Cattle: Cash cattle last week $123.00-125.00; Nebraska $198.00-$200.00 dressed; boxed beef higher on light movement; futures looked tired coming in and as mentioned, a bit saturated longs with no fresh bullish input. “Positioning” ahead of the Cold Storage report and tomorrow’s cattle on feed report also noted.
Hogs: Interior hogs lower, off $.20/1.92; pork midday cut outs lower early; futures post new lows for the move as the pork trade crumbled again early and resulted in a sharply lower cut out again. Seasonal increase in hogs and seasonal decline pork consumption also noted.
GRAINS & OILSEEDS:
Corn: Soybeans: And the rains came to Kansas in the middle of a dusty day… as the old song goes. Good rains return to Illinois and up here in the northern/northeastern areas fairly consistent for a couple hours and that after several weeks of NO rains. As such, some premium taken off the beans and more so the corn (such is that relationship on the calendar). In other news: Indonesia buys 1.4mln. South American corn.
Wheat: The (corn) dog wagging the (wheat) tail. Again. But not pound for pound today on correcting the corn/whet spreads some. Weekly export sales across the floor were moderate and in some cases under trade estimates.
Keep in mind we need more crop losses to sustain rallies since and objective look at the global crop sizes remains relatively ample.