Cattle: Cash cattle so far $119.00 south; boxed beef higher on light movement; mini bull victory with Tx. and Ks. paying steady though in light volume early. The futures premium and the cattle on feed report
kept the trading slow however.
Hogs: Interior hogs lower, dn. $.27/1.31; pork midday cut outs lower early; light pressure on futures rom more weakness in the cash hogs/pork trade. Light concern over Monday’s Cold Storage report, seen record high, also kept rallies in check.
GRAINS & OILSEEDS:
Corn: September again ‘saved’ the new crop from generally favorable weather forecasts that had December post a new swing low and then recover on likely shortcovering. Monday night’s trade likely to be a barn burner if any significant changes in the forecasts.
Soybeans: September beans again take center stage after yesterday’s losses on renewed talk of tight supplies; new crop higher as weather more important for corn right now since August is the bean’s month. Happens every year. Also, like the corn, sellers were cautious to press the issue ‘just in case’ Sunday night’s weather had a significant bullish change of heart.
Wheat: Well, relatively modest gains. As corn pressure eased up and as beans popped sharply higher old crop, wheat saw light (apparent) shortcovering backgrounded by a very active global export realm this week. Led by China and followed by the rest of Asia.