Cattle: Cash cattle last week: $131.-132.00; On 66 boxed loads cut outs up. $1.26(c) to up $.51(s) on light midday movement.
Comments: Quiet and quirky after an early rally failed to maintain which did not see any cash cattle trade higher as the rally might have expected. Packer’s in the driver’s seat perhaps with apparently ample showlists and a lack-luster beef trade. Weekly beef exports tomorrow.
Hogs: Interior hogs early unquoted east and west due to ‘confidentiality’ (call in the NSA!); pork cut outs fell $.19 led by hams.
Comments: I find it amazing that all packers have to keep their buying under an umbrela early. Oh, well. Futures did not read much into it bullishly apparently as Dec. falls to a new swing (2-1/2 month) low. Premium to the interior markets offsets its discount now to the lean index. Pork trade sloppy but narrowly changed generally.
GRAINS & OILSEEDS:
Corn: Wherefore art thou, EPA? Part II. Path of least resistance lower and nervousness over the ethanol ruling seems to remain the ‘new’ primary bearish possibility. Assuming demand does not dry up obviously. Into nearby chart support for the December and not that far away from year low (see, didn’t use ‘contract lows’ this time).
Soybeans: Two-sided trade again as the market consolidates and awaits its next move. Weekly export sales tomorrow likely; the China news I mentioned this morning; nearby technical support; India buying U.S. soyoil backgrounded underlying support.
Wheat: Once again someone tried to put a market low on merely a technical correction overnight. One day they will be right as it’s repeated every time it pops. Not much fresh news around. Let see if weekly export sales improved beyond “routine”.