Cattle: Cash cattle last week $121.00-123.00; boxed beef modestly higher on light movement; futures gained more ground as the break out on the charts continues and as bullish cash cattle enthusiasm bubbles to the surface.
Hogs: Interior hogs we3ak/unquoted; pork midday cut outs modestly lower early; futures also gains ground with a combination of improved demand considerations for meats in general join technically inspired buying, though limited late on profit taking.
GRAINS & OILSEEDS:
Corn: Right beans/wrong corn? Perhaps it’s because the Soybeans had the lowered production off yields and acreage and another few weeks of needed good weather to avoid any more crop losses. Corn about done and the market looks like it believes the lessened crop is still a huge crop and why bother with a few million bushels that can still be scrapped? By the way, my hat’s off to my Iowa clients that insisted many parts of the state were below par….if not for the 2 mln. extra acres (the ones not subtracted), it would have meant far more.