April Fool’s Day the 1st, 2014.
Cattle: Cash cattle last week: $150.-152.00 south & $152.-154.00 Neb. and $245.00 dressed; on 55 boxed loads cut outs up. $.66(c) to up. $.79(s) on light midday movement.
Comments: Certainly seems the April wishes to drop back down to the lower ends of its volatile trading range. The outlook for lower cash cattle this week and perhaps some belief in the Pig Crop numbers added to the technical weakness.
Hogs: Interior hogs not well established; Pork cut outs fell $.27, mixed trade.
Comments: April hogs are just under the lean index while the June seems to be struggling. We wonder IF it just might have taken a second look at the PC numbers? Anyway, that mini-island top or as candlestick chartist said a bearish “Death Star” formation (I am not your father Luke, but apparently to negate needs a move over $129.40). And maybe, just maybe, cash hogs are getting a bit tired?
I know the retailers are.
GRAINS & OILSEEDS:
Corn: Breakout holds for corn and extends its gains. Surprisingly December held the edge as firmest, though due to the acreage. Old crop holds due to the past export sales and implied higher feeding usage.
Soybeans: The shorts again nailed to the plank as the apparent ‘mind’ that the futures are suggesting we want NO ONE buying U.S. beans. Not answered are why South American beans, at significant discount, are not filling in for us more.
Wheat: Whippy session but generally under pressure most of the session. May dropped to just above important support and held in part from the corn strength. The negative USDA report surprisingly seemed secondary to inter-market spreading as mentioned in morning comments. Then again, reports are what you make them.