Cattle: Cash cattle this week: $141.-144.00 & $226-228.00 dressed. On 65 boxed loads cut outs up. $2.96(c) to up. $2.55(s) on light midday movement.
Comments: The ‘thinking’ is that along as retailers need product they keep paying up. Of course. Now the question, along with other demand issues, is will the retailer, say, contain beef price hikes by keeping say pork margins wide. Or chicken margins? Maybe. Guess we’ll worry about that later. I understand that packer’s overall margins are back to slightly black.
Bit of a late session reversal in futures?
Hogs: Interior hogs early lower @ dn. $2.73 (W), dn. $.74 (E);
Pork cut outs rose $1.20, led by loins.
Comments: Prices again widening its premium to the cash and Index in what suggests a ‘hope’ market. Nonetheless, even considering what I said in beef comments, pork is possibly needed as at least a ‘loss-leader’ to draw consumers into the grocery stores.
GRAINS & OILSEEDS:
Corn: Two-sided in a narrow range. While the weekly export sales report was vastly improved it was versus a weak number. And Unknown cancelled 126,000t overnight, thought to be China.
Soybeans: Two-sided trade here as well. New swing highs lacked follow through and likely profit taking selling kept a lid on things. Overnight sale to China was only modestly for old crop, offsetting perhaps an improved weekly export sale number.
Wheat: Acted best of all in the end. Not sure if there’s any other reason other than oversold, seeing as there were no overnight sales (maybe show up tomorrow?). Weekly sales were improved but still fairly weak.