Cattle: Cash cattle last week $123.00-125.00; Nebraska $198.00-$200.00 dressed; boxed beef mixed on light movement; futures choppy and consolidating technically.
Hogs: Interior hogs sharply lower, off $2.64/2.99; pork midday cut outs slightly higher early; futures generally under light pressure in a nothing trade. Mixed interior markets and a still-weak pork trade kept rallies in the check.
GRAINS & OILSEEDS:
Corn: New swing highs led by mostly soybeans though hot & dry will affect later planted corn as well. While a large crop still roughly indicated, the market ‘making up’ what should have been some of a weather premium.
Soybeans: Sharply higher as the beat goes on. While lessened acreage a new wrinkle of late, hot & dry weather this week allowing for an extension of a weather premium.
Wheat: Follower. While not as much as the corn and/or the beans, wheat sucked higher on the heels of corn. However, not pound for pound as there is now ‘less corn’ and ‘more wheat’ to a degree. That also allows for corn/wheat spreading.