Cattle: Cash cattle last week: $132.-133.00; On 63 boxed loads cut outs mixed at dn. $.48 (c)/up. $.16 (s) on light midday volume.
Comments: Futures weak all session basically on a lack of cash cattle news but still cautious over the weekly beef export sales report that showed net cancellations.
Hogs: Interior hogs early unquoted east, west up; pork cut outs sharply higher midday wire.
Comments: Strong rally seemed specifically tied to the sharp cut out gains posted on the noon wire. prices of bellies, hams and especially loins led the advance. Weekly export sales were half the previous week soi this might be a retailer push get stocks in pre-holiday (timing is right).
GRAINS & OILSEEDS:
Corn: Quiet trade but so was yesterday’s and THAT ended up with heavy volume and sharp jump in open interest. Major battle lines drawn.
Soybeans: As I mentioned in an earlier memo, I was told from a floor source that the sharp price spike earlier session was due to (some) trader
talk the FDA wants to ban trans-fat which was apparently translated to mean more soyoil use and hence more soybean use. Well, for now I say strength was from a better than estimated soymeal export sales report and technically beans rallied into buy-stop areas pre-report. And curiously soyoil stayed under pressure.
Wheat: Generally weak session with some support from corn’s ‘holding’ and way less (apparent) fund shortcovering then we saw yesterday (see morning comments). Weekly export sales ‘routine’.