Kleist Comments

Closing Ags 1/29/14
Closing Ags 1/29/14

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…….

Kleist Comments

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

Disclaimer: Trading options and commodities involves risk of loss and my not be for every investor. Past trading results may not be indicative of future performance. Although information and opinions provided herein are compiled from sources believed reliable, the sender, EBOT Trading, or its principals cannot attest as to accuracy or assume any responsibility for any errors or omissions as the information may not be complete or events may have changed.