Cattle: Cash cattle last week: $147.-148.00 to 150.00 (Neb.) and $237.-240.00 dressed North; On 46 boxed loads cut outs up. $2.18(c) to up. $1.47(s) on midday movement.
Comments: Choppy session that seemed to follow the hog futures for awhile. Choice beef takes out its $240.00 area but overall beef movement seems way lighter than usual.
Hogs: Interior hogs mixed at up $3.04 (I/M); Pork cut outs rose $.97, bellies & loins mixed.
Comments: $3.00 plus ranges in a seemingly thin trade. At least very overbought comes to mind and I did hear of some moneyed traders exiting on the sharp rally but tough to confirm. Ukraine/Russian deal seemed to be heating up some perhaps the Russian business is in jeopardy on the pork.
GRAINS & OILSEEDS:
Corn: Soybeans:Wheat: The wheat was the upside leader all session basically and that seemed dependent on the Ukraine/Russian situation that took a turn for the worse perhaps as Ukraine asked for military help. I have given wheat the benefit of doubt on that alone and minimal on the dryness in the southern/southwest plains. Wheat seemed to lead the corn higher, I do not see the relationship as severe with the Ukraine as with corn. Beans acted wimpy all session, or most of the session. The big turnaround yesterday technically, the China syndrome and the USDA report still lingered negative as mentioned.