Cattle: Cash cattle last week $119.00-121.00; boxed beef narrowly mixed on light midday volume; futures strong and would suggest the sharp narrowing in the basis allowing some optimistic buying. I still suggest the ceiling for the August remains $123-124.00 for now anyway. Showlist estimates: Neb. dn.16,000hd.; Ks.dn. 4,000 and x. up 1,000hd.
Hogs: Interior hogs not well established; pork midday cut outs strongly lower early (bellies dn. $14.00); futures higher with August up $1.60 at one point narrowing the spread with the expiring July. Hard hit in the pork trade but will see if they are credible on the late wire.
GRAINS & OILSEEDS:
Corn: Under pressure all session but cushioned just a bit by the early bean rally. Outstanding weather with hot and moist conditions along with technical selling from Friday’s close backgrounbded the weakness. Also, some bean/corn spreading due to the calendar.
Soybeans: Don’t look a gift-horse in the mou…..rear end: what a gift August beans turned out to be. Nonetheless, for now I still believe it will not be a repeat of the July shenanigans. Otherwise, the back months were able to use that to post a modest upside correction and then cushioning a trip back lower on the day.
Wheat: Back to the lower end of its broad trading range largely on negative feed back from the corn losses. However, good expected crops out of Europe and the Black Sea was also noted.