Kleist Comments

CLOSING AGS 07/22/13
CLOSING AGS 07/22/13

LIVESTOCK

Cattle: Cash cattle last week $119-120.50.00; boxed beef lower/strongly lower on light movement; Futures still inside a trading affair but the cash discount raised a bit (high-end $120.50 now) and helping limit declines. For now anyway. Need to prove when cash cattle bottoms out.

Hogs: Interior hogs lower/unquoted; pork midday cut outs lower early; the western cornbelt again got an unusual quote early at dn. $5. 67 (west N/E)…we’ll see if holds late. Otherwise a light volume day with little changes.

GRAINS & OILSEEDS:

Corn: Continued lower but losses contained courtesy of the bean market. Weather remains favorable overall; and export demand weak as well.

Soybeans: August meal new highs for the move, year and new contract highs. Meal squeeze translates into the August bean squeeze. Weather not the issue?

Wheat: Tough to hold when corn gets hit but volume was light. Some underlying support perhaps from what has been very good world export demand. It was the soybean show anyhow.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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