FOR MONDAY: (6/5) Wheat harvesters this week said yields in Texas and Oklahoma were lower than expected and some fields were grazed by cattle instead of allowed to mature.
Forecasts keep scattered showers and cool weather in the Midwest the next few days. The latest 6- to 10-day outlook (June 8-12) is dry but cool for most of the Midwest. Market may do minor highs into Monday and then congest before the USDA report on the 9th but we do see June cycle highs due into June 12-13, which means we may get some more Eastern wet weather to take the market up.
Starting to look more like a year where the market bottoms into late June and early July and then has no where to go. Cattle still look higher next week but hard to buy and hogs are a buy on dips.
Comments are closed.