Kleist Comments

CLOSING AGS 4/23/14
CLOSING AGS 4/23/14

Cattle: Cash cattle last week final: $146.00 south, $147.-148.00 north with
$236.-238.00 north dressed; on 60 boxed loads cut outs up. $1.14(c) to up. $1.28(s) on light midday movement.
Comments: Seemed a listless trade with many of the concerns we looked at early evident late. Sharply higher beef of late might not equate to higher cash cattle prices due to circumstances. As such, the futures discount seemed the main supportive influence.
Hogs: Interior hogs not/est. east, west up $1.59;
Pork cut outs rose $.94, led by loins.
Comments: Certainly was a delayed reaction it seemed but summer hogs sharply higher. My interpretation of the Cold Storage report was passed by for a much more bullish reason: If the numbers peel off as sharpy as some believe in the summer due to PEDv, then there’s not enough pork in freezers to cushion it. Nice spin.
GRAINS & OILSEEDS:
Corn: This market was the ‘brick’ for the floor with consistent and persistent strength a little at a time and the May pops through the $5.00 mark once again. Wet weather, cool/cold weather etc. looks to lead to longer term planting delays.

Soybeans: Two-sided trade but the May then the July fall back more than they moved higher. Spread unwinding vs. corn and some lingering concerns over imports (this time an Argentine load of soymeal into the U.S. south was the newest rumor). Some old crop/new crop spread unwinding also noted.
Wheat: Firm but little else. Most of the support seemed to come from the corn rally while overhead resistance perhaps provided by rains seen in the southern plains. Maybe some support as the Russian/U.S. words are heating up over the Ukraine.

Kleist Comments

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

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