HAVE A SAFE AND HAPPY HOLIDAY WEEKEND!!!!!!
Cattle: Cash cattle this week $123.00-124.00; Nebraska $196.00 dressed; boxed beef lower on light movement; futures choppy all session though August expired poorly when the cash cattle markets traded steady/lower on the week.
Hogs: Interior hogs mixed; pork midday cut outs lower; futures stronger most of the session in part due to talk of weights dropping with the high heat we are currently experiencing. Also, near term positive chart formations pulling in light technical buying as well. Some hope weather will help pork consumption over the weekend.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: All three markets basically inter-woven for various reasons. Individually September corn unwinding its spreads with the December while the back months soft on upcoming southern harvest (late shortcovering recovery); Sept. beans still ‘in favor’ as nearby supplies are still tight (read August meal) and very little early beans expected seen; November beans under pressure on weather with a consensus view rains will be in through Iowa/Neb.Ill./Wisc.; wheat still a function of corn action but trying to wean itself off now and then. Need to eat through this feed-wheat surplus first.