Markets are influenced by today’s shooting down of a Malaysian passenger plane over Ukraine; details are unknown. CBOT futures, especially wheat, soared when the news hit the market. Black Sea supplies could be restricted if Ukraine/Russia situation worsens. However, prices have backed off the reactionary highs.

Cattle futures are up strongly as it appears the cash cattle market will trade at better-than-expected prices this week with boxed beef values rising. At midday, Choice beef is up 85 cents and Select beef is up $1.90.

Lean Hog futures are down sharply despite a big surge in wholesale pork prices. Cash hog prices were weak yesterday. FOB Plant Pork is up 1.92 to 137.81. All primals but ribs are priced higher with belly price up 3.5%.

Corn Sep +4 382; Dec +3 390 (383-95) Bean Aug unch 1187; Sep +4 1126; Nov +7 1109 (1094-1119)      Meal Aug unch 384; Oct +4 362       Oil -8 3675 

Wheat Sep +18 556; Dec +17 579; Jly +18 627          KC +16 654; MGE +17 645 Oats +2 341 Rice +15 1314

LC Aug +202 14970; Dec +107 15312; Apr +127 15320 FC Aug +97 21080; Oct +57 21125; Mar +127 20390 LH Aug -170 12882; Oct -135 11372; Dec -127 10272 Milk Aug +6 2133; Sep unch 2035

US$ steady

Dow -.3% SP -.5% NAS -.7% Tran -.7% VIX +11.8% 12.3

WTI +1.1% Brent +.4% Gas -.1% NG -3.8% HO -.2% Eth +.5% Gold +1.5% Slvr +2%

5-yr -.043 1.656% 10yr -.058 2.480% 30yr -.055 3.293%

Blue Grass Stockyards Cattle Weekly Summary Report for the week ending 07/17/14 Receipts: 2,347 Last Week: 2,582 Year Ago: 1,995 Compared to last week steer calves sold steady to weak with moderate demand Monday that improved to good demand Tuesday as futures markets improved Tuesday morning. Quality was average to good. Heifer calves sold steady to 2.00 higher with very good demand for 500-600 lbs Tuesday due to some farmer participation in the market. Yearling steers and heifers sold 4.00 lower with moderate demand. Slaughter cows and slaughter bulls sold steady with good demand. Market is beginning to fluctuate some due to weather and futures market; softer undertone for fleshy unweaned calves and plainer cattle. Total supply included 07% slaughter cows, 01% slaughter bulls, less than 01% replacements and 92% feeders. Feeder supply 57% steers, 13% bulls, 30% heifers with 49% of feeders weighing over 600 lbs.

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