Cattle: Cash cattle last week: $148.00 south & $150.-151.00 Neb. with $240.00 dressed; on 70 boxed loads cut outs dn. $2.73(c) to dn. $1.34(s) on good midday movement.
Comments: Futures held up well with several very positive fundamentals to support and rally April’s discount to the cash market. Today’s rally likely also on ‘good’ news in that a few cash sales in Neb. steady/up $1.00 at $241.00 dressed and $150.00, sdy., live. However, the beef showed a possible topping again but ‘saved’ a bit by the still-good movement.
Hogs: Interior hogs not/est. ;Pork cut outs rose $.46, mixed trade.
Comments: Looked like a consolidation type trade as June holds its hand out to take the lean index mantle (well, OK the May contract still there to take any cash heat). The pork margins fell sharply as retailers backed off In favor of beef (if going to take it on the chin in featuring, they’ll choose beef) and amid big swings in individual pork prices (bellies come to mind).
GRAINS & OILSEEDS:
Corn: Modest losses in a choppy session. The action, so to speak, was in beans and left corn to ponder cold and wet planting conditions next week.
Soybeans: The only thing that surprised me was this: the decline in bean prices to strongly lower levels was ORDERLY. Usually the ‘whipsaw’ came from sharp downs finding large fund support and the market trying to shrug off, or spin, any news of China cancellations. I think that might be profound for any long-suffering bears. I’ll still be PO’d though as if he China defaults are true they: 1)were known to be coming by certain of the boys and now old news and 2) if there was such a thing as a ‘factual rumor’ it was mightily curtained.
Wheat: Modest losses in a seemingly quiet trade. One could say the Ukraine crisis supportive or the crop ratings or simply a consolidation on the charts.