Cattle: Cash cattle last week: $150.00 south & $152.00 Neb.; on 38 boxed loads cut outs up. $.35(c) to up. $1.40(s) on very light midday movement.
Comments: What cattle on feed report? What cold storage report? Not surprisingly neither really mattered except for a minute or two? Plus the lower end of the range wasn’t threatened much and now we wait to see if the discount will keep on helping the April…has so far.
Hogs: Interior hogs not/est.; Pork cut outs fell $1.02, led by loins.
Comments: For some reason, it looked like grossly overbought technical conditions met unwinding of hog/cattle spreads and met some profit taking along with it. See, it’s easy! No need yet to bring up unpleasant thoughts about out such things as rationing pork prices or future supplies. The music has not stopped yet, the band seemed to just take a break. For now.
GRAINS & OILSEEDS:
Corn: Strong market. Looked like talk of delayed plantings with further cold temps. extended in the east, not to mention here in the Midwest for awhile. Plus, corn got help from its other friends: its buddy wheat and its pal soymeal. Volume estimates are light.
Soybeans: One would think any hallucinations of soybean planting delays would help old and new crop equally but not really as old crop still begging for attention with supplies supposedly running out. Volume here light as well. Soyoil non-plussed with it all?
Wheat: Pond for pound the most volume. Let’s see: U.S. wheat kill in drought; export inspections skip up a bit; corn rallying (feed to feed when convenient); and mostly perhaps as the Ukraine Foreign Minister says “war with Russia” getting close.