Cattle: Strong close again in what seemed October shortcovering on talk olf $130.00 cash cattle and stronger beef. However, the apparent lack of a cattle-on-feed report Friday might be taking some of the ‘positioning’ risk off the market making for more aggressive buying.
Hogs: From rags to riches to back again from rags as December cranks out a new swing high on renewed buyer interest (open interest suggests liquidated longs coming back home); some talk of tighter numbers, one source mentioned a southern pork plant shut down due to that swine disease diminishing numbers.
GRAINS & OILSEEDS:
Corn: Nothing trade, choppy and two-sided; underlying support seen tied to commercial buying on expected high export demand; resistance remains over continued reports of higher than expected yields and with it a higher production/carryover number.
Soybeans: Moderate gains on talk of China buying, on some Brazil planting delays and better than expected domestic demand (as per NOPA crush). Upside still limited by fairly good yield reports and a delayed harvest holding cash movement back some
Wheat: Lower (Chgo) to strongly lower (KC/MGE) on some inter-market spreading again but wheat also hit by Ag Canada’s higher revision to its ending stocks; improved weather here and in the Black Sea area; and India’s likely ploy to increase exports of their burdensome stocks at the UJ.S.’s expense (see morning comments).