CLOSING AGS 6/13/13
Cattle: Cash cattle last week: $122.00 and Neb. dressed $197-198.00; boxed beef strongly mixed on light midday volume; futures under pressure as prices reach back to the lower end of their trading ranges. Part of it is concern cash cattle will post $121.00 when trading starts up; part of it weaker beef and a lighter weekly beef export sales report. Retail meat: chicken/pork take some space from beef on price.
Hogs: Interior hogs up $.83/1.18; pork midday cut outs moderately lower early; futures mostly lower except the spot June which needs to track the lean index then the interior markets (avg. roughly $101.50), and weekly pork export sales improved some on the week though China not in the reported mix. Back months took a defensive stance on concerns pork might be heading for a top.
GRAINS & OILSEEDS:
Corn: Lower most of the session on light weekly export sales; a ‘drier’ 6-10 day forecast; yesterday’s USDA report.
Soybeans: July hit hardest in yet another ‘whipsaw’ trade as volatility continues. The tightness squeeze was eased a bit on light old crop weekly export sales; yesterday’s persistently unchanged old crop carryover; on a ‘drier’ 6-10 day forecast; and possibly on weak China economic data.
Wheat: Mild losses in a nothing trade most of the session until into the final bell posted a shortcovering jump higher. Weekly export sales fell on the week but still in a ‘routine’ category; heavy rains in northern plains; drought monitor increases Ks. to 24.8% up 1.42%. Upside limited by yesterday’s USDA report; Asian concern and ban on U.S. GMO white wheat; higher crop estimates out of Russia, India.