Cattle: Cash cattle last week $119-120.50.00; boxed beef lower/strongly lower on light movement; Futures higher early then mixed narrowly later session. Light support from spillover from the sharply higher hog pit; from the pork cold storage report; for near steady cash cattle market last week. Upside limited by the premiums.
Hogs: Interior hogs lower/unquoted; pork midday cut outs lower early; futures strongly higher up front as August found room to rally nearer to the lean index (100.64) on the back of a bullish cold storage
Report featuring a record high monthly drawdown of pork stocks.
GRAINS & OILSEEDS:
Corn: More new swing lows highlighted by December taking out important support off $4.90, though it took a few tries to do so. Crop ratings in good shape generally; weather cooperating generally into pollination; funds selling short vs. beans.
Soybeans: Some might say August beans and August meal futures are the perfect example of futures market credibility. What could be more fundamental than 1) the cash market needs beans/meal then 2) run prices up sharply enough to get some then 3) collapse. Rinse, repeat. Guess the real casualty is whipsawing the more innocent months for no legitimate reason.
Wheat: Lower prices on spillover from sharply lower corn (and beans to a degree); on decent spring wheat crop conditions; on quick harvesting Black Sea supplies; drive-by crop tour in north South Dakota sees ‘pretty good’ conditions with 50/bu. acre (yr. 41/bu.), in central North Dakota tour sees mid/upper 40’s.