CLOSING AGS 5/08/13
Cattle: Cash cattle last week $128.-131.00; dressed Neb. $206.-2.07.00, few to $208.00; boxed beef sharply higher/higher on very light midday volume; few sales Ks./Tx. at $126.00, Iowa $127.00 Nebraska $202.00; futures took another hit even as choice beef posts a new record high. Let’s say that the retailer has finally been squeezed and his margins under water, yet booking for Memorial Day and 1st half June ‘just in case”. Lower live prices added to the futures pressure.
Hogs: Interior hogs early not well established; pork? Mixed midday slightly higher cut outs; futures held well if not modestly. An unquoted western corn belt again and concerns over pork demand likely held the upside in check. As did the break in cattle again.
GRAINS & OILSEEDS:
Corn: Bull spreads still working in a down market. Weather forecasts a bit longer term seen negative back months as per plantings; perhaps old crop looking to tomorrow’s weekly export sales?
Soybeans: May beans in a world of their own as tight supplies translate into strong ownership and shorts beg for relief. No reason to let them off the hook just yet. New crop held relatively well on that and as corn plantings look to accelerate.
Wheat: Choppy affair, light volume and some inter-market spreading highlighted the trade. Most of Chicago’s weakness seemed corn-related while K.C./MGE supported on crop concerns.