Cattle: Cash cattle dressed Nebraska $198.00 bid/light trade so far; boxed beef lower on light midday movement; futures moderately higher as cash cattle comes in (at leat Neb. early) well better than expected. We talked about some extra grilling days and retailers adding that to generally out of season meat ads by featuring steaks.
Hogs: Interior hogs sharply mixed; pork midday cut outs weaker; futures choppy and consolidating ahead of today’s Pig Crop report. Pork demand overall reamins decent and warmer weather, counter-seasonally, aids demand.
GRAINS & OILSEEDS:
Corn: Later session pressure predicated presumably on bean/corn spreading on the quarterly stocks numbers and some additional wheat/corn spread unwinding.
Soybeans: Up front support ahead of Monday’s quarterely stocks report; light shortcovering; bull spreading. Up side limited by the ongoing harvest.
Wheat: Firm close on active export demand; wheat/corn spreading; frost damage in Argentina; possible bullish stocks report.