Kleist Comments

CLOSING AGS 12/3/13
CLOSING AGS 12/3/13

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.

Kleist Comments

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

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