Cattle: Cash cattle $120-121.50; boxed beef higher on light midday volume; futures post a choppy session and I suggest volume lighter than normal light as the 4th of July holiday kicks in. August cattle pulled a bit too high over cash perhaps as the live being called steady this week.
Hogs: Interior hogs not well established; pork midday cut outs higher early, led by ribs; futures had modest pressure likely on a lack of volume. The bulls also dissecting talk of pork top post-holiday.
GRAINS & OILSEEDS:
Corn: July was the big gun in today’s trade with a 27-cent trading range and took back yesterday’s collapse in quick order. Guess once the cash push ended yesterday, we’re back to no supplies in the pipeline. Back months listless with decent growing weather keeping a lid on rallies.
Soybeans: July a bit less than the big gun but still the bull spreads the worked all day long on perceived tightness in the cash. Like the corn, light volume and decent weather kept a lid on new crop.
Wheat: Mixed bag across the classes (i.e. Kc, Mge.) in a choppy light volume session. Harvest pressure on one (south), weather conditions on another (north) and an unclear corn move made for a dull trade. Egypt buys 180,000t from Romania and Ukraine.
********EARLY CLOSE TOMORROW 12:00 AND WILL REOPEN Friday at 8:45a.m