Cattle: Cash cattle last week $123.00-125.00; Nebraska $197.00-$198.00 dressed; boxed beef mixed on moderate movement; futures relatively quiet and continues in what seems a ‘holding tank’ waiting for the live to establish. Some beef demand hopes on fairly good weather.
Hogs: Interior hogs sharply lower; pork midday cut outs sharply lower with major cuts early (ring an extreme bell? Bellies off $16?, loins/hams dn. $5-6.00, cut outs off $5.25); futures under modest pressure as the pork trade and early interior markets keep losing ground. I/M wts. a bit under estimates but late corn will show up and spike wts. perhaps.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: My take for today simple: there was just enough uncertainty over heat levels, humidity levels and possible rains through Friday to keep even the ardent bulls a bit cautious (considering the soybeans run up).