Cattle: Cash cattle so far: $146.00 on light test only, south. On 58 boxed loads cut outs dn. $3.31(c) to dn. $1.86(s) on very light midday movement.
Comments: Even with the prospects of lower cash cattle this week, as mentioned the extension of the discounted futures had it ‘covered’ so to speak. With that, futures held lower end of technical support and recovered briskly off lows. Feb. held back ‘just in case’ it seems.
Hogs: Interior hogs mixed, dn. $.01/.50 (W), N/E (E); Pork cut outs fell $.86, surprisingly since hams/bellies and loins took a hit.
Comments: Feb hogs came to life on this rally and now to see what prompted it. Perhaps the coming of pork featuring to grocery counter near you?; or looking for PEDv to negate the apparent live back up due to the weather?; or the slight drop in I/M wts.? Nonetheless, I’m satisfied with morning comments as April was held back (will be cautious, part of Feb.’s strength seems obviously spread unwinding).
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: Once more, individually not much to distinguish each market. Brazil/Argentine weather hits corn and beans while Brazil’s purported loading of beans to China added to the soybean losses. Easing of U.S. weather woes also hurt corn and soymeal as per feed use. For the wheat, reportedly there were a ton of sell stops under $5.60 basis March and accelerated the decline. Maybe that was needed to flush out weak longs and world demand should pick up again me’thinks…….