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Market Snapshot

Cash Cattle Trend:



There will be two market forces acting on futures this morning. Packers pushed cash prices back up to $120 following earlier week trades at $118. This reflects the fact they have lost some leverage in bargaining, mainly due to feeders who will not sell cheaper, but will instead add more weight to the cattle because they suffer little penalty in price with premiums in the deferred futures. The other force, probably more substantive and material to the market, is the Friday COF report showing placements 10% higher than expectations. The placements of cattle on feed for several months have been large and threatens prices for cattle later this year.

 Fed Steers Live

 118 - 120
Dressed Basis
188 - 190

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Feeder Cattle Futures late Monday morning rallied higher with October contracts posting gains near $3 per cwt in reaction to buyers stepping back into the complex

Wheat Cash Trend



Corn and soybeans closed lower Monday as traders faced a more pleasant seven-day forecast with chances for rain across much of the Midwest. The outlook for the northwestern Plains remains dangerously dry, but September Minneapolis wheat was down 15 1/4 cents, as this year's drought rally showed signs of buyer fatigue.

Local 12% Winter
-7 to 8 421 - 501
Local 14% Spring
  -12 to 13 743 - 804

>> More Grain Cash & Futures - 

All three grains closed lower Thursday as mild summer temperatures blanketed the Midwest with another day of good growing weather. 

Featured Auction



Superior Livestock


5-600 lb Steers
151- 201
6-700 lb Steers
141 - 181
7-800 lb Steers
139 - 170

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