Cattle: Cash cattle this week $198.-199.00 dressed and $126.00 live;
futures impressive at premium but will also consider the cash market was impressive starting out bid at $123.00 and ending the week steady at $126.00 live both north and south. Dressed was likely “too high” at up $2-4.00 last week and as such gave back $2.00 of it. Packers not given to gifts and as such I suggest beef demand has been better than expected to support it (as I kept saying). After a brief “autumn”, temps back to the 70’s next week again.
Hogs: Interior hogs, pork midday cut outs etc. all unavailiable.; futures moderately higher in what seemed spillover from the cattle pit and ideas that pork, like the beef, has found better late season demand than expected. And perhaps BOTH got help from the past weakness in the U.S. dollar as per beef/pork exports.
GRAINS & OILSEEDS:
Corn: Soybeans: Both markets performed relatively well on weather delayed harvests and what has been robust feed bookings combining olod crop U.S. and new crop Brazil; also, price held well as Informa raised both soybean and corn crops on late rains and crop rating increases (see below). December corn well away from my $4.50’s but the November beans came within 2 cents of $13.00… weekly action for both not all that bad. Wheat: Mixed this time but not surprising perhaps as in the morning grains comments I detailed why the wheat might loose some of its “independence” for a bit and it has.
Informa: Corn production 14.01bln.bu with 158.8bu./acre (last USDA 13.868 and 155.3); Soybeans 3.176bln./ 41.7bu. (3.149 and 41.2); in wheat, just this: Argentina crop reduced 2.7mln.m/t’s and Australia lowered 300,000t’s.