Cattle: Cash cattle last week: $147.00-150.00, Neb dressed $236-238.00; on 55 boxed loads cut outs up. $1.44(c) to up. $1.93 (s) on light midday movement.
Comments: Some new highs in a quiet trade. As mentioned, several bullish points combined to keep support under the market coming in then midday beef jumps sharply higher (since movement was light, packers figure good weekend Father’s Day weather will need prompt re-filling at the grocery?). Seemed also a little late pressure as weekly showlists estimated 34,000hd. more in Neb. (up 9,000hd. Tx. and down 1,000hd. Ks.)
Hogs: Interior hogs mixed/higher.
Pork cut outs rose $1.54, slow trade.
Comments: Interesting serious reversal in the face of no fresh bearish news……maybe it was just the mountainous premiums to
the cash markets? Fell in on itself? That’s the best I saw for it. Also perhaps weekend pork movement was a dud? Or possibly the lack, again, of expected depleted PEDv kills caused the panic?
GRAINS & OILSEEDS:
Corn: While weather in general was negative, a top K State Univ. forecaster reported he sees a 70% chance of an El Nino, favorable for our corn, beans and wheat. Good news? Corn was able to hold last week’s lows.
Soybeans: Early session old crop/new crop spreading dissolved it seems when by later session, no one cared to play the benign NOPA crush or the weekly export inspections. Weather then and this afternoon’s crop ratings seemed to pressure modestly.
Wheat: New swing lows as both ‘crutches’ (corn and beans) forced wheat to return to fund selling pressure. Some U.S. damage has noted for awhile in HRW but the SRW looks OK and overseas production has been holding up as well.