Cattle: Cash cattle last week: $150.-152.00 south & $152.-154.00 Neb. and $245.00 dressed; on 39 boxed loads cut outs dn. $.01(c) to dn. $1.22(s) on very light midday movement.
Comments: The negative pig crop, recent sharply lower beef, failure at top-end of trading ranges and a bit more cattle on the showlists.
Hogs: Interior hogs mixed @ up/.55 west, dn. $102.00east.; Pork cut outs fell $.54, mixed trade.
Comments: Pig Crop was bearish and summer hogs were limit down as expected, the April still needs to be in the shadow of the lean index. However, prices jumped off limit after weak longs seemingly bailed out and as traders suggest the USDA was too high on its numbers.
GRAINS & OILSEEDS:
Corn: The stocks number while right on, apparently signified 100mln.u. less than estimates meant more feeding.
Soybeans: Old crop sharply higher as the stocks number did not seem to indicate much in anticipated cancellations, keeping stocks ‘tight'; plantings negative and fell victim to bull-spreading with the slightly higher acreage.
Wheat: USDA negative as viewed immediately after the report but the ‘pull’, the Siren’s Call, came as corn and soybeans shot up. Light gains posted.
As an aside:
Anyone watch 60 minutes yesterday on computer trading?
And, did end of month/end of quarter have anything to do with the action today?