Kleist Comments



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.


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.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

Disclaimer: Trading options and commodities involves risk of loss and my not be for every investor. Past trading results may not be indicative of future performance. Although information and opinions provided herein are compiled from sources believed reliable, the sender, EBOT Trading, or its principals cannot attest as to accuracy or assume any responsibility for any errors or omissions as the information may not be complete or events may have changed.