CLOSING AGS 7/5/13
Cattle: Cash cattle $119.00 south; boxed beef lower on light midday volume; futures in a lack-luster trade and narrowly mixed. Without Nebraska the idea remains they will be $1.00 lower as well so no surprise. Some disappointments over weekly beef export sales possibly offset by an improved May monthly export report.
Hogs: Interior hogs not established early; pork midday cut outs higher early; futures post moderate gains up front on the discount to the lean index, the ‘recovered’ packer cutouts from Wed. early to Wed. late. Favorable holiday weather also helped both beef and pork.
GRAINS & OILSEEDS:
Corn: Soybeans: Both followed the scripts written for them by 1) the USDA reports (quarterly stocks vs. higher acreage) and 2) by current and expected weather which looks largely favorable. Export sales for both of little positive influence.
Wheat: Found it tough to hold as dragged down by the corn but all in all held relatively well. Weekly export sales lowered but still decent considering ample competition; and good news as South Korea lifts its ban on U.S. wheat imports due to that GMO deal.