Cattle: Cash cattle last week: $150.-152.00 and $240.00 dressed North. On 74 boxed loads cut outs up. $1.35(c) to up. $1.65(s) on moderate midday movement.
Comments: Curious close for the back months, and even the spot Feb. that expires tomorrow. Retail beef prices dropped modestly to $4.55/lb vs. $4.84 wk. Minor reversals in back months? To keep +$150.00 cattle beef demand must be sustained. Some have doubts about that.
Hogs: Interior hogs mixed at dn. $1.85 (w) to up $3.35 (e).
Pork cut outs rose $2.01 midday.
Comments: Weekly retail pork showed avg. px.’s rising to $3.10/lb. vs. 2.50wk. and likely the start of it continuing. Poultry competitive at $1.93 vs. $1.88. A combination of PEDv scares, Russian return to the U.S. pork market and of course technical buying backgrounded the limit up move and ending sharply higher. By the way, maybe some nervousness over Russian move on Ukraine and a photo of a Russian war ship in Havana?
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: The beans’ the thing: major reversal or just a walk-in-the-park technical correction of 60 cents? Corn and wheat? Pull the plug on beans and corn and especially wheat collapsed. I have several bearish reasons for the break in corn, and wheat lost export sales 4 weeks in a row. IGC says world production will be 696mln.m/t’s vs. 708 mln. but the reason might be curious: yields will not be as good. NOT less acres.