Kleist Comments

CLOSING AGS 3/7/14
CLOSING AGS 3/7/14

 

Cattle: Cash cattle this week: $147.-150.00 and $235.-240.00 dressed North; On 36 boxed loads cut outs up. $1.33(c) to up. $.27(s) on very, very light midday movement.

Comments: Futures didn’t do much as they consolidate. In my wonderings IF the discount means something more than previous discounts (bear trap) the beef market midday was curious: only 28 lds. choice and just 7.7 lds. select? Not even pre-holiday have I seen that light of movement. Be wary.

Hogs: Interior hogs Not/Est.

Pork cut outs rose $.80, all on bellies.

Comments: Consolidation a good term for the action. As mentioned, seems the futures panic over but as of yesterday not the packer’s panic. Monday not only the USDA report (will PEDv be addressed?) but the stated reopening of U.S. pork imports into Russia .

GRAINS & OILSEEDS:

Corn: Soybeans: Wheat: Choppy session across the floor. Beans make new highs then back off some in presumed profit taking but likely ‘dressing up the close” puts it to new high right before the close; corn dropped rather hard at one point on a combination of increase cash movement and that funds were not buying ’000′s of contracts; wheat higher and has at least more risk over the near term effects of any Ukraine disruptions that would spill over to nobody buying Russian wheat, maybe.

One item for beans: market concern over rain harvest delays in Brazil’s Moto Grosso (30% of country’s production)? Ag Min. says 73% completed vs. 60% avg., total Brazil 52% dome vs. 40% yr. and 35% avg.

USDA report Monday at 11:00 added to the choppy nature of the day’s trading.

Kleist Comments

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

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