Cattle: Cash cattle last week $119.00 south, $120-121.50 Neb.; boxed beef mixed on light midday volume; futures continue to meander around and unable to press forward (higher) due its premium to the cash market (and assuming a weaker live market this week). Some initial reports on holiday beef clearance were “decent” but apparently not high enough to get more than average retail fill-back.
Hogs: Interior hogs lower at dn. $.80/$1.22; pork midday cut outs sharply lower early; futures press on over low-end range in the August contract in part due to its discount to the July which is holding due to its discount to the lean. Whether the late wire will confirm or not, midday’s sharply lower cut outs (hams/ribs/loins) kept some semblance or bull-caution.
GRAINS & OILSEEDS:
Corn: Choppy, pre-report trade; July supported still by tight cash and talk of a lowered old crop carryover with December tossed between expected yield reductions vs. very good weather generally. China buying new crop overnight added some new crop support.
Soybeans: Bit surprising spot July was the weak link with strong losses late session while the November held modest gains. If spread unwinding it was the Sept./Nov., not many left in the July. Light volume.
Wheat: Was the weak sister most of the session but late in the day put in a mixed trade. I suspect some fund ‘defending’ shorts occurred but their hearts not really in it considering the volume, recovery.