Cattle: Cash cattle last week final: $146.00 south, $147.-148.00 north with
$236.-238.00 north dressed; on 53 boxed loads cut outs up. $2.24(c) to up. $1.23(s) on light midday movement.
Comments: Since the April seems reflecting ideas of weaker cash cattle markets, the spec-ball was handed off to the June. Support again as midday beef was sharply higher, though we need to watch movement. Retailers might have covered some Memorial Day bookings along with the current warmer weather possibly prompting some BBQ’ing.
Hogs: Interior hogs not/est. west, east.
Pork cut outs fell $1.26, led by hams.
Comments: Nicely paranoid trade as the June spins another whipsaw. Technical buying and lingering PEDv fears at note as well as friendly Cold Storage report estimates (next Tues., it’s never too early…). Cut outs hit again seemed only to limit the upside.
GRAINS & OILSEEDS:
Corn: Me thinks I should have caught this in the morning: planting delays meant buying corn and selling beans. Simple. By the way, in keeping to my fairness policy, that corn ethanol deal I wrote about this morning was more specific: it was corn Stover that was more inefficient. Ask and I’ll send the article I finally found.
Soybeans: If I am right the corn then beans a no-brainer…for now anyway. Corn plantings delays might suggest more bean acreage (as usual true B.S. this early but hey…). Might as well throw in just a hint of potential problems with China/Brazil deal that might be nearing fruition. For today anyway.
Wheat: Light trade and seemed mostly corn-derived support. Possibly some hope the sharp break in prices might scare up some export demand likely also noted. Weather a wild card still?