Cattle: Cash cattle so far Ks./Tx. $119.00, Neb. $120.50-121.00; boxed beef mixed on light movement; futures able to expand its premiums though under light volume. We might indeed be seeing the lows formed in the live as per recent observations. A cool weekend, mostly rain free, might get us a needed bump in demand.
Hogs: Interior hogs mixed; pork midday cut outs sharply lower early; Futures under pressure as pork trade does a U-turn and drags down cut outs along with it. There’s little consistency anymore from the packers reporting as the integrated ones play one group (live) off the other (wholesale) to make the combined margins work better.
GRAINS & OILSEEDS:
Corn: Modest changes as the market digests recent losses, adjusts Sept./Dec. spreads a bit, and unwinds some more bean/corn spreads. Weather still looks favorable and seemed to limit the upside.
Soybeans: August a 30-cent range in electronic but a more managed range from the open outcry session on. As mentioned, the ‘squeeze’ ended with a blast of near 30-cents to correct and now we can concentrate more on August weather as the prime market determinate. Of note: South Korea cancelled a 55,000t soymeal tender earlier today looking for lower prices.
Wheat: Tough trade in narrow ranges. Wheat wants to rally I believe but is reluctant due to fear corn or beans might fall out of bed at any time. Main support is export demand, oversold but that’s offset by overseas production and demand competition.