Kleist Comments

CLOSING AGS 7/21/14
CLOSING AGS 7/21/14

Cattle: Cash cattle last week: $155.00-157.50, Neb dressed $246.00; on 63 boxed loads cut outs up. $2.02(c)/$1.69 (s) on light movement.
Comments: Nice follow through buying. A bit of a bullish surprise to some was the sharp jump in choice beef prices so soon after the weekend. Hence the futures discount found support off early-week strong beef demand that might translate into firmer cash cattle this week.

Hogs: Interior hogs N/C east/west.
Pork cut outs fell $.96 in midday wire .
Comments: Technically August’s fall last week under its major m/a’s set the stage for today’s break, likely long liquidation. October hogs found spill over selling with it, back months still PEDV sensitive?

GRAINS & OILSEEDS:

Corn: Easy call today as great weekend weather and good forecasts this week keeps ideas of higher yield in place.

Soybeans: More overnight export sales old crop to China boosted the August contract to modest gains. A large new crop soymeal sale added light support but good weather overwhelmed both the sales keeping pressure on the new crop.

Wheat: New swing lows by a cent or so but by later session prices moved away from them. Open interest & some trade talk seems to be indicating bottom picking looking for a seasonal low. The Russian/Ukraine crisis has had minor effect so far.

 

Kleist Comments

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

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