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.