Cattle: Cash cattle last week $121.00-123.00; few Nebraska reported at $200.00 dressed; boxed beef modestly higher on light movement; futures certainly in a consolidation type trade as the live market gets going. Big week for beef prices and beef movement I suspect, and beef demand prospects look encouraging another few weeks.
Hogs: Interior hogs sharply lower, off $2.64/2.99; pork midday cut outs slightly higher early; futures under pressure as the cash hogs and pork products end the week under pressure. “Seasonal” concerns remains a defining moment on concerns record high pork storage might meet a hard softening of domestic demand.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: Consolidation Day is my take after a decent recovery from recent losses. And higher weekly closes. While USDA/FSA acreage might be confusing, there seems at least a minimum drop of 1.0-1.5mln. corn; up to 1.0mln beans; and up to 1.5mln. wheat…all in all friendly; still have clients with farms in Iowa seeing poor corn and bean crops (not a huge area but a supposedly good area); China bought another 284,000t new crop beans later morning; light bean/corn spreading still noted.