Cattle: Cash cattle last week final: $146.00 south, $147.-148.00 north with
$236.-238.00 north dressed; on 47 boxed loads cut outs up. $1.42(c) to up. $1.47(s) on light midday movement.
Comments: It’s getting a bit redundant but another choppy session with more gains in boxed beef hoping to offset fears of lower cash cattle this week. Perhaps the packers will wait until the C-O-F report?
Hogs: Interior hogs not/est. west, east dn. $4.49 (!);
Pork cut outs fell $.06, narrow changes mostly.
Comments: The lame duck May contract has the lean index covered and as such early in the session summer hogs were allowed to add to yesterday’s rally. Some profit taking likely set in as the eastern interior was a surprise and with midday pork rather limp.
GRAINS & OILSEEDS:
Corn: Corn dropped lower on the day either due to 1) less rains, warmer weather forecasts or 2) the unwinding of the bean/corn spreads ran its course for awhile and both prices ‘adjusted’. Bit stronger weekly export sales added some underlying support.
Soybeans: Very choppy. While some unwinding of bean/corn spreads might have cooled off, there’s still unwinding of old crop/new crop spreads perhaps to deal with in a light volume trade. Weekly export sales old crop scrapped bottom of barrel amid more China cancellations but taken in stride to a degree today.
Wheat: Nice whipsaw highlighted by May failing just under its magic $7.00 area. The whip was from rains taken out of some southwest forecasts but the reality of a sharp fall in weekly exports tempered the rally.