****HAVE A SAFE AND HAPPY WEEKEND———
Cattle: Cash cattle this week: $141.-144.00 & $226-228.00 dressed. On 45 boxed loads cut outs up. $2.96(c) to up. $3.44(s) on light midday movement.
Comments: After some more apparent profit taking, both the Feb. and the April bounced hard off their lows ($139.30 and $138.30 respectively, how’s that for tandem?). Neither side of steady prevailed most of the session however. Hence we’ll call it a consolidation after new contract/lifetime highs. By the way, all last week the futures did a terrible job at looking down the road as per its persistent discount at the time. Same thing now?
Commercials might have been buyers then pulled the trigger.
Hogs: Interior hogs early lower @ dn. $1.04 (E), Not/Est. (W); Pork cut outs rose $.84, in a mixed primal trade.
Comments: Feb. dropped to an area it seemingly had to hold and recovered somewhat quickly then weakened back as well. With no current sign of a retail move to pork and with the last weekly pork export sales rather flat, ample numbers and high wts. still rule. For now anyway.
GRAINS & OILSEEDS:
Corn: Never too early to see planting intention estimates: Informa reportedly sees 93.319mln.acres vs. 95.36mln.yr. Keep in mind that even the Fed. said yesterday production costs not covered at these prices.
Otherwise, perhaps possible rains for Argentina next week and concern over more China cancellations backgrounds the weakness.
Soybeans: Informa reportedly sees acreage 81.264mln. vs. 76.537mln. yr.; Fed yesterday said to look for more acres vs. corn. Otherwise, January beans refused to give up much ground and hung around either side of steady most of the day. Let’s say good crush demand and looking for more China demand remains a supportive factor. And of course “just in case” Argentina and Brazil do not get those rains.
Wheat: Prices dangerously close to old contract lows. I suspect the market wounded by Egypt not taking much U.S. origin out of a large purchase overnight. Informa reportedly sees winter wheat plantings could be 41.892mln. vs. 43.09mln. in the end.
**************MARKETS ARE CLOSED MONDAY FOR MLK DAY………….