Cattle: Cash cattle last week $126.00; dressed $200-202.00; boxed beef mixed (of note select up $1.24) on good midday volume; futures
strong on perceptions the pickup in beef movement suggesting the seasonal is on. That combined with much warmer temps for much of the Midwest this weekend helped the psychology as well.
Hogs: Interior hogs mixed early, avg. $76.50, pork midday mixed; futures extend their premium to the lean/interior on perceptions with the beef that the seasonal demand increase for meat is at hand. While the premium’s not indicating a problem, record high pork stocks and higher wts. seem to be inhibiting the packer’s ability to ‘pay up’ for live hogs.
GRAINS & OILSEEDS:
Corn: Choppy with new swing lows finding legs early session. While gains are modest, one thing of interest was the (apparent) beginning of the end of the May/July corn spread which might indicate the May’s so-called squeeze is losing momentum. Delayed plantings also noted for some support.
Soybeans: After the overnight highs were posted, the market spent the rest of the session under pressure. And that included the May contract generally as it looks like its squeeze might be running its course. Possibly word that China’s Brazilian imports will increase sharply in May, combined with China’s spreading bird flu concerns as per feed demand, also weighed on prices.
Wheat: Two-sided trade but rallies tougher to hold than breaks most of the session. Global news remains negative with the latest one StatsCanada’s estimated rise in all-wheat acreage.