Cattle: Cash cattle last week $122.-123.50, with dressed Nebraska $194-$195.00; boxed beef lower on light midday movement; futures
under pressure most of the session on its premium to the live and after last week’s disappointing live trade.
Hogs: Interior hogs sharply lower; pork midday cut outs higher; futures hold lightly together in a quiet trade. While interior markets got hit on an early run the pork trade was higher led by loins, bells and butts; ‘hot’ temps and causal wt. loss noted as an underlying feature.
GRAINS & OILSEEDS:
Corn: Lower day led by spot September which gets hit from a southern harvest after more old crop corn found air as the crop growing season wraps up and production differences from here out not likely of matter.
Soybeans: Like the corn, spot September hit harder on a bit of old crop showing up and ahead of early southern harvest supplies (light though they’ll be) and seemingly stalled export demand.
Wheat: Losses in line with the corn pit as wheat cannot escape the gravity of being a major substitute feed grain. Add to that no export business around to start the week and no apparent crop problems globally.