Cattle: Cash cattle so far: $155.00-156.00, Neb dressed $246.-249.00; on 50 boxed loads cut outs up. $.86(c) to up. $.70 (s) on light midday movement.
Comments: The cash cattle market opens a few dollars lower and beef movement has struggled this week but does that preclude a top? Maybe. However, if technical indicators are still in play yesterday’s heavy-volume sell-off (+117,000) and follow through today (some limit down) also suggests a major top in place for both fats and feeders.
Hogs: Interior hogs sharply lower west, N/E east.
Pork cut outs fell $.38 in midday wire, quiet.
Comments: Curious timing as early western
and I/M interior hogs open over $4.00 lower in a day where cattle likely topped and futures sharply lower. October gets it the hardest but they got the most interest post-Pig Crop. Nonetheless, the August contract still in the realm of a trading affair albeit highly volatile.
GRAINS & OILSEEDS:
Corn: Moderate volume but little bullish enthusiasm ahead of tomorrow’s report. Old crop and new crop both likely will have their own issues and I’ll not bet on either one of them. It would take a major surprise to bottom the corn (as opposed to a report that allows for a correction). Hence keep an eye on the long term.
Soybeans: As much as I’d like a rally, found it interesting old crop beans did not respond all that much to 1) Unknown buying 60,000t old crop overnight and 2) on the weekly export sales report China bought 59,200t of it. This as, or maybe because of (?) talk China has a couple cargoes of beans in port they cannot pay for (letters of credit). New crop beans weaker on expected higher acreage and good August weather forecasts.
Wheat: Another discouraging weekly export sales number after last week’s ‘decent’ number. Simply, U.S. wheat prices keep getting undercut no matter how low we go.