Cattle: Cash cattle last week: $146.00 south, $148-149.00 north; on 57 boxed loads cut outs dn. $.22(c) to up $.35(s) on light midday movement.
Comments: Once again June dances with its major m/a support and held. The live trade is mysterious and each side has a point as to whether lower or higher this week. Retail beef prices on avg. rose while pork fell; weekly beef export sales slightly higher on a routine movement.
Hogs: Interior hogs East/West not established;
Pork cut outs rose $1.44, jump in bellies, mostly.
Comments: June needs to be a leader and just cannot sustain itself on rallies. Once more prices near the lower end of its trading range. Weekly pork export sales fell 17% to a modest 8,000t.
GRAINS & OILSEEDS:
Corn: Corn basically lost the entire 3 bull legs of its stool: plantings, funds and exports. Informa corn acres 91.6mln. vs. prev. est. of 91.7mln.
Soybeans: Once again July beans ‘liked’ the $14.60’s though not before making a new swing low. Minor support after the NOPA crush was announced at 132.7mln.bu. but still vs. 153mln. month, and soyoil stocks rose 35mln.lbs. on that drastic drop.
Weekly export sales for meal and oil were a dud and so were beans, except beans should have had a (-) minus sign in front of it. Informa bean acreage lowered to 82.1mln. vs. 81.5mln. prev.
Wheat: New swing lows as July falls hard under its major m/a’s. Besides the southwest weather and rains, like the corn the wheat lost its export demand and funds are sellers. Informa spring wheat acres 12.1mln. vs. prev. 12.0mln.