CLOSING AGS 11/11/13
Cattle: Cash cattle last week: $131.-132.00; On 100 boxed loads cut outs dn. $.22 to $1.69 moderate on volume.
Comments: Modest losses most of the day in an apparent slow volumed session. Underlying support still coming from talk of steady cash cattle this week though the beef market and seasonality not all that positive yet.
Hogs: Interior hogs early dn. $1.06/3.16, rough avg. $79.55; pork cut outs fell $.40 led by hams and bellies.
Comments: Guess the PED hog problem has been back-burnered for now as futures drop back some from recent gains. December’s premium to the live/lean index and a fairly choppy pork trade kept the buyers cautious. Light technical selling off near term resistance also noted.
GRAINS & OILSEEDS:
Corn: Modestly lower close as prices consolidate recent gains and as mentioned, seemed the funds were busy elsewhere (mostly soybeans).
Otherwise, some added bull-caution as mentioned with the possible release of the EPA’s next take on the ethanol mandate.
Soybeans: Strong close and over near term technical resistance. Excellent demand and the less than expected USDA report continues to background underlying support. Some overnight buying of soybeans (China) and soyoil (Unknown) after the recent rally also taken as a positive.
Wheat: More fund selling (short) but more modest as funds seemed busy elsewhere. Nonetheless, pressure remained most of the session on weaker fundamentals than the rest and likely a spreading foil vs. corn and beans.