Cattle: Cash cattle this week: $147.150.00. On 60 boxed loads cut outs dn. $1.35(c) to dn. $1.43(s) on light midday movement.
Comments: Let’s call it a consolidation, albeit a very thin-looking on with high volatility. I have suspicions over the volume yesterday, that many times signals a change in trend. However, last time I questioned Feb.’s discount to the live a few week’s ago I was run over. Is this time different?
Maybe, of course. I understand retailers were anxious to get bookings in as soon as possible (damn the torpedo’s!) ahead of Super Bowl promotions…. that booking will be done with this week.
Hogs: Interior hogs, Not/Est.; Pork cut outs fell $.68, mixed trade.
Comments: Sloppy, slow trade with the ‘boys’ (locals) more interested in the cattle action. Otherwise, no new talk of ‘cold-dead’ hogs and PEDv-dead pigs. Logistics for pork (and beef) likely a problem.
GRAINS & OILSEEDS:
Corn: Modest gains in a slow-looking trade. The support off cash being met by caution as for now just an underlying feature.
Soybeans: After hitting our chart resistance area, March beans turned tail not so much on aggressive selling as it was lack of aggressive buying. Talk of a larger Brazil early-planted harvest getting under way this weekend and the still-prevalent China concerns likely stalled the market.
Wheat: Higher close but in context, not much however. Apparent winter kill worries, along with grossly oversold conditions backgrounded the strength.