Cattle: Cash cattle last week: $148.00 south & $150.-151.50 Neb. with $240.00 dressed; on 96 boxed loads cut outs up. $.66(c) to dn. $.74(s) on good midday movement.
Comments: Fairly quiet dealings most of the session. While last week’s cash cattle was basically steady, there’s a question over amounts moved. Packers might be trying to ‘self-manage’ supplies and work prices lower.
Hogs: Interior hogs not/est. west, off $1.85 eastern; Pork cut outs rose $.35, mixed trade.
Comments: June acted about right, getting buying support from its discount to the expiring April contract. TV, Cable and Radio reports all now have the news about record beef and pork prices at retail and blame beef on a lowered herd due to drought (no one dares mentioned Ethanol) and pork on PEDv.
GRAINS & OILSEEDS:
Corn: Looks like corn got some spillover support from the wheat rally, further weather delays on plantings and light volume.
Soybeans: Took all session but finally ground its way higher in another ‘orderly’ price move. I mentioned another negative China deal this morning but chose to ignore it basically until we get the right closes. Beans hate to die, whether in the fields or in the pits.
Wheat: Notoriously thin trade to sharply higher but predicated on U.S. weather and increasing tensions out of Ukraine. Demand mattered not, and not unexpected, as Egypt buys a chunk of wheat over the weekend and none from the U.S.