Cattle: Sources in South Dakota says truckers and other farmers, along with the state officials, talking 20,000hd. loss of both cows and calves in the state; yes some talk of 60,000hd totals but we’ll be conservative. Hence eyes on feeder cattle at new all-time highs. Futures in cattle lackluster all session, still some suspicion over South Korea’s import ban on certain beef.
Hogs: Consolidation after recent break in a sloppy, choppy trade and little fresh news with the USDA down. However, talks suggests the impasse might be over by the weekend?
GRAINS & OILSEEDS:
Corn: Back to swing lows in what looks like round II of new fund short-selling. I admit it’s too early with a delayed harvest to make much more ground on the upside than the $4.50 area since harvest still likely only in the 20%’s. Better rally chance when in the 50’s%.
Soybeans: Moderate price changes highlighted by November once again popping over but failing over $13.00 again (in fact twice in overnight then outcry again). Unlike the corn, funds have no (short) axe to grind and seem content to await export demand out of say China once the USDA is back up and running; I also believe Asian buying out of Brazil, booking their new crop with April ship, indicative of widespread demand (warning: 1st quarter 2014 could set the stage for a burst bubble in farmland prices but that’s a story for later since it depends on a couple things).
Wheat: I am tired of the Black Sea this and the Black Sea that but such is life under the ‘new’ market place fund mentality concerning the communists in that region. I mentioned on the last rally a coupe days ago the planting delays were for their next year’s crop and that their old crop harvest was doing just fine really. But as such word that weather warmed and dried up to allow plantings to resume apparently the cause of the sell-off.