Kleist Comments

CLOSING AGS 4/21/14
CLOSING AGS 4/21/14

Cattle: Cash cattle last week final: $146.00 south, $147.00 Neb. with
$236.-238.00 north dressed; on 69 boxed loads cut outs up. $1.69(c) to up. $1.87(s) on moderate midday movement.
Comments: April cattle left to track the live market and with expectations of lower cash cattle this week. June was able to get some support off it large discount to the live and the sharp gains in midday beef. Last week’s cash cattle sales reflect this week’s showlists? Neb. up 15,000hd.; Ks. up 1,000 and Tx. down 8,000hd.
Hogs: Interior hogs not/est. west, east off $1.02.
Pork cut outs rose $.57, even as bellies fall $11.00!.
Comments: Looks like in the ‘battle’ of PEDv expectations and weak pork prices, pork demand won out this time. June prices about in line the lean index but at a significant premium to average interior (whenever they get established by the packers).
GRAINS & OILSEEDS:
Corn: Smacked hard on a turn to better planting weather; over better long weekend weather; and no visible export demand. Of course, sharpy lower beans played a part as well.

Soybeans: No one seems to have a ‘solid’ answer on the beans weakness today. Of course, we can give a myriad of reasons and it all points to China but then that would be only a delayed reaction. On top of this morning’s newest edge, I also understand that besides Brazilian ships into the east coast, there’s also some headed for the PNW? We’ll see if it matters tomorrow?
Wheat: 3 things for sharply lower: weather not as bad as some hoped, with some forecasts looking for improved conditions north and southern HRW areas; 2) lack of exports and 3) bean and corn losses.

Kleist Comments

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

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