Cattle: Cash cattle last week: $130-131.00 & $207-208.00 dressed. On 37 boxed loads cut outs up. $.42(c) to dn. $1.10(s) on very light midday movement.
Comments: Slow volume indicated amid a lack of news really. However, if futures dipped Tuesday on a Cargill plant fire and they rose today as they gear up for a Friday kill that at least is local traders fodder.
Hogs: Interior hogs early not well established, east OR west; Pork cut outs fell $1.60, led by bellies/hams.
Comments: More losses in an apparent thin trade. Trouble establishing the major interior markets and a big hit on midday cut outs likely the culprit. And I suspect “positioning” ahead of tomorrow’s Pig Crop report.
GRAINS & OILSEEDS:
Corn: Soybeans: If the left one don’t get you, the right one will dept.: guess I should have put more stock in the China rumors, as for corn DDG it’s 2,000t GMO-strain tainted, about 78,000bu. (already cancelled 500,000t straight corn this year?) and for beans, more soybean cancellations (no quantity mentioned but last week the USDA announced 576,000t cancelled by Unknown), hence NEW cancellations or just mentioned in the weekly sales report tomorrow (then would be old news again). And of course as mentioned the bugaboo of cancelled DDG competes with our soymeal.
The “Big Dog” barks.
Wheat: No apparent cancellations here yet. New lows but losses rather modest as wheat is in shock perhaps that it’s not getting the bear attention that corn and beans are getting right now. Not much but negative news around.