Morning Ag Markets – Pete Loewen – 6.7.18
Active day for the ag sector yesterday. It was an up day for the meats and up for wheat complex as well, but down in the fall crop markets of corn and soybeans. Even though the meats have been very erratic lately, testing contract lows in mid-May and then testing spring highs in some contracts just last week, cash fed cattle trade has been pretty stale since the $110 mark was hit the 3rd full week of May. June live cattle actually pushed up into the highest level it has traded since March at the peak yesterday. That was the biggest highlight for the meats. It also resulted in the basis gap narrowing down to just $1.70 versus the $110 cash that traded last week.…