Cattle: Cash cattle $126.00; dressed $200-202.00; boxed beef higher on light midday volume; futures choppy but highlighted by its ability to hold after a negative c-o-f report and cold storage holdings amid a significant discount the cash from last week. Demand uncertainty though kept rallies in check. Warmer and drier Midwest this weekend?
Hogs: Interior hogs early not well established; futures supported by the trade’s eye on the daily cut outs and what seems improved pork demand. However, for now as mentioned, the futures premium is a tough nut to crack to attract new buyers.
GRAINS & OILSEEDS:
Corn: Under pressure most of the session as the trade focus is on improving planting weather forecasts while backgrounding near record low planting progress.
Soybeans: May Soybean ‘squeeze’ still in play and commercials milking it for all it’s got it seems. In another week could be over with.
Light support on China’s overnight new crop purchase and that weather might allow corn plantings to catch up in the near future.
Wheat: Pressure all session basically as U.S. crop ratings for HRW and a slower pace of spring wheat plantings still overcome by warmer E.U. weather and favorable Black Sea reports among others.