CLOSING AGS 6/26/13
Cattle: Cash cattle last week: $120- $121.50 and $194-195.00 dressed; boxed beef mixed on good midday volume; futures post a nice ‘follow through rally’ in the August contract while June obviously locked into the cash market. Would seem talk centered on—soon to bottom cash cattle markets (seasonally in line with last year I believe; better post-holiday beef demand; perhaps increased trader interest
Hogs: Interior hogs lower at dn. $67/$2.01 early; pork midday cut outs higher early; futures lack luster all day. Some talk that if cattle bottoms pork will top and I will not argue with that necessarily. July under $100.00 a bull warning flag but keep in mind a Pig Crop comes out Friday afternoon. Gas prices got one down? EIA reports stocks at a 21 year high! Yes, 21-year high.
GRAINS & OILSEEDS:
Corn: July leads the market again on the same old reasons while weather throws some pressure on the new crop. Trade also expecting a bullish quarterly stocks report.
Soybeans: July also the big dog on tight nearby supplies as usual and a widening basis. New crop light pressure on generally good weather here and China economic troubles.
Wheat: Prices held higher most of the early session, perhaps on potential damaging rains. However, upside limited on harvest pressure amid reported good yields and quality; on good Black Sea crop conditions and competitive sales already showing up.