Kleist Comments

CLOSING AGS 12/9/13
CLOSING AGS 12/9/13

Cattle: Cash cattle last week: $131.-133.00, & 208-209.00 dressed; On 61 boxed loads cut outs up. $1.30(c) to up. $1.37(s) on light midday movement.

Comments: Futures seem in a holiday mode as volume looked light and ranges narrow. Showlists curious for Nebraska at up 31,000hd. while Tx. 4,000 and Ks. off 6,000hd. Poor weather in the east/southeast may have stymied meat shipments causing a back up?

Hogs: Interior hogs early not established: (e) or (w); Pork cut outs fell $.46, largely due to bellies dn $7.00.

Comments: Volatile session. While December is anchored by the lean index, Feb. and back were allowed to rally on new reports about PED that included this: “exploding in Iowa”; “picking up in Minn.”; 1st case in Nebraska; 1.5mln. sows infected; farm group says eventually will be in the entire U.S. hog herd; sows to lose 2.5PPL; etc.

GRAINS & OILSEEDS:

Corn: Choppy session, early two-sided trade turned higher later session as beans/meal continues its rally. Tomorrow’s report is not out until 11:00a.m. but its expected to show a decline in carry due to higher exports.

Soybeans: Strongly higher most of the session. Seeing as O/I rose Friday I suspect the same of today’s trade: new spec buyers are taking a flyer, so to speak. Overnight China business, a lower carry (on higher exports) backgrounded the move to near range highs.

Wheat: Choppy and indecisive trade. Tomorrow’s report likely to show a decline in domestic carryover but world carry a different animal perhaps.

Russia reports 95.5% grain harvest completed with +96mln.m/t’s, individually wheat 54.1mln. vs. 39.7mln.yr.

Grain inspections across the floor were all higher on the week.

Kleist Comments

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

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