Kleist Comments

CLOSING AGS 2/19/14
CLOSING AGS 2/19/14

Cattle: Cash cattle last week: $142.-143.00 and $225.00 dressed North. On 62 boxed loads cut outs up. $.86(c) to up. $.73(s) on light midday movement.

Comments: Choppy session in a consolidation type trade. Underlying support from higher beef again while upsides concerns linger over the cash cattle market performance this week amid big red packer margins.

Hogs: Interior hogs mixed at up $.58-.74 west, to Not/Est. east. Pork cut outs fell $1.27, on belly and hams.

Comments: New contract highs before retreating some in apparent profit taking after recent sharp gains. A dip in packer cut outs also might have added a near term caution as did another light-load volume of pork moved again yesterday; wts. also might be back to edging up adding to tonnage.

GRAINS & OILSEEDS:

Corn: New swing highs in what appeared more fund buying interest while they laid of the soybeans for awhile. South American crops are not bad but that not really an issue in the face of tight farmer holding and whispers of a coming drought (as mentioned). Preliminary volume was heavy at 12:00.

Soybeans: And weakness here was likely purely a lack of serious fund buying as they turned to corn possibly and continue to cover short March wheat. Preliminary volume at 12:00 had a noticeable jump in soyoil trade. Bean volume good.

Wheat: New swing highs as March shortcovering leads new buying in the back months. Not sure weather is an issue but violence in the Ukraine disrupts grain trade there. And or course the threat here of cold weather on melted wheat fields by next week. Preliminary volume was large.

Kleist Comments

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

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