USDA estimates daily cattle slaughter at 126K head, compared to 124K last week and 121K last year. WTD slaughter at 254K head, compared to 375K last week and 253K last year (Wed)

CME LIVESTOCK: Live Cattle: $134.50 (+1.575); Feeder Cattle: $173.30 (+0.60); Hogs: $109.20 (+3.25); Milk: $21.51 (-0.17) (Hogs up $7.10 since June 30th))

CME GRAINS: Corn: $7.4425 (+8.25); Soybeans: $15.8025 (+5.00); Wheat: $7.9225 (-1.50); Cotton: $96.39 (-4.99) (Cotton down more than $28 since June 20th))

CORN PROGRESS: 7% of the corn in the U.S. had silked by July 3rd, compared to 4% last week and 9% last year. The five-year average is 11%

TODAY'S AG WEATHER: In the Corn Belt, robust shower and thunderstorm activity stretches from Nebraska to Ohio. The rain is greatly benefiting corn and soybeans, especially in drier areas of the Midwest

Boxed Beef AM: Choice: $268.24 (+3.58) Select: $241.92 (+2.05); Ch/Se Spread: $26.32; Total Loads: 67 (Huge bounce on solid morning movement)

STOCK UPDATE: Dow 30: 30,898.85 (-68.97); Nasdaq: 11,299.09 (-23.15); S&P 500: 3,821.09 (-10.30)

ENERGY PRICES: Crude Oil: $96.75 (-2.75); Heating Oil: $3.3752 (-0.2264); Natural Gas: $5.482 (-0.041) (Crude Sinks on Dollar Strength and Recession Concerns)

NATIONAL CATTLE TRACKER: The largest steer and heifer string sold on Tuesday was 312 steers (920#) from West Plains, Missouri at $164.25. The second largest string was 230 steers (870#) from West Plains, Missouri at $167.75

U.S. HAZARDS OUTLOOK: Excessive heat across portions of the Central Plains, the Middle Mississippi Valley, the Ohio Valley, and the Tennessee Valley, Fri, Jul 8

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