CLOSING AGS 5/09/13
Cattle: Cash cattle this week $126.00; dressed Neb. $204.00; boxed beef modestly higher on light midday volume; futures two-sided but June was able to hold just under $120.00 early, and if nothing else prompted light shortcovering and light bottom picking in the next months. Retail meat featuring largely flower bacon, candy bacon and then meats in the front sections.
Hogs: Interior hogs early mixed at up $1.30 Eastern) to down $3.87 (I/M, western); pork? Higher midday cut outs led by cash belly values; Futures under pressure in what looked like unwinding of hog/cattle spreads and concern a top is shaping up in the pork demand. A ‘surprise’ drop of nearly $4.00 in I/M also kept buyers nervous.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat:
I am lumping them all together since shortly before 2nd opening, they all started to act in unison. Seems bits and pieces of planting delays, a tight supply squeeze was exaggerated by apparent light volume positioning/shortcovering ahead of tomorrow’s USDA REPORT. Individual news light and on morning comments, includes weekly export sales.
USDA AVERAGE ESTIMATES: CARRYOVER’S.
CORN: NEW CROP CARRY 1.973BLN.BU.; OLD CROP 754MLN.BU.; SOYBEANS: 240MLN.BU. AND 124MLN.; WHEAT: 627MLNBU. VS. 731MLN.