Highlights as of 6/13 with Brad Kluver, CFS Swine Production Specialist:

Highlights as of 6/13 with Brad Kluver, CFS Swine Production Specialist:
Corn:
Nearby corn was under pressure a bit from concerns about slower demand for US corn. While July did climb as high as 6.25 on the day it settled out down 4-3/4 to 6.12-1/2. Otherwise, corn largely traded higher on concerns about this hot dry weather and declining crop conditions. September closed up 2-1/2 to 5.46 and December was up 2 to 5.51-1/4. July to September inverse narrowed a bit to 65-3/4 on the day. Corn is likely to be volatile as it’s heavily reliant on weather forecasts as of now. And today’s trade showed pretty wide swings above and below the closing prices. We did see basis numbers soften across the territory anywhere in the 5 to 15-cent range.
Meal:
Again basis remained largely quiet on the day, with posted values remaining unchanged. The rally in the crude market helped support the soy complex as well as improving demand for US soybeans in the export market with Brazil switching to corn offerings more for export. We are entering annual maintenance times for processors now and that will cause some fluctuations in basis. CHS Fairmont will be down for maintenance from 6/16 to 6/23. On the board, meal was relatively flat nearby but saw some strength in deferred months. July meal was up 0.10 to 397.50. It continues to struggle to stay above 400 despite spending a chunk of the day trading above that. October was up 5.70 to 377.60 and December was up 6.90 to 377.20. Deferred months are seeing some strength tied back to concerns about crop-growing conditions as well.
Hogs:
After starting weaker on the day, hogs rebounded for the most part outside of June and July. June was down 0.05 to 87.125, July was down 1.00 to 90.60, October was up 0.30 to 78.30 and December was up 0.65 to 75.40. The index continues to march higher, gaining 0.45 to 84.73 on the day. Cash keeps on chugging as well, with 13,341 head traded today we saw the National Cash price climb 0.85 to 94.09. The cutout showed some strength again too. Bellies gained 7.43 to 94.17 and that helped the carcass cutout climb 1.32 to 89.52. We’ve struggled to get over the $90 threshold on the cutout thought and to keep any gains in bellies. Tomorrow could help push us over that threshold if we can keep the gains on the cutout we saw today. Load volume was higher than the average of late with 385.15 loads today. Sow slaughter continues clipping along but there’s still a ways to go to get through all the anticipated sow liquidation.