Cattle: Cash cattle last week: $131.-132.00; On (n/a) boxed loads cut outs (n/a) on volume.
Comments: USDA N/A. Veteran’s Day holiday.
Futures trade in a relatively narrow range with apparent light volume, some ‘rolling’ and no key daily USDA reports to trade off. Showlists estimates: Neb., Colo. up 2,000 each, Ks. up 5,000 and Tx. off 6,000.
Hogs: Interior hogs early N/A; pork cut outs N/A.
Comments: Lackluster and mixed most of the session, in part due to the same lack of daily information cattle traders are struggling with. Some light technical buying noted.
GRAINS & OILSEEDS:
Corn: Friday’s ‘key reversal’ prompted some apparent follow-through buying and while volume looked on the light side, CME 12:00 estimate was very good. USDA report backgrounds the correction as does oversold conditions.
***Nota Bene: I have temporarily forsaken my ‘clean’ definition of a “key reversal” (contract low Dec. $4.01 as of 6/30/10). The reason is due mostly to the exceptionally heavy volume and heavily short fund positions, the date of the lows seems possibly obscure that. We’ll see. Rare for me but will play our hand.
Soybeans: Light early sell-off recovered by mid-session, likely with some help from the corn via firming the meal up. Beans were overbought after Friday’s jump and I suspect also some bean/corn spreads were adjusted.
USDA report and continued ample export demand backgrounds support.
Wheat: Prices dogging it with activity certainly looking like corn/wheat spreading or unwinding the vice-versa. The ‘negative’ USDA report apparently enough to keep the hammer on prices, though I wonder if some funds are not cashing in some corn shorts and putting them back into wheat. Might be dangerous to press the short side down here.