Cattle: Cash cattle last week $124.00; Nebraska $125.-125.50; boxed beef firm on light movement; futures choppy as ususal watching the hog futures. Some support on steady-ish beef and steady showlists but little else.
Hogs: Interior hogs strongly lower; pork midday cut outs modestly lower; futures under pressure all session. Most of the pressure seen as pre-USDA Pig Crop profit taking amid overbought technical conditions. Avg. All Hogs 98.5%; Breeding 101.5%; Market 98.5%……scuttle butt is largely that after the hog diseases runs its course cheaper corn and improved cash hog prices will trigger a significant expansion.
GRAINS & OILSEEDS:
Corn: Back and forth but higher in the end. Light selling on better than expected yields out west apparently. However sellers were tepid really and seemed more light shortcovering ahead on Monday’s report.
Soybeans: Moderate losses but hard fought from time to time. Talk of higher yields in some areas and harvest gaining momentum the primary source of the pressure.
Wheat: Moderate gains as wheat shows some backbone and in fact helped corn rally. Some talk of a surprise Quarterly grain number based on lower U.S. production; on a significant increase in feed wheat usage; and talk of crop damage from a freeze in Argentina.