Cattle: Cash cattle last week $198.-200.00 dressed and $126.00 live; boxed beef strongly higher on light midday movement; futures under pressure from several sides: profit taking from Friday; steady, early week cash cattle calls; spillover from the negative Pig Crop report (1% more hogs coming).
Hogs: Interior hogs sharply mixed; pork midday cut outs stronger; futures sharply lower at one point but recovered off extreme lows on shortcovering. Pig Crop showed All-hogs 1.5% more than expected and the weight breakdowns posted 1% more hogs availiable in the next several months.However, still-decent pork demand and discount to the lean index provided some support.
GRAINS & OILSEEDS:
USDA ADDING BEAN HARVESTED ACRES TO THE 2012 CROP AND RAISING 2012 PRODUCTION BY 18.6MLN.BU. WITH IT BLINDSIDED some traders AS THE REPORT ADDED THAT TO INVENTORIES AND GAVE A SURPRISE STOCKS REPORT OF 141MLN.BU., ABOVE THE AVG. EST.; IF NOT FOR THAT THE REPORT WOULD HAVE BEEN ‘BULLISH’.
LOOKS LIKE A FUND WASHOUT INTO NEW SWING LOWS; END OF MONTH/QUARTER.
CORN: 824MLN.BU. STOCKS VS. 688MLN. AVG. A BIT NEGATIVE BUT HEY, 136MLN.BU. EXTRA NO BIG DEAL AND IN FACT THE BEAN NUMBER MORE NEGATIVE AS MORE BEANS MEANS MORE MEAL (AND YES SPILLOVER FROM THE BEAN FUTURES NOTED).
WHEAT: ALL-WHEAT CROP 2.13BLN.BU. VS. EST.S’ OF 2.12BLN.;
STOCKS 1.855BLN. VS. EST.1.93BLN……….ALL NEUTRAL AND TO A DEGREE FRIENDLY AND KEEPS SOME INDEPENDENCE IN THE WHEAT PRICE FOR NOW.