Kleist Comments

CLOSING AGS 12/4/13
CLOSING AGS 12/4/13

Cattle: Cash cattle last week: $131.-134.00; dressed Neb. $209.-210.00; On 68 boxed loads cut outs up. $.65(c) to up. $.58(s) on light/moderate midday movement.

Comments: Mandering trade as futures await the cash trade. Big snows in the northern plains already might be a feature but surprisingly packers seem to be nonchalant as weather worsens.

Hogs: Interior hogs early not well established;

Pork cut outs fell $.09, fairly lightly changed.

Comments: December takes the grief of the premium to the lean as it tracks the lean index while Feb. held up fairly well, likely on PED talk.

GRAINS & OILSEEDS:

Corn: While December’s under the rock of liquidation spot-month it lost some ground to the other months most of the session. Wile I cannot confirm the China was ‘old news’ from last week, nonetheless it seemed treated as such. No fresh news really from morning comments. Across the floor.

Soybeans: Looks like technical support and recent new-long buyers (basis O/I) and rallied briskly off their early lows. No mention of any China bean cancellations and good crush margins also backgrounded the strength.

Wheat: Again the whipping-boy, wheat under pressure most of the session. No damage seen from the southern/northern plains wintery weather blast added a touch of negativity as did the StatsCanada all-wheat number. Light support off Argentina’s Ag Min. estimate and multi-month highs in Euro futures.

Kleist Comments

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

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