Cattle: Cash cattle so far: $147.00. On 46 boxed loads cut outs up. $1.01(c) to up. $.17(s) on light midday movement.
Comments: Well, new record high cash cattle and futures and a limit up at one point as well. April was a bit thin as likely profit taking flew prices off their highs. Will beef prices continue their sky-rocket? History says yes while movement says caution.
Hogs: Interior hogs, Not/Est.; Pork cut outs fell $.68, mixed trade.
Comments: Mixed trade and as usual, Feb. forced to address the lean index at wide discount and April allowed to move some higher off the cattle rally. Feb. also likely concerned about the I/M wts. again and logistic problems.
GRAINS & OILSEEDS:
Corn: Quiet, two-sided trade but found decent support on breaks. Support tied to lighter cash movement and increased feed usage due to the arctic cold…..extreme cold to last for the foreseeable future.
Soybeans: Choppy, nothing day in a consolidation-type trade. After yesterday’s break, early weakness was met apparently met by light sort covering under oversold conditions. No fresh news around. Meal demand looks helpful as per corn.
Wheat: Chicago sloppy while K.C. and MGE was moistly firmer. Inter market spreading? Otherwise, looked like a ‘local’ trade with funds quiet for now. Not much around.