Cattle: Cash cattle in total: $131-134.00 and $207-208.00 dressed;On 55 boxed loads cut outs sharply higher at up. $.79/$1.10
on light midday volume.
Comments: Consolidation trade after new record high this week. The backlash from feeders taking Zilmax out of rations apparently still driving the market. Taiwan raised its testing of U.S. beef imports from 5% to 20%; cattle on feed ‘catch-up’ report Thursday.
Hogs: Interior hogs all unquoted due to “confidentiality”; pork cut outs sharply lower midday.
Comments: Light selling and apparent cooled off buying kept modest pressure on futures. No interior price reports coupled with sharp losses in midday pork (primals dn. $1-5.00) might have been a reason. However, it did not seem to offset much the underlying bullishness generated by concern over numbers as mentioned.
GRAINS & OILSEEDS:
Corn: Sloppy and choppy and a consolidation with little fresh news. Harvest progress in ballpark and 20% done in one week helps explain the futures push Sunday night and yesterday as well as cash weakness.
Soybeans: Modest gains in a quiet trade. Harvest towards lower end of estimates but still week to week gained 14% an added to hedging, cash weakness.
Wheat: Basically mixed and lack luster and volume kept it tracking corn’s activity. Plantings about in line with estimates, though U.S. crop conditions fell some was not a significant factor. Not much fresh news around.