CBOT futures closed lower today as crop prospects are very good at this time. Today, FC Stone estimated the national average corn yield at 157 bushel/ acre and production of 13.993 billion bushels, and a soybean national average yield of 43 bushel/acre and production at 3.309 billion bushels.

The November Soybean contract closed at its lowest price since June 2012.  Fortunately, November is still above its critical chart support of $11.865 from April 24, 2013.  With the Spec Funds very long soybean futures, a break below chart support could spell trouble for soybean futures.

Corn futures made a sharp move to new lows despite positive corn export sales. Corn in the western cornbelt looks to get some good rainfall over the next week.  Click Here to see maps.

Live Cattle futures closed lower with the nearby AUGUST LC contract closing below the sideways trading range seen the past 6-7 weeks. Lack of cash market strength weighed on the market.  Cash cattle reportedly sold for $119/cwt.  Boxed beef was mixed today with Choice up 0.34 at 186.66 and Select down 0.12 at $181.53/cwt.

Lean Hog futures posted strong gains as the pork cutout value continues to strengthen – up $1.39 to $102.52/cwt on higher loin and bellie prices.

Outside markets were mixed with a stronger US dollar’s bearishness offset by a friendly rally in energy and equities.  The SP500 Index soared above 1700 for the first time ever. Treasury yields also soared as money moved into equities.

Corn Sep -11.5 487.5; Dec -12 467 (464-479)

Bean Aug -16 1358; Sep -15.5 1234; Nov -14 1192 (1189-1211) Meal Sep -6 398; Dec -6 359 Oil +33 4260

Wheat Sep -6 658; Dec -6.5 670.5; Jly -6 683 KC unch 707;  MGE +.5 742

Oats -.5 340

Rice +3 1585

LC Aug -65 12080; Dec -102 12735; Feb -95 12900 FC Aug +32 15375; Oct +17 15927; Jan -32 15882 LH Aug +85 9842; Oct +57 8390; Feb +27 8322

Milk Aug +2 1782; Sep -19 1852

US$ +.9%

Dow +128 15628 SP +21 1707 NAS +49 3676 Tran +208 6670 +3.2% VIX -.51 12.94 -3.8%

WTI +278 10781 Brent +175 10945 Gas +3 302 NG -6 339 HO +4 310 Eth unch 229

Gold -5 1308 Slvr -4 1958

2-yr +.02 0.34% 5-yr +.11 1.49% 10yr +.13 2.71% 30yr +.12 3.76%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 08/01/13  

Receipts:  1,800   Last Week:  1,909   Year Ago:  1,592

Compared to last week steer calves sold steady to 5.00 higher with very good demand.  Heifer calves sold steady to 3.00 higher with very good demand.  Quality was plain on Monday but improved with a good to attractive quality on Tues.  Yearling steers and heifers sold steady to 4.00 higher with very good demand.  Slaughter cows and slaughter bulls sold about steady with good demand.  Excellent growing conditions continue pushing corn futures lower while strengthening cattle prices.   Very active market by mid-week. Total supply included 11% slaughter cows, 02% slaughter bulls, Less than 01% replacements and 87% feeders.  Feeder supply 48% steers, 14% bulls, 38% heifers with 71% of feeders weighing over 600 lbs.

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