Cattle: Cash cattle this week: $141.-144.00 & $226-228.00 dressed. On 25 boxed loads cut outs up. $3.01(c) to up. $2.57(s) on light midday movement.
Comments: 25 loads? Even for a day-after-holiday?……Feb. futures to new record highs anyway. Some talk of larger showlists a negative but not enough higher to me to call it bearish. Beef demand’s prices and tilt conducts the orchestra. No fresh news.
Hogs: Interior hogs, Not/Est.; Pork cut outs rose $1.31, bellies off $12.00????
Comments: Feb. is held back by its need to relate to the lean index but the April is free to roam. As such, I understand that the PEDVirus mentioned in my morning comments was able to find some fund-type buying. I might have to NOT look at the premium so much for awhile and play the technical which are emotions.
GRAINS & OILSEEDS:
Corn: Not bad performance considering the hammering soymeal took. March corn held safely off contract lows though not sure if it pure bullish underlying fundamentals or inter-market spread unwinding.
Soybeans: I’ll get it off my chest: this is how I expected the beans to act after the last USDA report. So at least in here I can more honestly be neutral. All the chatter about bullish China buying seemed a red herring in that many believe we will see major cancellations as the South American crop prospers and their prices go deeply lower. We’ll see.
Wheat: Held contract lows by a hair, some what mimicking the corn action. Again, not sure its not just inter-market spread or spread unwinding. Rather than base.