Cattle: Cash cattle last week: $144.-145.00 and $230-231.00 dressed North. On 63 boxed loads cut outs up. $2.03(c) to up. $2.28(s) on light midday movement.
Comments: February cattle boosted by ash cattle and sharply higher beef prices midday. Other months stalled by the C-O-F report an Cold Storage?Showlists: Neb. dn. 12,000hd.; Ks. up 6,000hd.; Tx. up 11,000h.
Hogs: Interior hogs mixed at up $.72 East, off $4.77 west. Pork cut outs rose $.98.
Comments: New contract highs before April peeled off its highs likely due to the western corn belt opening sharply lower. Improved (one?) day logistics and more backed up hogs? Choppy trade.
GRAINS & OILSEEDS: *****Lots of inflation talk grains, metals, etc.
Corn: Seems corn is late to the Brazilian drought party as it’s amazing corn crop apparently no where near the bean areas. Talk of bean/corn spreading again; inspections fell to 792,000t vs. 843,000t wk.
Soybeans: Brazil’s beans MUST be in worse shape than the general (agricultural) media is reporting. Hence, a squeeze on old crop beans COMPOUNDED by a lack of China cancellations meaning they are a part of the squeeze on shorts then. They may be godless communists but we’d milk it also is we could. In less than a month I suspect we’ll see just how valid this rally was.
Wheat: Radio this morning reported that Al Gore was quoted in the Kansas Star that we are going to have a return to the dust bowl of the 1930′s. Export inspections rose to 427,800t vs. 307,000t wk.