Cattle: Cash cattle last week: $150.-152.00 south & $152.-154.00 Neb. and $245.00 dressed; on 63 boxed loads cut outs up. $1.31(c) to up. $1.34(s) on light midday movement.
Comments: Fairly stable session. April’s discount to last week’s precludes lower cash his week, June’s spread discount to the April prompted buying there. Some support off sharply higher midday beef.
Hogs: Interior hogs not well established;Pork cut outs rose $1.35, bellies up $7 rest mixed trade.
Comments: Near limit down in the summer months curious. Some traders actually believe the USDA report or do some believe the pork trade is about topped out? PEDv support still buzzing around of course.
GRAINS & OILSEEDS:
Corn: Sharply lower a surprise considering the rationing argument from just….hmm… yesterday! All it took was some cash movement to dislodge the run up? Or possibly the funds that were very big buyers yesterday just took a pause today and without them, the market surprisingly fell by itself.
By the way, an apparent seasonal trade is to sell Dec. corn soon…..except for the major flooding that some talk of to make it interesting?
Soybeans: About time a correction hit. It also hit the old crop/new crop spreads. Overbought, short-squeeze on the May might have run its course (for now anyway). And there was some cash movement overnight though I thought every bean was needed so it cannot be that. Then again perhaps my China tidd-bitts might come true.
Oh, and I understand that there’s talk that the Brazilian ‘switched from China” cargoes now are at 20 with maybe 12 more. Just talk of course.
Wheat: Wheat hit hard again after it lost its residual support from the corn; when corn fell the green light flashed as the global wheat trade not as in a bad a shape as the southwestern plains possibly.