Cattle: Cash cattle this week: $142.-145.00; on 54 boxed loads cut outs dn. $.32(c) to dn $1.09 (s) on light midday movement.
Comments: I keep reading on wire services that cash cattle for the week were higher than expected. I guess if steady/dn $2-3.00 is better and even tightened seemed held up by better beef
movement. And considering the discount, how bullish are things in the futures? Point being: the futures are telling us something.
Hogs: Interior hogs not established Eastern, western dn. $2.20; Pork cut outs rose $.63 on a mixed trade.
Comments: Long-side damage, margin calls premium to an ever dropping live market and inept pork demand adds to the technical damage. PEDv still too vague also noted.
GRAINS & OILSEEDS:
Corn: Looks like some of the pressure could have been end of month liquidation but most of it generally good weather forecasts and an improved but routine weekly export sales number.
Soybeans: Mild pressure in old crop vs. new crop. Weekly export sales fell hard but some noted there’s still demand in those numbers that needs to be quelled. However, more and more talk of incoming South American supplies and that Canada has some beans (and Canola) to move.
Wheat: Holding modestly lower about all the market here could do to pretend its in a consolidation. There was some talk about hot & dry returning to northern FSU but upon digging for more info: 1) dryness in the next 11-15 days and 2) Ukraine and west/southern Russia getting ‘active rains’. Weekly export sales improved helpful but needs to be maintained. Rallies have been shown to hurt export demand.