Cattle: Cash cattle so far Ks. $119.00; boxed beef higher on moderate movement; Futures two-sided in a choppy trade but eventually lower: some support by a steady cash cattle market in Kansas and higher midday beef offset by its premium to the cash market.
Hogs: Interior hogs mixed; pork midday cut outs sharply lower early; futures mixed with August pressured by the noon cut outs and a weak overall tone to the live. Bear spreading supported the back months.
GRAINS & OILSEEDS:
Corn: September apparently also lost its ‘squeeze’ due to a friendly nudge, err…make that sledgehammer, from the August beans. Perhaps those trying to squeeze Sept. decided the gig was up and no one running out of corn, or beans. Otherwise, favorable forecasts kept December on the defensive and I suspect saw added fund sales.
Soybeans: August soybeans: cash tight no more? Apparently. And to prove the point limit down at one point. New crop beans back and forth with weather forecasts keeping a lid on rallies while old crop beans (includes Sept’s premium) keeping buyers defensive. Oh, and I guess the August meal squeeze after thunderous feed demand just days ago also sated. For now anyway.
Wheat: Two-sided trade with no wild swings due, to squeezes in spot months not needing to be wrung out. Some support on unwinding corn/wheat spreads, some support off export demand and some support as funds were busy elsewhere.