Cattle: Cash cattle last week: $144-146.00. On 53 boxed loads cut outs dn. $2.27(c) to dn. $1.83(s) on light midday movement.
Comments: Beef prices are still the realm of $141-143.00 live even based on current weakness. Complicating matters for cash cattle are snow and slow logistics out east again, plus the packer’s “management” of feedlots. Did hear of some I/M at $140-141.00.
Hogs: Interior hogs Not/Est. early east. mixed west.
Pork cut outs fell $.67, in a quiet trade at midday.
Comments: Consolidation/profit taking seemed the order of the day. the ever-expanding premium April commands might need some stronger cash action to back up extended gains. The threat of a backup due to the storms doesn’t seem to be a bother but might be before too long.
GRAINS & OILSEEDS:
Corn: Consolidation after new swing highs. The good weekly export sales report was built-in and more China cancellations overnight were basically no surprise to the market. Overbought conditions might have made it a two-way (mixed) trade most of the session.
Soybeans: New swing highs but the rally paused early after the better than expected weekly export sales report popped the market near 20 cents higher. Likely a bit of profit taking but funds still buying underneath the market.
Wheat: Profit taking and lack of fund shortcovering comes to mind for the Chicago/KC market while MGE as higher on inter-market spreads apparently. A decent but reduced weekly export sales report might have prompted some concern the rally, as has been the case in most previous rallies of merit, further dampened export demand.