Corn and soybean futures closed strongly higher with support from warmer and drier forecasts and follow-through buying after futures closed higher Tuesday due in part to a friendly WASDE report, especially for corn. The market will respond to each update of the extended weather forecast; the meteorologists will earn their fees over the next few weeks.

Cattle futures closed strongly higher on short-covering buying. This comes after the sharp drop in futures the first two days of the week. Traders will remain cautious despite the August LC contract’s big discount to recent cash prices. Choice beef dropped 1.19 to 205.19 and Select fell .53 to 195.51. This is about a dollar/cwt lower than the midday market.

Lean Hog futures closed narrowly mixed. Futures moved higher early this morning before weakening on weaker cash hog prices.  Deferred LH contracts saw aggressive selling in the final 15 minutes of trading to turn the closes negative. FOB Plant Pork closed up .65 to 90.85. Strong gains for hams and picnics offset a weaker loin market.

Corn Sep +10 362; Dec +9 370 (360-75)

Bean Aug +20 1123; Nov +18 1105 (1081-1119)

  Meal +9 388

  Oil -8 3073

Wheat Sep +1 430; Dec +2 463

  KC unch 422; MGE unch 502

Oats +3 210

Rice unch 1068

 

LC Aug +255 11145; Dec +137 11215; Feb +112 11212

FC Aug +67 13927; Oct +110 13770; Jan +75 13235

LH Jly +22 8017; Oct -20 6755; Dec -17 6115

Milk Jly +5 1526; Aug +18 1595

 

US$ -.2%

Dow +24 18372  - RECORD HIGH Close.

SP unch 2152

NAS -17 5006

Tran +52 7931

VIX -.56 12.99

-Oil futures reversed Tuesday’s gains on smaller-than-expected stocks drawdown.

WTI -168 4512

Brent -186 4661

Gas -4 139

NG +1 275

HO -7 139

Eth -1 158

Gold +8 1343

Slvr +24 2041

 

2-yr -.016 0.669%

5-yr -.024 1.058%

10yr -.042 1.471%

30yr -.063 2.170%

 

Mount Sterling Weighted Average Report for 07/13/2016
  Receipts:  645   Last Week: 662  Year Ago: 358
Compared to Monday's sale steer and heifer calves sold mostly steady with moderate demand.  Yearlings limited comparison.  Quality was average through good.  Slaughter cows and slaughter bulls sold 2.00 lower with moderate demand.

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Kentucky farmers are forecast to harvest 30.3 million bushels of winter wheat during 2016. Growers expect a yield of 74.0 bushels per acre, up 1.0 bushel from 2015 and up 2.0 bushel from June. The expected total production would be down 6 percent from the previous year.

 Based on July 1 conditions, the United States wheat yield is forecast at a record high 53.9 bushel per acre, up 3.4 bushels from last month and up 11.4 bushels from last year.

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