Kleist Comments

CLOSING AGS 5/16/14
CLOSING AGS 5/16/14

Cattle: Cash cattle so far this week: $144.-146.00 south, $147-147.50 north; on 60 boxed loads cut outs up. $1.51(c) to up $1.53(s) on light midday movement.
Comments: Fairly narrow ranges and changes amid fairly light volume likely due to: 1) already discounted $2-3.00 lower cash cattle and 2) a cattle-on-feed report at 2:00.

Hogs: Interior hogs East not established, west down $.68;
Pork cut outs fell $.19, mixed primal.
Comments: Quieter trade but pressure returned early as the technicals remain bearish; as the discussion over the PEDv and when it will start dropping kills sharply still very undecided; and lastly, the premium to the lean index and interior markets.

GRAINS & OILSEEDS:

Corn: New swing lows on follow through technical selling but lighter with the upcoming weekend and possibly new weather outlooks next week; as farmer’s draw back cash sales; as shorts pull in some profits.

Soybeans: Mixed session between old crop and new crop spreading it seems. July beans drop to ‘sentimental’ support in the $14.60’s but held mostly on a lack of selling. New short sales cooled off perhaps ahead of a ‘weather market weekend’ ™ perhaps. Then again weather right now secondary to the talk of just how many beans the U.S. might end up actually importing from Brazil.

Wheat: Chicago futures calmed down to modest losses but the KC and MGE got hit harder over weather. All three grades have been hit by rains in the southwest, by a possible impasse’ in the Ukraine crisis and by poor weekly export sales.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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