Cattle: Cash cattle last week $123.00-124.00; Nebraska $196.00 dressed; boxed beef mixed on good movement; futures saw more October liquidation, and some weaker back months it seems after a weaker cash cattle market last week. Light support perhaps on good weekend beef clearance ideas and a decent midday movement today. Showlists: Neb. dn. 17,000; KS dn. 1,000; and Tx. 5,000.
Hogs: Interior hogs mixed; pork midday cut outs higher; futures quiet but even with cash hogs and the pork trade mixed, light technical buying kept the market afloat. Heat becoming less a factor as per weights but on and off pushes the psychology some. McDonald’s just advertising a new “double bacon” sandwich? Remember the good old “nitrate’s” days that nearly destoyed the BLT?
GRAINS & OILSEEDS:
Corn: September corn still getting a bit of a squeeze on spreads but slowly southern stocks are moving northward; back corn lower on hedging and technical pressure. Some support with both corn and beans looking for lowered crop ratings.
Soybeans: Strongly to sharply higher after a ‘long’ weekend of less than expected rains and dry forecasts in the near term through Friday anyway. One weather guy even said ‘a frost possible by Sept. 10-12th.
Wheat: Tried to show some light independence but after corn fell and a period of waiting succumbed soon after.