Cattle: Cash cattle so far: $144.-145.00 and await North. On 67 boxed loads cut outs up. $.46(c) to up. $.46(s) on light midday movement.
Comments: Cattle report and a Cold Storage both at the same time might have been a factor in the late weakness. I’ll cover that Monday. Nonetheless curiously April decided to widen its discount to the live. And thought the article below of interest on beef demand implications: 10:46 EST – Steak connoisseurs will have to pay up this year if they want to eat their favorite cuts of beef, said Shayle Shagam, a livestock and poultry analyst with the U.S. Department of Agriculture. With U.S. beef production falling 6% this year, retail prices of choice-grade cuts will top a record $5.29 a pound set last year by 2% to 3%, he said. Basically, for certain meats, consumers who want product are going to have to pay higher prices in 2014,” Mr. Shagam said. Live-cattle futures for February delivery recently were down 0.2% at $1.4435 a pound in Chicago. (email@example.com)
(END) Dow Jones Newswires
Hogs: Interior hogs mixed at up $.32 East, off $2.53 west.
Pork cut outs fell $.20 in mixed trade.
Comments: Cold Storage report at 2:00. New contract highs as April reaches for the stars, or $100.00 that is. Good exports, more PEDv cases and China’s chicken woes as mentioned also added to the bull tilt.
One of my clients in Iowa said the buzz there yesterday was that in Canada 7 out of 7 loads of feed tested as “blood meal”, with the U.S. the plasma origin and coming from an Ontario feed supplier; the question then for me was “coincidentally Canada reported its first PEDv breakout recently, was that the cause of it?”…..no answer yet and no answer if that might have been infecting U.S. herds as well? IF FEED is the component, the situation can be fixed perhaps. And maybe replacement soymeal was needed?
GRAINS & OILSEEDS:
Corn: On the defensive most of the day and March posts a “double swing high” at $4.56-1/2, though pre-weekend profit taking might have been at work. No change on my morning commentary on the USDA’s S/D numbers across the board.
Soybeans: Cannot be surprised the beans recovered earlier session, after all the charts support the bull move. A marketing year low in weekly export sales was of little consequence it seems since we saw that before only to see sales jump in the next week. Who’s to argue with the funds except perhaps the commercials? Plus, not unusual for the funds to dress up the close?
Wheat: Steadily declining weekly export sales might be taking their toll on bullish sentiment but one day a resurgent bear does not make. While sales fell 29% the shipments fell to a marketing year low.