Kleist Comments

CLOSING AGS 12/13/13
CLOSING AGS 12/13/13

Cattle: Cash cattle so far: $131.(S)-130.00(Neb.); On 60 boxed loads cut outs dn. $2.50(c) to up. $.57(s) on light midday movement.

Comments: Not surprisingly the cash cattle market kicking off a $1.00 lower. Choice beef now has fallen $4.66 in 2 days and perhaps will eventually be a good thing.

Hogs: Interior hogs early not well established: Dn.45(e), Dn. $65(w);

Pork cut outs fell $1.33, largely due to the big three: bells, loins, hams.

Comments: Feb.’s premium was indeed a problem as apparent long liquidation continues. Big kills, big wts. and light pre-holiday demand for pork all came together again.

GRAINS & OILSEEDS:

Corn: More losses as (now) spot March’s premium to the expired Dec. takes the heat for ample coming corn supplies and of course the potential ethanol mandate cancellation.

Soybeans: Nice recovery off important support on an oversold recovery. The China rumor of DDG cancellations likely taken care of yesterday and early today, and that type of cancellations not seen as realistic.

Wheat: Same old story after the USDA report with more losses. Added to the mix, the corn losses and feed wheat competition.

13 Dec 2013 11:52 EST DJ U.S. Total Prevented Acreage Data – Dec 13 U.S. acreage data for select crops reported as planted, failed and prevented by farmers to the Farm Service Agency. Prevented acres is land not planted due to poor conditions. Failed acres is land farmers planted and abandoned. Farmers participating in various FSA programs are required to submit a report on their cropland. The data is preliminary.

Source: USDA

In acres. DECEMBER 2013
Sum of Sum of Sum of Planted Acres Failed Acres Prevented Acres

ALL CORN 92,080,357 278,945 3,614,449
COTTON- ELS 190,132 145 22,466
COTTON- Upland 7,655,288 2,386,847 207,994
SOYBEANS 75,235,832 41,399 1,701,857
ALL WHEAT 51,026,209 2,748,728 2,012,549

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(END) Dow Jones Newswires

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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