Kleist Comments

CLOSING AGS 7/2/14
CLOSING AGS 7/2/14

Cattle: Cash cattle last week: $154.00-156.00, Neb dressed $245.00; on 79 boxed loads cut outs dn. $.33(c) to up. $1.05 (s) on moderate midday movement.
Comments: $153.00 area still ham-stringing August cattle. Is it telling us something or just another head fake? The discount cash adds to the mystery but so far packer’s light kill week offset by a lower showlist? Beef mixed a midday but not reading
anything into it: most sales now for immediate ship.

Hogs: Interior hogs firmer west, N/C east.
Pork cut outs rose $2.97, led by belles up $7.00.
Comments: Front months consolidate while the deferred months still supported by the Pig Crop report. The sharp increase in cut outs seemed forced for immediate ship but might help the live market tomorrow.

GRAINS & OILSEEDS:

Corn: More new losses as weather forecasts holding up rather well, as demand is being questioned and as margin clerks rule the laboratory. When a correction is imminent unclear obviously but maybe ahead of the USDA report coming next week. More on that later.

Soybeans: July gets some support off anticipation of tomorrow’s weekly export sales report perhaps while the August needs to strip off its tight old crop ruse premium as some beans may show up later that month if weather keeps cooperating.

Wheat: Inter-market spreading seemed at play as Chigo. gains vis-à-vis KC and MGE. Egypt buying basically Black Sea wheat offsetting wet U.S. spring wheat areas.

Kleist Comments

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

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