Cattle: Cash cattle last week: $155.00-157.50, Neb dressed $246.00; on 70 boxed loads cut outs up. $3.07(c)/$2.10 (s) on moderate movement.
Comments: Since the 4th of July ‘backfill’ business usually done the week after, this beef price surge seems not domestic. Or if domestic, some beef supplier needed beef, period. That China-owned U.S. beef supplier as mentioned in the cattle notes email might have something to do with this (to me) ‘disruption’. I know showlists lower but not sharply so and even so would not jack up beef prices necessarily because of it. Nonetheless, some limit up moves as futures catch up to the live price.
Hogs: Interior hogs N/C east/west.
Pork cut outs rose $.24 in midday wire .
Comments: Not sure why fundamentally why futures shot up but will fill in the blanks: oversold; cattle futures limit up; beef sharply higher; expectations for a bullish Cold Storage report; light volume shortcovering.
GRAINS & OILSEEDS:
Corn: Corn keeps having trouble holding a rally on a combination of generally great weather currently; no forecasts that look dire; weaker export sales; rising yield estimates.
Soybeans: Would have thought August beans would act this way yesterday when the China old crop sales announced but hey, only major players likely left with large positions. Overnight sales good again with a combination of new crop soybean and soymeal sales. Nov. beans weaker generally on good weather; of note, November Canola posts a new contract low.
Wheat: Light volume but followed corn lower most of the session. Favorable harvest progress; favorable spring wheat conditions; very poor technical conditions et al made it tough to sustain a rally.
Of interest: Chicago forecaster sees below normal temps. for Aug./Sept./Oct. but not seen as a threat to crops.