Kleist Comments

CLOSING AGS 3/28/14
CLOSING AGS 3/28/14

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 71 boxed loads cut outs dn. $2.82(c) to dn. $.73(s) on moderate midday movement.

Comments: Choppy session, no fresh news and a Pig Crop coming out sums up the action.

Hogs: Interior hogs not/est. west, up. $.70 east.; Pork cut outs rose $.05, mixed trade except bellies up $9.00?.

Comments: Pig Crop:

March 1 Inventory

All hogs and pigs 65,072 62,899 97 %……..avg. est. 94.5%
Kept for breeding 5,836 5,851 100 %……. ” ” 99.4%
Market 59,236 57,048 96 %……. ” ” 94.1%
Market hogs and pigs by weight groups
Hogs weighing under 50 lbs 96% 93.6% est.
Hogs weighing 50 to 119 lbs 97% 94.1 ”
Hogs weighing 120-179 lbs 97% 93.8 ”
Hogs weighing 180 and over 95%

Analysis: Should be an interesting day Monday. My eye suggests the numbers were indeed not as “dire” as some touted; I suspect that’s why June hogs peeled off its high and April imploded; and I will be watching to see if the cattle pit wasn’t the more ‘honest’ of the two in the numbers (more pork, more competition). June hogs at $130.00 might need a restructuring. We’ll see. More on Monday.

GRAINS & OILSEEDS:

Corn: Soybeans: Choppy, narrowly changed and ‘pure positioning’ as the saying goes ahead of Monday’s USDA report. No fresh news.

Wheat: Took a tumble on conflicting weather forecasts and pre-report activity.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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