Cattle: Cash cattle last week $119.00-121.00; boxed beef higher on light movement; futures stage a powerful recovery and quicker than I would have thought. Largely that’s likely because no significant selling showed up around $121.00, the low end of the near term range, and shortcovering/bottom picking ensued. Overall action still positive. Retail meats: light meal fare featured in ads with veggie and fruits taking up a lot of space as well.
Hogs: Interior hogs east lower, west unquoted; pork midday cut outs lower early; futures higher les by spot August supposedly on this heat wave and secondarily apparently on looking for a pork bottom (wire service)? News to me though there is a slight seasonal bump end July/early August. And last year a low was put in around this time frame.
GRAINS & OILSEEDS:
Corn: Half full or half empty? One could say December corn held well just off important nearby lows; one could also say December was bearish in just revisiting those lows. I say again the most important thing we have to remember is the built-in acreage cushion of over 2.0mln. that was not subtracted from the last USDA report. As an aside, how did July corn get tighter than July beans?
Soybeans: Weather still makes a difference after all with rains forecast in the western belt tipping prices sharply lower in new crop. Good weekly new crop export sales are important but considering the potential size of the crop, they have to be. But that does not preclude prices from eventually falling much lower. The calendar is still on the beans side but looks to be entering August in decent shape overall.
Wheat: Tried to hold but corn reminded it that the potential for a record high corn crop will eventually shift back more demand to corn.
That’s the major problem being friendly wheat.