Cattle: Cash cattle last week: $131.-134.00; dressed Neb. $209.-210.00; On 78 boxed loads cut outs dn. $.47(c) to dn. $.95(s) on moderate midday movement.
Comments: Spot December took the brunt of a report that Neb. dressed traded $209.00 which could translate to $133.00 live approximately. My thought possibly was feeders wanting to move cattle before the rough weather comes in. However, the back months fared better and technicals held their composure.
Hogs: Interior hogs early lower @ dn. $.30/$1.76 (w);
Pork cut outs fell $1.19, mostly all hams.
Comments: Heard after the opening some of ‘boys’ were getting bear-ed up
against the pork trade and believe its headed for a nasty fall. Seasonally there’s a dip into mid December on the cash trade and the premiums makes for a prime target. Where’s the PED talk when one needs it?
GRAINS & OILSEEDS:
Corn: After I all but gave up corn for dead this morning, it turns around and stages a comeback, albeit a moderate comeback. Some talk that while ethanol demand has been good that DDG to China is robust and domestically as well.
Soybeans: Not too bad a showing considering the fear over China cancellations and Argentina’s Ag Min looking for a crop 4.0mln. over the last USDA’s. The meal made a recovery vs. soyoil (unwinding) and put at least a floor under the beans. StatsCan tomorrow updates their canola crop expecting it to be larger.
Wheat: Refused to play dead and keeps the ’rounded bottom’ idea alive. Talk of demand, shortcovering and the corn rally added to the rebound. Egypt reported in for unspecified amounts.