Cattle: Cash cattle last week $123.00-125.00; Nebraska $198.00-$198.00 dressed; boxed beef higher on light movement; futures under pressure mot of later session. Last week’s ‘disappointing’ cash cattle trade, sharply higher beef prices and ‘hot & dry’ eating conditions added a touch of buyer nervousness; some support IF weekend weather holds up and gives the market a demand boost.
Hogs: Interior hogs sharply lower; pork midday cut outs sharply higher with major cuts early; futures higher in a slow-volumed trade. A near $4.00 leap in midday cut outs was led by a huge jump in cash bellies, up near $18.00 (seems like Monopoly money, eh?) and good gains in loins and butts. Might just also be ‘immediate ship’, pre-holiday deal.
GRAINS & OILSEEDS:
Corn: I forwarded a Chicago weather forecast early session that indicated some chances of rains this week and in follow up, the chances got even better for Wed. then possibly Friday and the weekend.
Soybeans: Similar to the beans in the weather segment and as such the market took on a defensive tone to see what the confirmation or lack of one will bring (we know what it’ll bring, eh?). And, double top anyone?
Wheat: Unwinding of the corn/wheat spreads evident? If so perhaps an indication corn could be topping out. Otherwise, noting particularly bullish here individually.