Cattle: Feeders the highlight still with more new record highs posted while fat cattle futures needing to await solid news in the cash cattle trade. Heard one rumor that in western Kansas prices were firmer but little widespread trading as yet. Retail meat report: featuring still includes BBQ items and one major chain featuring porter house steaks at a reasonable price.
Hogs: Mixed, choppy and sloppy again but then again no one really knows just where the lean index is shaking out at but even if just an average using old tools, not likely major a problem. Just egg-on-face.
GRAINS & OILSEEDS:
Corn: New lows on news that an EPA document was leaked that looked for a lowered mandate for ethanol production. Basically 13bln.gal. from 14.4bln and with that loses corn usage of +500mln.bu.?
Soybeans: Sharply lower on the ethanol news, funds short selling and heavier harvesting putting pressure on the cash markets.
Wheat: Holding its own again in an internal ping-pong match depending on what news the market is watching. Wheat/corn spreads? Maybe, considering corn usage will be hurt significantly if the EPA rumored change in mandate comes true. Otherwise, no serious ‘outside’ news on global crops.