Cattle: Cash cattle last week $123.00-125.00; Nebraska $198.00-$200.00 dressed; boxed beef lower on light/moderate movement; futures still in dry-dock but has a few reasons to do so for now: waits for cash cattle ‘tilt’; waits for Cold Storage reserves Thursday (record high?); and waits for Friday’s Cattle-On-Feed report; and technically in near term limbo.
Hogs: Interior hogs lower, off $1.00/1.75; pork midday cut outs lower early; futures into new swing lows in what looks like fund long liquidation as seasonal cash pressure grows more and more evident. Also, Cold Storage report Thursday expected bearish with another record high tonnage tally expected.
GRAINS & OILSEEDS:
Corn: Soybeans: Both markets higher on weather but more an ‘air pocket’ on the upside rather than large volume buying…typical many times… with dryer forecasts spearheading the rally. I’ve long mentioned ‘Old School’ importer buying has likely changed dramatically (and does NOT favor U.S. generally) and to wit: Malaysia buys 45,000t Ukraine corn…very rare historically (it’s all about pricing boys!); however, U.S. got the nod from Vietnam buying 120,000t U.S. soymeal for V/X/Z ship (usually India/So.Amer.); and finally, StatsCan reports a record high Canola crop but not as high as the trade expected and with the meal export sales helped spot Sept. post/hold sharper gains than the other months.
Wheat: China bought 55,000t Australian wheat overnight (total new crop 2.2mln.m/t’s; old and new 3.7mln.) and looks to unseat Indonesia as Australia’s largest customer on wheat.