Cattle: Cash cattle last week $119.00-121.00; boxed beef lower on light midday volume; futures modestly lower in a slow, two-sided trade. Basically the market awaits the cash cattle ‘tilt’, though it’s also starting to position ahead of Friday’s Cattle-On-Feed.
Hogs: Interior hogs lower, off $1.50-1.78; pork midday cut outs mixed early; futures post moderate gains in a slow trade. While the interior and pork trade gave no overt bull lean, the ‘hot & humid’ conditions or the next few days did via wts. loss.
GRAINS & OILSEEDS:
Corn: Moderate gains amid support from a 2% decline in crop ratings and ‘less wet’ forecasts longer term.
Soybeans: Sharply higher in thin trading. Support came from a 2% lowered crop rating, oversold technical and a return to a ‘squeeze’ in old crop beans.
Wheat: Modest gains in a two-sided trade. Initial support from a 2% decline in spring wheat conditions and the rally in corn, soybeans. Overhead pressure courtesy inter-market spreading, ongoing harvest and light technical selling.