CLOSING AGS 5/02/13
Cattle: Cash cattle this week $128.-130.00; dressed Neb. $206.-2.07.00; boxed beef sharply higher on light midday volume; futures moderately higher. I covered some of this in morning comments: In the ‘old days’ (funds) I suspect a new record high in Nebraska dressed, near record high choice beef prices and a $7-8.00 discount in the June would see a limit up move. Different world.
Retail meats: mostly high-priced beef steaks then lower priced beef, I suspect Mother’s Day more at play than weather per se.
Hogs: Interior hogs early n/e across I/M and western Corn Belt; pork lower led by bellies; futures narrowly mixed as midday pork cut outs hit hard by a $14.75 loss of value in the bellies; a weaker weekly pork export sale; no ‘outside’ money moving in.
GRAINS & OILSEEDS:
Corn: Strong gains in old crop in a continuation of what has been shortcovering in the May and as of yesterday also in the July contracts. Also of note some bean/corn spreads.
Soybeans: Choppy session with a modestly mixed close. Weekly old crop export sales did its job with a negative number and as such took some heat off the tight nearby supplies; back months lower on the idea of delayed corn equals more bean plantings.
Wheat: Higher close mostly on spillover from the corn rally. And of course some support off crop conditions in the southern plains; E.U. futures lower in part as France reports its crop 67% gd./excel.