Cattle: Cash cattle last week: $131.-133.00, & 208-209.00 dressed; On 53 boxed loads cut outs dn. $.25(c) to up. $.84(s) on light midday movement.
Comments: Choppy trade waiting for an uncertain live market to establish. Weakness in grains might have caused some nervous selling as did the beef market. USDA report tettered on friendly with 1stQ 2014 beef production lower than 4thQ 2013, Avg. prices $129-135.00 sdy/up $3.00 from 4thQ 2013.
Hogs: Interior hogs early not established (w) and (e) off $.46;
Pork cut outs fell N/A.
Comments: Pressure most of the session but selling dried up sonme as grains recovered some of their losses. Arctic cold might be seen as reducing wts. but also might be coming as pork demand seasonally weakens for many cuts.
GRAINS & OILSEEDS:
Corn: In the end, not too bad a performance considering the USDA report. I suspect the ethanol usage increase and cold weather increased feeding helped underline support.
Soybeans: Battle ground perhaps between the commercials and the funds? Certanly was a two-sided trade after the report but still, no serious damage occurred on the charts (OK, lower close after a new swing high c/be negative); the USDA report friendly but the rally coming in seemed to cover it. Perhaps some believe the market needs to ‘ration’ export demand to move much higher? South America’s crop largely a green house so far.
Wheat: Hit hard as the USDA reports were bearish both the domestic carryover and the world production. Competition for exports will be heated and last week’s poor sales report was the shot across the bow?