CLOSING AGS 7/9/13
Cattle: Cash cattle last week $119.00 south, $120-121.50 Neb.; boxed beef mixed on light midday volume; futures choppy, two-sided and light volume. The trade awaits some retail feedback on holiday beef clearance and the lean to the cash cattle market for the week.
Hogs: Interior hogs lower at dn. $.90/3.31; pork midday cut outs mixed/lower early; futures posted a moderately-volatile day. August puts in a new swing low but finds support due to the discount to the cash/lean and spillover from the July’s modest recovery.
GRAINS & OILSEEDS:
Corn: Strong close in what looked like a low volume day. Most of the support coming off oversold technicals; a bit dryer weather pattern medium term; shortcovering ahead of Thursday’s USDA report.
Soybeans: Strongly higher in a continuation of yesterday’s rally based on a dryer forecast (nothing dramatic of course); China buying more new crop; consolidation ahead of the USDA report.
Wheat: Decent gains with some help from the corn. A recent flurry of global export demand; U.S. crop conditions; and very oversold technical backgrounded the gains.