CLOSING AGS 6/03/13
Cattle: Cash cattle last week: $124.-125.0 and Neb. dressed $200.00; boxed beef modestly mixed on light/moderate midday volume; futures lower again as the market faces likely lower cash cattle this week and as beef looks to erratically keep creeping lower.
Hogs: Interior hogs mixed early at dn. $.73/up $3.19; pork midday cut outs slightly higher early; futures say “more bacon please”! On Friday, Dunkin’ donuts unwraps its bacon/egg breakfast sandwich between 2 glazed donuts……..good thing we have the egg-white McMuffin to offset it. Anyway, sharply higher interior markets (west) and a slight rise in cut outs kept support under the June, rest weaker on spreading.
GRAINS & OILSEEDS:
Corn: Inside reversal day? July fails to take out range highs early; delayed plantings/replanting’s not as extreme perhaps as the bulls have it; commercial selling, all backgrounded the decline.
Soybeans: All those seemingly negatives I mentioned Friday were still in effect today and still counter-intuitive? But they did have rain delays for plantings and the odd flooded area to replant. Like the old fund days, what’s bullish is bullish and what’s bearish is bullish. Admittedly a major show of force, holding when corn did not.
Wheat: Held relatively well in a two sided trade buffeted by the implosion in the corn pit and the sharp rally in the beans; relief over the GMO scare likely added some buying as did weather in the southwest.