Cattle: Cash cattle last week $119.00 south, $120-121.00 Neb.; boxed beef mixed on light midday volume; futures again narrowly changed awaiting the live trade to establish. A few reported in Nebraska at $120.00 live and $192.00 dressed not all that bad. Last year the cash low came in the 3rd week of July at $113.00, just for reference (I very much doubt as low as that).
Hogs: Interior hogs not lower off $.09-1.57; pork midday cut outs strongly higher early; futures relatively quiet amid narrow changes. Some support off the rise in cut outs perhaps tempered by the drop in the interior.
GRAINS & OILSEEDS:
Corn: No “dome of doom” surfaced today as some weather models possibly took some heat out of the forecast. I guess the cash squeeze found equilibrium at $7.00 July.
Soybeans: Like all good squeezes, the final few left on the final day is a war of nerves. Nearly $1.00 range in a trade about as thin as I experienced saw 20- or 30 cent ticks at a crack. New crop beans hit by some less than ‘domed’ weather forecasts and techical selling on the way down..
Note: the corn and bean action would have been logical yesterday after the USDA report but for the calendar as mentioned. I was completely side swiped then by todays’ action.
Wheat: Decent performance considering the blood let in the other pits. Part of it residual from the USDA report; part from the large weekly export sales; part from light technical buying.