Cattle: Cash cattle so far: $144.00 south, $145-146.50 north; on 77 boxed loads cut outs up. $.73(c) to up $1.33(s) on moderate midday movement.
Comments: Another disappointing day for the bulls with no upside follow through and even with an expanding discount. Maybe the funds are wrong again and beef will top out and cattle supplies increase in June. Weekly beef export sales low-side.
Hogs: Interior hogs not established Eastern, western dn. $1.95-2.31; Pork cut outs fell $.05 on bells and hams.
Comments: If traded day-to-day it’s a lot of fun perhaps but position traders get day-to-day grief on either side of long/short. I keep pointing to perhaps the USDA numbers ‘more right’ than the worst of the PEDv estimates tossed around.
GRAINS & OILSEEDS:
Corn: Mostly a consolidation trade after making new swing lows for the move. Planting weather great generally and weekly export sales were ‘routine’.
Soybeans: Beans 3 times the price of corn?
Besides that: Importers taking old crop beans that have been some new and some ‘switched'; U.S. old crop prices more competitive than South America? Argentina product prices not competitive with the U.S.? All weekly export sales for beans/meal/oil seemed to say so. Something is not kosher.
Wheat: Non-plussed by the bean rally much less than the corn firmness. Improved rains southwest; a Ukraine crop looking over a year ago; Russia still doing fine; Europe basically the same. And weekly export sales basically bottom of the barrel.