Kleist Comments

CLOSING AGS 7/17/13

LIVESTOCK

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.

Kleist Comments

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

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