Cattle: Cash cattle this week $128.-130.00; dressed Neb. $204.00; boxed beef sharply higher on light midday volume; futures rally modestly as cash cattle trades a few head at $128.00 in Kansas, while Tx. bids at the same price were passed on. That suggests to me some hedge lifting (buying) for those hedged in the June for near ready cattle. That allowed light spec buying as well along with sharply higher beef prices midday.
Hogs: Interior hogs early n/e across north/south, pork higher led by loins; futures strongly higher in the May on the back of rising interior markets and a turnaround in pork values midday. June/July contracts reportedly found light hedge selling.
GRAINS & OILSEEDS:
Corn: Considering the overnight/early trade here not too bad a performance as prices turned around and at one point May was higher on the day. This might indicate merely a light volume thin trade or perhaps some fund buying which we’ll check out in the morning. Near term snow/rains in parts of the Midwest still backing up field work/plantings, now we see if longer term warmer/drier forecasts pan out.
Soybeans: While I have reasons for the big break in old crop as mentioned, today’s action might have had an extra negative: China’s economic data was weak and many commodities hit by concern over demand because of it (see gold, cotton, crude oil etc.).
Wheat: Lower close but losses stabilized by the corn recovery and another chance at frost/freeze in parts of the south; other countries generally fine outlooks and concern over U.S. export demand likely limited the rallies. And no major shortcovering indicated like yesterday’s open interest allowed.