Cattle: Cash cattle last week: $150.-152.00 south & $152.-154.00 Neb. and $245.00 dressed; on 78 boxed loads cut outs dn. $.79(c) to dn. $1.19(s) on moderate midday movement.
Comments: Firm most of the session in apparent light volume. While the April discount is supportive the market still awaits the slow to cover cash cattle market. Slight improvement in weekly beef export sales offset the midday beef weakness perhaps.
Hogs: Interior hogs not well established; Pork cut outs fell $1.35, bellies higher but trumped by the lower loins.
Comments: Nice, thin trade with large ranges and as the (shunned) May contract hits limit down. Technical pressure remained in play in what some believe merely a volatile correction in a volatile bull market.
Supposedly another week where the PEDv virus claims declined offset the weekly increase in pork export sales.
GRAINS & OILSEEDS:
Corn: Choppy, two-sided trade in very narrow ranges after 9:30. Weekly export sales fell but as mentioned, still not bad and supportive. Talk of the western corn rootworm spreading added some psychological support as well.
Soybeans: Big daily range established early and then from there more choppy, thin trading. Buying breaks still the trade Du Jour as the poor weekly export sales merely suggested that’s why prices rallied in the first place an as such the market needs to never break. There’s no fresh news on my Morning Comments concerning China import maneuvers nor on that major poultry feed importer. Maybe tomorrow.
Wheat: Another pit where the market was antsy and prices jumped or fell with minor orders. Weekly export sales confirmed, let’s say the ‘rationing’ (hey, if beans can….) but on the other side suggested perhaps U.S. export demand was uncompetitive at higher price levels.