Cattle: Cash cattle last week: $145.-146.00 south, $147.-148.00 north with
$235.-236.00 north dressed; on 59 boxed loads cut outs dn. $2.84(c) to dn. $.64 (s) on light midday movement.
Comments: New highs as cattle futures come to life and rally sharply. Anyone want to bet that part of it some funds exiting corn or wheat and moving into cattle? Nonetheless, a delayed reaction to the large discount June carried in the cash markets. Some limited selling on lower beef midday and a 37% drop in beef weekly export sales.
Hogs: Interior hogs Not/Est.;
Pork cut outs fell $1.74, mixed primals.
Comments: Most of the action in meats in the cattle pit. With hog futures acting a bit heavy and well off their highs, the heavily discounted June cattle may have been the better long-play. But, it’s just one day and I am sure hogs are not done with the PEDv scare underneath the market.
GRAINS & OILSEEDS:
Corn: A lot of the pressure here was bean/meal related as one wave (beans) sinks all ships. If not for that corn might have been less pressured as while delayed planting fear eased some for next week the weekly export sales were solid just under a million m/t’s.
Soybeans: Over 50-cents lower? I have spent a lot of time discussing the events that hit prices today and will not repeat them. For an update simply refer my morning comments which basically say we have 1) a net reduction in exports and 2) seemingly close to having Brazil beans into the U.S. (if not here already). That combined likely means a larger U.S. carryover.
Wheat: Opposite of corn here individually: weather still more a problem longer term in southwest but weekly export sales were very light. Plus the IMF giving the Ukraine $17bln., $3.2bln. immediately, which might allow crop inputs to not get interrupted. Big worry remains a Russian invasion.