Cattle: Cash cattle last week: $132-136.00 & $212-213.00 dressed. On 51 boxed loads cut outs up. $2.33(c) to up. $3.30(s) on light midday movement.
Comments: Toss out the expiring December and the other months seemed to be just consolidating recent gains. The game’s afoot: beef prices sharply higher and have more to go if looking at the reported packer margin red ink. Showlists: Neb. eve, Ks. up 5,000hd., Tx. up 8,000hd.
Hogs: Interior hogs early not well established west, east dn. $.27; Pork cut outs rose $.98, led by bellies/loins.
Comments: More losses most of the session as the pork trade and speculative interest remains limp. As expected, the Pig Crop was neutral and today’s action confirmed it.
GRAINS & OILSEEDS:
Corn: Soybeans: Losses in both seem related to 1) light volume amid a holiday trade and 2) fear of China cancellations in beans or corn or DDG. Corn getting close to contract lows while beans are still in a 24-day trading range.
Wheat: Back to contract lows but March did hold $6.00. For now. World supplies ample and competition is keen for export demand. Problems in winter wheat area south? Look at Kc., they led the way down.