CLOSING AGS 6/04/13
Cattle: Cash cattle last week: $124.-125.0 and Neb. dressed $200.00; boxed beef modestly/strongly lower on light/moderate midday volume; futures post a whippy trade amid apparent light volume as the market looks for a bit longer term direction. Some talk of lower live this week kept the rallies in check but then again, the discounts already accomplished that.
Hogs: Interior hogs not well established; pork midday cut outs lower early; futures stout on technical buying and encouraged by the I/M- western interior markets over $95.00 yesterday. The pork trade midday looked lackluster except bellies fell near $6.00. IMF’s Lagarde…” global economy may be entering a soft patch”.
GRAINS & OILSEEDS:
Corn: With the plantings in line and rains not seen as destructive, the market had something for everybody early with that pressuring new crop and tight current supplies supporting old crop most of the session. My highlight is that July was once again pushed into the $6.60’s, the low $6.60’s but still……nonetheless it struggled, albeit not dramatically so but keeps a top forming pattern in play.
Soybeans: Under pressure in the day session though July beans gained some support again off tight supplies ideas but this time more in the spreads than flat price it seemed. Plantings in line here, weather spotty but plantings will get more in play.
Wheat: Two-sided trade in a choppy session. Part of it seems related to a lessened fear over the GMO issue (only for western white) as Japan buys U.S. dark northern overnight. Some support perhaps on reports of serious Central Europe flooding that has hit shipping lanes but could not find any crop news on it.