Cattle: Cash cattle this week: $150.-152.00 (sdy/up $2.00) south & $152.-154.00 Neb. (sdy/up $2.00) and $245.00 dressed (up $4.00); on 56 boxed loads cut outs dn. $.96(c) to dn. $.29(s) on light midday movement.
Comments: Cattle traders are pikers (next to hog traders) lately as they struggle to get futures to new contract highs even as cash cattle made new record highs this week and futures at big discounts. And hog futures soar limit bid on a whim. Well, cattle still trades a live market and is more of a gentleman. Usually. The drop in weekly beef export sales and lower midday beef might have added some caution.
Hogs: Interior hogs not/est. east, up as much as $5.59!!!! west.; Pork cut outs fell $.50, mixed trade.
Comments: Usually I’d say something like packers were “rascally” but this is different as you can see by the western/I-M early quote. Who’s #%@&! blanking who here? Of course futures limit up. Also early openings are not available due to “confidentiality” most of the time lately, why now? Yeah, I smell a rat but at least it’s good for the producer. And glad I did not call a top in futures. But stay tuned, this could be a possible last ‘Big Bang’.
GRAINS & OILSEEDS:
It’s easy today: Corn: Higher on a strong weekly export sales report.
Soybeans: Weaker because of a near non-existent weekly export sales report for old crop.
Wheat: Strongly higher on a weekly export sales report that did NOT show a decline even after the rally we’ve seen (hey, I can spin too!); and on conflicting weather outlooks in the southwestern plains.