Soybean and soymeal futures are strongly higher, supported by good export demand and concerns about a drier forecast. Corn and wheat futures rallied very early today with the soy complex, but fell sharply between 830 and 930 am with December Corn hitting a new contract low. Those sharp losses have moderated somewhat at midday.

Cattle futures are up moderately, but way off the day’s highs set on news of record-high fed cattle cash prices. Boxed beef values are soaring at midday with Choice up 3.28 to 255.87 and Select up 3.76 to 252.47.

Lean Hog futures continue their decline on weak cash hog and pork prices. FOB Plant Pork cutout is down .65 to 131.95/cwt at midday. Some contract touched limit down again after seeing the $3.00 losses yesterday. LH futures are technically bearish, so the funds that are long LH may continue to liquidate unless the cash markets can firm up on stronger demand.

Corn Sep -2 360; Dec -2 369 (364-77) Bean Aug +11 1212; Sep +13 1114; Nov +13 1090 Meal Aug +6 398; Oct +6 356 Oil +13 3633 Wheat Sep +2 533; Dec unch 554; Jly -4 603 KC unch 623; MGE +1 622 Oats +3 336 Rice +4 1316

LC Aug +85 15690; Dec +30 15802; Apr +25 15525 FC Aug +77 21802; Oct +2 21820; Mar +75 20900 LH Aug -90 12367; Oct -165 10880; Feb -197 9500 Milk Aug -6 2174; Sep +12 2110

US$ +.1%

Dow +.1% SP +.1% NAS +.1% Tran +.4% VIX +1.8% 11.73

WTI -.8% Brent -.8% Gas -.9% NG +2% HO -.1% Eth -.3% Gold -1% Slvr -2.2%

2-yr +.016 0.492% 5-yr +.048 1.698% 10yr +.045 2.509% 30yr +.042 3.300%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 07/23/14 **Total receipts include 239 head sold in cow sale Wed. night. Receipts: 2,097 Last Week: 2,347 Year Ago: 1,909 Compared to last week steer and heifer calves sold steady with with good demand. Quality was average through attractive. Yearling steers and heifers sold steady to 2.00 higher with good demand. Slaughter cows and slaughter bulls sold steady with good demand. Softer undertone this week for new crop featherweight calves due hot humid conditions early week. Total supply included 08% slaughter cows, 02% slaughter bulls, 10% replacements and 80% feeders. Feeder supply 35% steers, 23% bulls, 43% heifers with 49% of feeders weighing over 600 lbs.

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