Cattle: Cash cattle last week $123.00-125.00; Nebraska $198.00-$198.00 dressed; boxed beef lower on light movement; futures highlighted by bear spreading with the cattle on feed’s placement number leading the charge.
Hogs: Interior hogs mixed; pork midday cut outs sharply lower early; futures post moderate gains in what looked like a low volume day; many funds/traders were busy in the grain complex I believe. Some support apparently over hot & dry weather as per wts. Consumer demand usually not all the great during these heat spells though.
GRAINS & OILSEEDS:
Corn: A follower at the extreme highs with some support off the weather which means more for the beans (yes, I remember saying soymeal a major bull-factor and that’s still in play). Of note: some profit taking/adjustments in the Sept./Dec. corn spread. Cash movement?
Soybeans: Couple months limit up at one point as the weather came in hotter and drier than the weekend forecasts indicated. Also, there might be a case of importers having to scramble to get bookings after such as major move, adding support from commercial pricing.
As an aside: We will not run out of either corn nor beans and by mid-end September there will be a lot of high-priced importer invoices.
Wheat: Nice try and at one point wheat was able to match much of the corn’s gains for once. At some point wheat might just yet get competitive with corn but not now. Nonetheless wheat’s export sales have been consistent if not a barn-burner and needs some respect.