Cattle: Cash cattle so far: $132.00 Ks./Tx., steady; On 51 boxed loads cut outs dn. $.58(c) to up. $1.15(s) on light midday movement.
Comments: Of the many things I look at, I hope when I see a ‘mini-battle’ as mentioned this morning one will take notice. It certainly seems backgrounding the extent of the break today. Otherwise, minor support showed up as cash cattle starts out steady in the south. Some disappointment over U.S. Meat Export Federation’s Nov. beef exports at only slightly above Sept.’s to Japan, Mexico and China.
Hogs: Interior hogs early lower at dn. $36 (e) to dn. $1.41 (w);
Pork cut outs fell $.55, seemed generous after looking at the changes.
Comments: More strong losses as cash hogs continue to fall to new swing lows in the interior and the pork trade struggles. Big kills and big wts. mostly behind the problems. Retail meat: features ground beef, chicken and some beef…post-holiday fare.
GRAINS & OILSEEDS:
Corn: Barely a two-sided trade in what seemed light volume. Weekly export sales, while strongly lower, seemed largely discounted coming in. And would believe that EPA hearing on the ethanol mandate kept traders very cautious.
Soybeans: Like the corn perhaps, the drop in weekly export sales seemed largely expected by the recent price action. Also, some evidence of China cancellations might have added some caution (see morning comments). Otherwise barely a two-sided trade in what should be light volume. Soyoil might have a stake in the EPA hearings (bio-fuel) but it was the only one consistently higher on the day.
Wheat: The writing was on the wall for new lows: Canada’s crop, Australia’s crop and the Australian/So.Korea FTA. Throw in a marketing year low in weekly export sales and there you have it.