CLOSING AGS 7/8/13
Cattle: Cash cattle last week $119.00 south, $120-121.00 Neb.; boxed beef lower on light midday volume; futures in a relatively narrow range with little feature. Still, talk of cash cattle having seen its seasonal lows kept a floor under early breaks though futures at premium.
Hogs: Interior hogs not established early (east opens lower); pork midday cut outs lower early; futures lower under technical pressure; long liquidation; and talk of a coming top in the pork trade.
GRAINS & OILSEEDS:
Corn: Light volume session with support coming from a slight change to dryer in the longer term forecasts and amid a large export sale to Mexico overnight; soymeal strength also noted as supportive.
Soybeans: Once more showing its volatility, prices sharply higher on weather forecasts that turned dryer and warmer. Additionally, some psychological support off China’s overnight buy of new crop beans helping offset some of the fear of an economic slowdown there.
Wheat: Modest gains with underlying support from a large overnight sale of wheat to China (though some looked for over 1.0mln.); from strength in corn; from light outside buying.