Cattle: Cash cattle last week $119.00-121.00; boxed beef lower on good volume; futures hit for reasons alluded to in Morning Comments: namely funds saturated long and could not make any upside headway, adding to that was uncertainty as to when cash cattle would put in a definitive bottom.
Hogs: Interior hogs lower; pork midday cut outs higher early; futures sloppy and choppy and little changed. One possible cautionary note was a USDA report that had the western interior $9.73 lower! early…. Had to be a misprint, eh?
GRAINS & OILSEEDS:
Corn: No help from beans and a non-life threatening weather forecast backtracked yesterday weather premium gains. I mentioned that guy from Univ. of Mo. in Morning Comments but since then another agronomist from Iowa State said with a big crop, ethanol will not be the whipping boy (yes, paraphrasing) of high prices then suggested prices could near $4.00/bu. (As an aside, if the crop reaches most of its full potential either gentleman is likely ball park).
Soybeans: Mixed close with spot August good as gold again while the back months faded on spreads and no serious change to the weather forecasts.
Wheat: Moderate losses occurred later session as the inability of the market to rally past near term swing highs and corn stubbornly lower looked to see longs exit positions.