Cattle: Cash cattle so far: $131.00 South; On 94 boxed loads cut outs dn. $.87(c) to dn. $1.68(s) on good midday movement.
Comments: The futures and I consider it good news that cash cattle starts off steady and await to see if Nebraska can do the same. Packer surprising considering the beef price losses, though live numbers are still a bit tight . Weekly export sales improved to levels that likely helped packer’s overall margins. Plus the futures now looking to the C-O-F and Cold Storage reports coming out tomorrow.
Hogs: Interior hogs early lower, dn. $.89/$2.02; Pork cut outs fell $.64 in mixed dealings.
Comments: Modest losses not bad as futures faced a sharply lower western market and overall weak pork products. Perhaps they are waiting for the Cold Storage report. Retail report has the usual suspects: Turkeys, Hams and beef roasts.
GRAINS & OILSEEDS:
Corn: Not a bad performance as prices try to distance themselves from swing/contract lows. A still decent weekly export sales report, increased ethanol production and oversold technicals backgrouned the rise.
Soybeans: Knock, knock, knockin’ on $13.00’s door, to paraphrase an old hit song. Still robust weekly export sales, a sharp jump in shipments and a red-hot soyoil market backgrounds the advance. Soyoil Dec. within spittin’ distance of it range and multi-month highs at $42.12 in heavy export sales, and palm oil to 14-month highs on rains in Indonesia. Rather it was the meal technically but will take what we get.
Wheat: Weakness in part likely some funds selling and some corn/wjeat spreading on word corn is at a $60/ton premium over wheat in Asia; some support on an improved weekly export sales report, though granted the tqwo-week avg. less than desired.