Cattle: Cash cattle last week: $142.-143.00 and $225.00 dressed North. On 72 boxed loads cut outs up. $.44(c) to dn. $.19(s) on light midday movement.
Comments: February certainly seems to expecting a higher cash cattle price and did see a report of some in I/M up to $145.00. The USDA report was largely neutral. However, there’s a Cattle-On-Feed Friday that might not be and hence why April and summer months were hesitant.
Hogs: Interior hogs Not/Est…….”confidentiality” you know. Pork cut outs rose $2.29, on belly and loins.
Comments: Follow the bouncing ball with the daily interior and pork data midday. But the cut out data did seem to help April hogs ‘pop’ higher on the day. Take another look at my Morning Meat comments and the USDA quote about PEDv, which was bullishly non-specific and the following quote, which seems less so:
During the U.S. Department of Agriculture’s annual outlook forum in Arlington, Va., Thursday, analysts confirmed that the disease, while curbing plans by farmers to expand their herds, will not dramatically reduce the number of available hogs compared with more normal years of production. (Dow Jones wire).
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: Not too much individually to say here. The USDA reports might have prompted some Nov. bean/Dec. corn spreading on acreage. Most of the ‘upside’ came in the last 2 minutes of trade which included a bump in back wheat. Otherwise, funds might have been defending positions in corn and beans amid slower volume.
By the way, the Voice from the Tomb has the ‘buy wheat’ on the 22nd, exit on May 10th. But, check what happened last year before attempting.