CLOSING AGS 6/11/13
Cattle: Cash cattle last week: $122.00 and Neb. dressed $197-198.00; boxed beef modestly mixed on moderate/good midday volume; futures post a nice recovery from early session lows. Most of it just a repeat of previous ‘trading range’ action volatility. Some talk of putting in season lows: maybe but also might be premature. Futures proved nothing yet. Of interest: U.S. major pasture conditions listed at 43% p/vp vs. 34% year ago.
Hogs: Interior hogs higher at up $1.23/$4.02; pork midday cut outs sharply higher early; futures sharply higher and volatile most of the session. Well, the way the pork trade keeps getting jacked up it might not be long before it’s loses some of its competitive edge to beef. Nonetheless, renewed talk of China pork buying also kept the upward bias in place. By the way, early western interior posted at $101.24.
GRAINS & OILSEEDS:
Corn: If not for ‘positioning’ ahead of tomorrow’s USDA report, I’d suggest July corn set for a break after failing again over $6.60. Nonetheless, the report is expected to lean bullish with lowered carryover amid lowered yields due to late plantings /lowered acreage.
Soybeans: July beans back to high volatility. Basically the remaining shorts stuck again and likely regret not exiting yesterday’s off the low $15.00’s. USDA report seen likely negative on expectations of more acreage planted and higher carryover with it.
Wheat: Support found from spillover from the corn gains and expected lower production due to poor HRW conditions and delayed northern plantings.