Kleist Comments

CLOSING AGS 6/26/14
CLOSING AGS 6/26/14

Cattle: Cash cattle last week: $147.00-150.00, Neb dressed $236-238.00; on 57 boxed loads cut outs up. $1.26(c) to up. $.02 (s) on light midday movement.
Comments: New highs as the beat goes on. The combination of tighter numbers and what has been good beef demand remains the ‘fire in the hole’ so to speak. A 6% rise in weekly beef export sales also noted at record high prices.

Hogs: Interior hogs N/E west, N/E east.
Pork cut outs rose $1.87, slow trade.
Comments: Futures still undecided as to the Pig Crop and its potential for a bullish PEDv reading. Cattle futures provided some support as did a strong rebound in weekly pork exports.
GRAINS & OILSEEDS:

Corn: Moderate gains with some help from the soymeal/bean rally. Weekly export sales improved but hardly bullish but oversold and a USDA report Monday, a holiday week, allowing for a correction.

Soybeans: No surprise the old crop beans led a rally but a surprise at how much it did so. Backgrounding it was simply a sizeable increase in old crop weekly sales and of course expectations Monday’s Quarterly stocks report will be bullish.

Wheat: Like the corn, weekly export sales were weak. However, even wheat needed a selling suspension though volume was light. Rallies blunted by report from the IGC that their world production estimate was ratcheted up 5.0mln.m/t’s.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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