower. Slaughter cows 1.00-2.00 higher. Slaughter bulls 1.00 higher. The supply included 33.6 percent steers,37.1 percent heifers, with 15.5 percent weighing over 600 lbs.9 percent slaughter cows and bulls.

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