CBOT futures closed mixed with wheat outperforming corn and soybeans, which is a bit surprising. However, this morning’s export sales report was negative for old-crop corn and soybeans (China cancelled old-crop purchases), but somewhat positive for wheat. Tonight’s 6-14 day weather outlook still shows drier than normal but the heat is pushed to the western Corn Belt. Corn and soybeans rallied midday but sold off into the close; wheat futures also trimmed its gains at the end of trading.

While the US Dollar Index has strengthened just over 2 pct this month, the US$ has gained 10 pct on the Brazilian Real (12-month change is 50%). Thus, Brazil’s soybeans are less expensive than ours and their local prices look more attractive for planting more acres (but their input costs should also increase).

Cattle futures closed higher on yesterday’s beef strength and packer bids near last Friday’s cash trade which suggest markets will be higher by Friday. Boxed beef held steady today -- Choice down 0.02 at 235.19; Select down 0.46 at 228.39. U.S. beef exports continue to disappoint (June Volume down 8.7% vs year ago) as the stronger dollar makes it more expensive to our overseas customers. Cattle futures moved to new highs for this move.

Lean Hog futures closed sharply lower on midday weakness in pork values – FOB Plant down 1.39. Pork recovered by the late-day quote. FOB Plant Pork dropped .12 to 89.00; losses in loins and picnics were offset by gains in hams and bellies. LH futures closed near the day’s lows and are threatening to turn technically bearish.

Corn Sep -3 370; Dec -3 380; Dec16 -2 396 Bean Sep -7 956; Nov -10 943; Nov16 -9 901 Meal Sep -5 339 Oil +2 2975 Wheat Sep +5 507; Jly +4 526 KC unch 489; MGE +3 518 Oats +1 236 Rice -10 1144

LC Aug +105 14972; Oct +67 14885; Feb +32 14987 FC Aug +85 21497; Oct +57 20910; Jan +52 20192 LH Aug -215 7807; Oct -232 6445; Dec -212 6070 Milk Aug +15 1649; Sep +12 1684

 

US$ -.1% Dow -121 17420 SP -16 2083 NAS -83 5056 Tran -70 8367 VIX +1.26 13.77 +10%

WTI -35 4480 Brent +15 4974 Gas -2 165 NG +1 281 HO +2 155 Eth -3 146 Gold +3 1089 Slvr +7 1462

2-yr -.027 0.704% 5-yr -.033 1.612% 10yr -.043 2.225% 30yr -.045 2.898%

The 2015 Tri-County Grain Sorghum Field Day will be held Friday, August 7th at Darrell Melton’s Farm in Onton, KY. Registration will begin at 8:15 am (CDT) and the program will begin at 9:00 am (CDT).

Topics will include: •Basics of Grain Sorghum Production •Grain Sorghum Storage •Soil Fertility •Insect Issues in Grain Sorghum •Weed Control & Resistant Weeds •Unmanned Arial Systems Pesticide Credits have been requested.

The field day will conclude with lunch provided by the United Sorghum Checkoff Program.

For More Information Contact: Vicki Shadrick, Webster Co. ANR Agent (270)639-9011