CLOSING AGS 7/3/13
Cattle: Cash cattle $119.00 reported in Ks.; boxed beef higher on light midday volume; futures showed little negative reaction to the Ks. trades at $1.00 lower. Largely because it was more or less expected. But future held up on premium which might be more important.
Hogs: Interior hogs lower early; pork midday cut outs sharply lower early led by bellies down $17.00?; futures choppy and surprisingly July did not react bearishly to the early cut outs falling $5.69! Besides the bellies, the rest were hit relatively hard as well. Guess no one believed it. Not trust the packers?
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat:
Dull day across the floor with little fresh news from our morning comments. What did come out were Informa’s estimates and while negative, prices did not react bearishly to them. Inform: corn production 14.259bln.bu. with yld. 160/bu.acre on 89.135mln. harvested acres; soybeans 3.376bln.bu. with 43.9bu. on 76.918mln.; all wheat production 2.016bln.bu. dn. 253mln. bu. on year.