Cattle: Cash cattle last week: $130-131.00 & $207-208.00 dressed. On
46 boxed loads cut outs dn. $.14(c) to up. $1.18(s) on light midday movement.
Comments: As mentioned, thought the C-O-F report was neutral/friendly and the action agreed with me (’bout time!). Seriously folks, the effect of any report largely rests on the fundamentals of the moment. Not even the spreads worked as expected. Showlists seem holiday-related: Neb. down 23,000hd., Tx. dn. 4,000 and Ks. off 7,000…even that didn’t help much. Cold storage might give us some extra demand input.
Hogs: Interior hogs early not well established, east OR west; Pork cut outs steady.
Comments: Nothing here. Slow day, minimal ranges with no interior prices and a packer cut out ‘steady’. Pretty vanilla data to work with. Cold Storage and pork holdings later.
GRAINS & OILSEEDS:
Corn: Struggled but a bit higher most of the session. Sure seems like some corn/bean, corn/wheat spreading or unwinding etc. going on. Volume light.
Soybeans: After 9:30a.m. prices stayed under pressure. Not sure exactly why. Then again, the rally stalled over $13.40, Jan. meal failed to negate its ‘reversal’ and volume certainly looked lighter than we had just recently. By the way, a big guy from Dupont quoted as stating that the “glut of corn” prompts talk of more soybean plantings NOT the reason for the weakness, anymore than it was the corn’s reason for holding firmly. If anything, the C-O-T report had an impact.
Wheat: Had I only been bearish for 4 months with no interruptions…..
Anyway, same old/same old here as world supplies plentiful and exporting countries will knife you to get a sales.