Cattle: Cash cattle last week: $144.-146.00 south, $147-147.50 north; on 85 boxed loads cut outs up. $1.62(c) to up $1.21(s) on moderate midday movement.
Comments: Consolidation day two? Bit disconcerting that the funds are not backing their hand as they usually do. Their lack of buying, in part, part of the futures weakness.
Hogs: Interior hogs not established Eastern, western dn. $1.50-2.01; Pork cut outs fell $1.44 on bells and hams.
Comments: Technicals decided on the upside today with strong gains following yesterday’s action and presumably on the big gains in cut outs, though that hit a wall at midday. Coiling market.
GRAINS & OILSEEDS:
Corn: Choppy, mixed close as all the action was in the bean pit; no fresh fundamentals.
Soybeans: Remember that ‘old news’ I mentioned this morning? About China’s April U.S. imports? I apparently should have said just how bullish that was…according to the wire report service source. Sorry. Too complicated for me. Maybe someone knows about tomorrow’s weekly export sales? This market is being messed with but as long as it is, do not ignore November bean hedging in the options at least.
Wheat: Estimated volume best of the bunch and certainly seemed the funds hit it on new short sales. Basically, while the U.S. southwest still has troubles, other countries including the Black Sea not doing too bad.