While corn and wheat futures are little changed, old-crop soybean contracts are down sharply on bearish technical considerations and growing realization that the 2014 crop should be record large with a huge jump in the 2014-15 ending stocks level. The U.S. soybean crop’s condition has not been this good in early July since the 1994 crop. August Soybean futures could be on the way to the January low at 11.96.

Cattle futures are trading much lower as the “profit-taking” sell-off continues that started Monday. Traders are booking profits in light of some negative price action in the CBOT, energy futures and U.S. equities. Hog futures are mixed but cash hog prices rose sharply Monday.

Corn Sep -2 399; Dec -2 404 Bean Aug -27 1246; Nov -8 1117 Meal Aug -8 401; Oct -2 359 Oil -45 3798 Wheat Sep +2 559; Dec +2 582 KC -2 668; MGE -1 661 Oats +9 355 Rice +5 1367

LC Aug -117 15377; Oct -60 15607; Feb -42 15465 FC Aug -117 21682; Oct -115 21805; Mar -160 21090 LH Jly +37 13217; Oct -67 11717; Feb +42 9740 Milk Jly -1 2136; Aug +15 2081

US$ -.1%

Dow -.8% SP -.8% NAS -.1.7% Tran -.6% VIX +8.8% 12.34 WTI -.1% Brent -1% Gas -.4% NG -1.5% HO -1.1% Eth +1.2% Gold -.1% Slvr -.2%

5-yr -.043 1.691% 10yr -.052 2.565% 30yr -.053 3.386%

Blue Grass Stockyards Cattle Auction Report for 07/07/2014 Receipts: 825 Last Monday: 1023 Year Ago: 1138 Compared to last week steer calves under 500 lbs 5.00 to 10.00 higher over 500 lbs sold steady with good to very good demand. Heifer calves sold steady except 500-600 lbs 5.00 higher with very good demand. Yearling steers 3.00 to 4.00 higher with very good demand in a limited comparison. Yearling heifers no test. Slaughter cows and slaughter bulls sold steady with good demand.

Total supply included 12% slaughter cows, 02% slaughter bulls, 01% replacements and 85% feeders. Feeder supply 45% steers, 22% bulls, 33% heifers with 45% of feeders weighing over 600 lbs.

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