Cattle: Cash cattle last week: $131.-132.00; On 76 boxed loads cut outs dn. $.21(c) to up $.39(s) moderate/light on movement.
Comments: Mixed and choppy all session with most traders in the hog pit it seemed. Cash cattle tilt up for grabs still with a bit higher overall showlist and weaker beef generally; weakness in pork also keeping a lid on rallies. No fresh news to speak of.
Hogs: Interior hogs early dn. $1.06/3.16, rough avg. $79.55; pork cut outs fell $.40 led by hams and bellies.
Comments: Follow through selling as December’s premium to the live/lean under higher numbers, record high I/m wts. and a moribund pork trade.
GRAINS & OILSEEDS:
Corn: Wherefore art thou, EPA? I understand entirely the caution on part of the buyers when the ethanol mandate has the potential to put back up to 500mln.bu. of production back to the market. If not for that I’d be more comfortable with that ‘reversal’ and let the chips fall where they may just on export demand. The EPA mandate is strictly political as per the USDA or the U.S.’s budget woes. My take only.
Soybeans: Choppy trade and two-sided as beans consolidate their recent (supposed) upside breakout; harvest about done, export demand overall robust and apparently domestic demand not that bad as well. One major negative is near ‘perfect’ conditions in South America. Nonetheless is demand keeps up the current pace I suspect end year/early 1st Q U.S. supplies could be tight (again South America a wild card). November’s expiration over $13.00 a friendly sign perhaps.
Wheat: Modestly firm most of the day as the funds seemed to take a bit of a time out after hitting the market hard yesterday (o/i up near 6,000). However, not much good news around for the market as mentioned on morning comments.