Comments: As mentioned this morning, the price rise in Nebraska and west yesterday to a few at $156.00 was supportive. Why? Well perhaps it indicates packer demand was not sated and if so, prices will hold next week? Beef mixed midday.
Comments: Well, a nice 300 point range in thin trading. The excitement over the jump in cut outs yesterday was replaced by a drop of $2.89 at midday (loins mostly). This time only the eastern interior was established early, down $2.40. October took the heat from that from bear spreaders in Dec./Feb.
GRAINS & OILSEEDS:
Corn: 1st time a higher weekly close in quite awhile. The week seemed marked more by the technical (key reversal) than the weather. Of course there might be some unseen problems but except for local problems not seen widespread. Over the weekend though, forecasts now calling for excessive rains.
Soybeans: Nothing trade really with narrow changes. Light volume did allow back beans to get support from the corn and wheat strength along with the Sept. contract’s “tight-supply” old crop support. NOPA crush higher than expected but even so accompanied by a DROP in soyoil stocks. Soyoil futures apparently not impressed.
Wheat: Sharp whipsaw higher early midday apparently on news Ukraine attacked a Russian convoy in the Ukraine. Guess we can throw in the rain induced harvest delays in Europe.