CLOSING AGS 6/27/13
Cattle: Cash cattle last week: $120- $121.50 and $194-195.00 dressed; boxed beef strongly higher on light midday volume; futures able to maintain upward momentum and keep its positive tone technically. Saw a few head traded Iowa at $121.50 live and $192.00 dressed; retail featuring offering about 90% coverage on BBQ’ing items. No surprise there.
Hogs: Interior hogs lower at dn. $68/$.96 early; pork midday cut outs higher early, led by bellies up $10.50; futures strongly higher again as technical buying returns and with the July’s discount to the lean. Another major jump in cut outs added support as well.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: Choppy, generally two-sided trade ahead of tomorrow’s reports. Corn acting playbook vs. report estimates: tighter quarterly stocks for old crop and high acreage for new crop (even though expected lower). In beans July ruled the roost again as it travails its broad trading range on tight nearby supplies while November took light heat for expected higher acreage. July meal was unusually strong as well. Wheat sagged late session on end of session liquidation it seemed with the trade looking for a neutral/negative USDA report.
USDA average ESTIMATES:
CORN: Avg. est. 95.5mln. acres vs. March 97.2mln.; Soybeans: 78.0mln. vs. 77.1mln.; All Wheat: 55.7mln. vs. 56.4mln.
Corn: Avg. est. 2.85bln.bu. vs. March 5.3bln. and year ago 3.148bln.; Soybeans: 441mln.bu. vs. 999mln. vs. 667mln. yr.; Wheat: 750mln. vs. 1.24bln. bu. vs. 743mln. yr. PIG CROP average ESTIMATES: All Hogs 100.5%; Breeding 100%; Market 100.5%.