Cattle: Cash cattle now: $150.00; on 55 boxed loads cut outs up. $1.16(c) to up. $1.14 (s) on light midday movement.
Comments: I admit falling for the plot the had lower northern cattle prices earlier week and ending up higher later week. August cattle negated its key reversal in the process.
Hogs: Interior hogs lower west, N/E east.
Pork cut outs rose $.41, slow trade.
Comments: Someone didn’t like the idea of a vaccine for PEDv effecting marketing’s in any way it seems as futures pop sharply higher with no overtly bullish item to point to. The July was the most curious though to me…..cash index will put on $10.00 minimum between now and July? PEDv now will start?
GRAINS & OILSEEDS:
Corn: Nice rally but we need more. Seems besides oversold or possible export demand, ethanol’s record production won the day as the reason du jur for the strength. Maybe a bit too wet in some areas?
Soybeans: Support was seen from the weekly export sales number from old crop but soon after the reopening certainly seemed some of the strength was from technicals and the corn rally.
Wheat: Wheat did not want to participate in a rally as I watched things but the corn won out in spillover support. Quality concerns, delayed harvest seemed offset by by weak exports and an increased in European soft wheat production.