Cattle: Cash cattle last week: $155.00-157.50, Neb dressed $246.00; on boxed loads cut outs dn. $.77(c)/ up $1.54 (s) on moderate movement.
Comments: Certainly volatile as after August and other put in new highs prices collapsed near 300 points. This after a USDA report of a few trades in Nebraska at $255.00 dressed. Hence there was likely profit taking amid very overbought conditions and perhaps ‘adjustments’ ahead of tomorrow’s Cattle-On-Feed report. Avg. est.’s: On Feed 98%, Placed 96%, Marketed 98%.
Hogs: Interior hogs N/C east/west.
Pork cut outs fell $.92 in midday wire .
Comments: Limit down? After months of sideways the market seems begging to break out on the downside. Pork has not been acting all that well; kills still estimated ranges; pork still never got the ‘respect’ it might have at retail vs. beef; and finally, the PEDv bull-scare about out of steam.
GRAINS & OILSEEDS:
Corn: Two sided trade in light volume. Pressure on rallies from great temps and weather forecasts with limited export demand; add on reports of possible outstanding yields coming in from tour groups (for me, yes there are some areas not so great). Support came from obviously the bean/meal rally.
Soybeans: Apparently, the old crop rally started with talk of tight nearby supplies still and apparently South American beans competitive; secondly one forecaster suggested August weather will be hotter and drier than July. OK some weather premium needed. Just yesterday I opined that November beans seemed to finds export demand in the mid-$10.60’s but blew through that early. However, a friend in the industry called with this: way, way, way back November beans had its contract low at $10.54 an today’s low was?
Wheat: Like the corn, wheat seemed to struggle with being able to rally. Nonetheless, after being very oversold still along with hopes for export demand to filter in won the day. Sustaining the rally will the next hurdle.