Cattle: Cash cattle this week so far: $148.00 south to $150.00-152.00 (Neb.) and $240.00 dressed; On 40 boxed loads cut outs dn. $.67(c) to dn. $.08(s) on light midday movement.
Comments: Cattle woke up in futures as cash cattle come in firmly though I do not remember anyone calling for lower cash. Nonetheless, April’s discount loomed large again and the utter recklessness of the hog move might have suggested cattle futures too cheap. Beware of this perhaps, April holding its discount better than usual.
Hogs: Interior hogs Not well est. Pork cut outs rose $.50, mixed trade.
Comments: End of week pause after a major move again. Anyone that has been in the ‘land of the ever-bullish’ waiting for a mystifying, something outrageously bullish has found it in lean hogs. I note that cab drivers are now talking about it from radio and cable/TV broadcasts. Speculatively, I am looking at some July puts and am putting a report together to address just why. Not trying to pick a top, tops are in the rear view mirror. But the eventuality of every bull market like this to crash and burn is legendary. Otherwise, I read where one sober report I saw now says July/Aug. will be the (my phrase) “marketing hole” for the PEDv. Spring/summer BBQ’s will NOT be cheap.
GRAINS & OILSEEDS:
Corn: Choppy session early but mostly weak later. My morning comments were generally all on the negative side and if not for wheat, prices might have been even lower. Before the bell rally in meal boosted the close.
Soybeans: May beans the spot month now and pressure came to bare as the market keeps on the defensive with concern over China U.S. cancellations not to mention China cancelling Brazilian contracts.
Wheat: Strong most of session as expected due to weekend elections in Crimea and fears of further Russian military moves. Otherwise, the U.S. drought in parts of the southwest offset partially by ideas that India will fill any void the Black Sea region creates.