USDA reports released at Noon ET today disappointed grain traders. USDA stocks estimates for corn and soybeans were above the average trade guess. Soybean planted acreage is RECORD HIGH and above the highest private guess, so this is weighing on most CBOT futures contracts. Corn and wheat futures have bounced off the lows set in the initial reaction to the report. However soybeans are hovering near those lows.

Corn Jly -9 434; Sep -13 429; Dec -12 435 (low 425) Bean Jly -38 1394; Nov -48 1180 (low 1177) Meal Jly -16 453; Oct -16 379 Oil -62 3936 Wheat Jly -16 569 (low 556); Dec -7 605 KC unch 726; MGE -1 682 Oats +10 342 Rice -2 1457

Quarterly Grain Stocks	USDA – June 30	Pre-report Trade Estimate
Corn	3.854	3.722 billion
Soybean	405	378 million
All Wheat	590	598 million
2014 Planted Acreage
Corn (lowest since 2010)	91.64	91.72 million
Soybean (RECORD HIGH)	84.84	82.15 million
Spring wheat	12.71	11.86 million

LC Aug -72 15040; Dec -87 15375 FC Aug -75 21357; Oct -85 21542; Mar -27 20970 LH Jly +162 13252; Aug forward are limit up $3.00 Milk Jun -2 2134; Jly -4 2130

Deferred hog futures are trading limit up due to Friday’s bullish hogs and pigs report. The June 1 inventory was 5 pct lower than a year ago. The March-May pig crop was down 5 pct from a year ago. Breeding inventory at 5.85 million head is just slightly lower than a year ago. Cattle futures are lower, following through with Friday’s weak trade. This occurs despite stronger boxed beef values on Friday and again this morning.

US$ -.3% Dow -.1% SP unch NAS +.2% Tran +.5% VIX +1.7% 11.45 WTI -.6% Brent -.9% Gas -1.2% NG +1% HO -.9% Eth -2.4% Gold steady Slvr -.8%

5-yr -.01 1.63% 10yr -.01 2.52% 30yr -.016 3.347%

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