Kleist Comments

CLOSING AGS 12/30/13
CLOSING AGS 12/30/13

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.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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