Cattle: Cash cattle last week: $143.-145.00; on 74 boxed loads cut outs dn. $.41(c) to dn. $.80 (s) on light midday movement.
Comments: A mixed and uncertain trade with June and August both still within an ‘inside day’ from Thursday’s big range once more. August, not the June, got some buying when the showlist estimates came out that had Nebraska down 27,000hd. (Ks. up. 1,000 and Tx. dn. 2,000). Why not the June? Light volume trade also had some talk the warm weather will keep BBQ’s going. Curiously I find a lot of adds for “beer can chicken” lately
Hogs: Interior hogs not established Western, Eastern N/C; Pork cut outs rose $2.20 on a strongly mixed trade.
Comments: The two-day jump in cut outs likely provided some support later session but we did see new swing lows before it rallied (except the June really). Mini-consolidation in here then for the August while the June tracks the lean index. Light volume and buyers still have no confidence. Maybe that’s good for the contrarian in some.
GRAINS & OILSEEDS:
Corn: Choppy trade. New swing lows were interrupted as he beans market staged a midday bounce. The bounce also was for old crop corn individually. See beans.
Soybeans: My idea was that July beans bounced on the weekly export inspections that included light amounts of beans and corn shipped to China (I mentioned the China rumor last week). Doesn’t take much to get July shorts nervous but NOT a buying opportunity for the other months.
Wheat: More new lows as there was no incentive to pop much such as in old crop beans and corn. Export inspections were just a hair over the previous week. And repetitively, rains in the U.S., the Black Sea, Europe etc. helping large world production.