Cattle: Cash cattle last week: $130.-131.00 & $207-208.00 dressed; On 90 boxed loads cut outs up. $.50(c) to up. $.27(s) on moderate midday movement. ******LATE: FEW REPORTED NEB. $129.00 DN. $1.00.
Comments: No cash trade, beef turning more quiet and an upcoming Cattle-On-Feed report Friday made for an apparent low-volume session. Short kill next week might portend packers will pay lower this week in true scrooge style.
Hogs: Interior hogs early not well established; Pork cut outs fell $2.17, led by the big three: hams, loins & bellies.
Comments: Looks like “Christmas Hams” were done booked on Monday and prices have slide strongly since. However, the trade seems leaning to the ‘bottoming’ side of a psychology as futures regain some lost ground.
GRAINS & OILSEEDS:
Corn: Choppy session in an apparent light volume day again. If the market is forming a base, this is the way to do so. Jury’s out though on that. Innforma’s reported 2014 corn acreage 91.8mln. vs. 91.5mln. Nov.
Soybeans: Outside day lower as prices drop sharply. We could say the market was overbought, too high-too fast and funds the only reason we rallied. At least the South American ‘weather’ turned as a false indicator. Nonetheless, my bigger concern is in the January soymeal that made a new contract high and closed lower….not a ‘key reversal’ but a reversal of sorts. As meal goes, so goes beans? Informa 2014 acreage estimate reported at 81.9mln. vs. 83.8mln. in Nov. (no idea all where the lost acres are going).
Wheat: Same-old/same-old into new contract lows. Any scrap of support from beans and corn dissolved when both broke, especially the beans. Longs in beans and/or corn may have ‘logically ‘ shorted wheat against it. The market still trying to find an export-competitive home.