Cattle: ***NEW RECORD HIGH CASH…….
Cash cattle this week: South $132-134.00 & $210.00 dressed; Neb. $135.-136.00 and $2.11-2.13.00. On 54 boxed loads cut outs up. $.15(c) to up. $.52(s) on light midday movement.
Comments: Ho,Ho,Ho….nice holiday gift for the feeders. Some said the weekly export sales report at a negative (-) number was bearish but I suggested the cancellations mostly were merely just switching into 2014 delivery and way more than were cancelled at that. Charts have taken on a more positive bent, we’ll see how high beef prices have to go to support the packer’s largesse .
Hogs: Interior hogs early lower at dn. $.51/3.19, rough avg. $74.50; Pork cut outs fell $1.76, led by bellies off…….$+12.00!
Comments: Seems most of the ‘rally’ here was cattle-related. Curiously Feb. holding/expanding its premium to the interior’s new swing lows. There is a seasonal up the first week of January.
GRAINS & OILSEEDS:
Corn: Reluctant to rally much due to the prospects of China cancellations of corn and DDG’s again and perhaps favorable South American weather. A bright spot might be some Iowa politicians that have their heels dug in about NOT messing with the RFS and that China could surprise us after the first of the year by giving the OK for that GMO strain that they complain about (just a couple months ago they allowed GMO from Argentina so this recent ploy might be all politics and money. As usual.). And then there’s the large weekly export sales report from other Asian nations along with Egypt and Mexico.
Soybeans: Back and forth session but tilted to the buy side for spec day traders it seemed. Cannot tell if funds were active, posted volumes not telling, but some buying or shortcovering (ahead of 1st notice day Tues.) with the large export sales and equally large shipments.
Wheat: Well, March held off $6.00 area. Decent weekly export sales, the rally in corn early and beans later seemed most of the light-volumes support.