Cattle: Cash cattle this week $128.-130.00; dressed Neb. $204.00; boxed beef strongly higher on light midday volume; futures, a bit surprisingly, meandered around most of the session even with the discount to the high end of the cash last week ($128.130.00) and strong midday gains in the beef. However, as mentioned there remains a lack of volume, increasing open interest and bull- confidence needed to propel futures sharply to the upside yet.
Hogs: Interior hogs early not established, pork mixed; futures under pressure most of session but no significant chart damage done. An unclear pork trade and no early interior quotes made the premiums vulnerable.
Both beef and pork awaiting word on how good (or bad) weekend meat movement was after the good weather.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: Sharply higher led by the corn pit. For corn, a combination of rains in the forecast and returning cool temps. was, to me, added on to heavy long liquidation Friday of the May contract. Planting delays met an “air pocket” of selling overhead and produced a new swing high since last month’s USDA report. The beans tallied for a while early but were inevitably drawn sharply higher on spillover from the corn action. In the ‘no surprise’ dept.: May corn and May bean deliveries seen about 0 (zero); for wheat, which rallied with the corn then beans, deliveries estimated 200-500 contracts.
Now we see tomorrow if the funds came out to play bullishly.