Kleist Comments

CLOSING AGS 7/9/13
CLOSING AGS 7/9/13

CLOSING AGS 7/9/13

LIVESTOCK

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.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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