Cattle: Cash cattle last week: $142.00 Tx./Ks. & Neb. $225.00 dressed (few $142-143.00 live) On 65 boxed loads cut outs up. $1.01(c) to up. $1.83(s) on moderate midday movement.
Comments: Strong gains on ideas of better live prices top come and aligning with the live market from last week. Showlists down in Neb. and Ks., up in Tx. but not too materially so.
Hogs: Interior hogs mixed at dn. $1.11 west, to unquoted east. Pork cut outs fell $.61, on a quiet trade.
Comments: Rising cattle futures, rising concern over PEDv here and in Canada perhaps, rising concern in Asia over bird flu and strong technical buying prompts strongly higher prices.
GRAINS & OILSEEDS:
Corn: March touches $4.50 seemingly behind the strength in the beans/meal. Some support off the export inspections as well.
Soybeans: The beat goes on: prices rallying due to the background idea that we need to ration soybeans from the consuming hoard. NOPA crush well below estimates immaterial as the reason seen as no beans around (well, actually logistics but why argue?). Basis levels weakening always a strange development but that’s a ‘rationing’ function is it not? Weekly inspections also stoked the fire 1.47mln.m/t’s vs. 1.1.56mln.wk. Soyoil hot on Asian CPO and China futures.
Wheat: Had a thought perhaps the world-wide pictures of flooding in Europe might have prompted some concern here but I watch Euro futures daily and I have seen no mention of it there. Did see a report that Russian government suggested turning Ukraine into a Federation and that Kazak economy faced a financial crisis….Black Sea turmoil? Again no mention yet in Euro futures that I get. Inspections half of the previous week.