Grain and Livestock Markets Update

I’m KayDee Gilkey with the Market Line Report for September 2, 2014.
Grain and livestock commodity markets were closed yesterday for the Labor Day holiday so today we visit with Jackson Commodities Henry Kornegay about the markets.
Kornegay: “The current corn rating is the best since 1994 and they may be some upside yield potential in corn with good late growing season conditions. 14-15 supplies are projected at a record 15.243 billion bushels in addition China is expected to have a record corn stocks and will buy much less corn than last year. Wheat conditions has been great all summer and weather has been great for maturing. Rain lately has been slowing harvest a little bit. The 14-15 world production is estimated at 716.09 million metric tons. There is expected to be a carryover of 192.96 million metric tons showing that there is a large amount of wheat. There is also a large amount of corn in the world and that has been a factor in the change of prices we have seen this summer.”
He continues with the cattle market update.
Kornegay: “As far as livestock goes, the last Cattle on Feed Report was pretty neutral. On feed was 98 percent which was on par for the five-year average. July we placed 92.6 percent which is 83 percent of the five-year average so quite a bit less. Tight supply down the road —given the continued demand should keep prices fairly stable for now.”