Cattle: Cash cattle last week: $130.-131.00 & $207-208.00 dressed; On 52 boxed loads cut outs up. $.12(c) to up. $1.18(s) on light midday movement.
Comments: Feeder cattle got pounded on a combination of way overbought and higher corn prices. As mentioned the sharp pop in choice yesterday may well have been for quick ship and not indicative of overall beef demand. Lower showlists this week after all supposed to lowered live demand for a short-kill week next week. For now anyway.
Hogs: Interior hogs early not well established, western interior dn. $2.39;
Pork cut outs fell $.02, fairly quiet.
Comments: Seems PED is a distant memory as Feb. falls hard again. The premium is the problem, especially as the western corn belt made a new swing low. Like the beef, yesterday’s jump in cut outs might have been just quick-ship to retailers filling in inventory.
GRAINS & OILSEEDS:
Corn: Minor rally and seemed all due to the rally in beans/meal. Overnight export sales for new crop not a big deal and old crop (visible) demand has been light.
Soybeans: I opined early that perhaps the beans were holding due to a possible ‘rationing’ since sales are 93%-95% of the year’s total estimates. However, I am reading that there’s a possibility of weather problems in Brazil NEXT WEEK as the background force. Either way, the rally again petered out at the $13.50 mark just under Jan.’s “old” high. Let’s see if we can punch it through tomorrow.
Wheat: Sad Sack Market. Neither the corn nor the beans helped the wheat pits much. Lack of visible export demand, ample world supplies, etc., etc. continues to shadow any rallies yet.