Cattle: Cash cattle so far: $148.00 up $3.00; on 75 boxed loads cut outs dn. $.60(c) to up. $.90(s) on good midday movement.
Comments: I admit being wishy-washy over the cash cattle market for the week but then I did not give enough credit to the beef movement and packer’s need to replace inventory. Hence once one packer ‘blinked’ they pushed bids up. Futures reacted by moving sharply higher to limit up.
Hogs: Interior hogs up $1.33 (E), up. $.03 west.
Pork cut outs rose $2.92, primals all higher.
Comments: Bit surprised not a better reaction initially in futures here from the cattle spillover but the gist of the matter remains hogs at a sizable premium (sans spot June) and cattle were at a discount. Weaker pork export sales might have been a factor here but obviously weaker beef export sales had no effect.
GRAINS & OILSEEDS:
Corn: I am not too surprised corn held relative to the beans/meal since old crop beans had been in a world of their own. Plus, unwinding of bean/corn and meal/corn spreads perhaps hit a fever pitch. And on the edges, some talk of ‘excessive’ rains in parts of the Midwest (and I have a client in east central Iowa saying its too dry there, but a limited area). Weekly export sales weak but in the market.
Soybeans: RIP old crop. For today anyway. Friday the 13th tomorrow.
Wheat: Still the whipping boy and hard pressed to sustain even a modest rally. Light support perhaps as weekly export sales improved (new crop) and India’s delayed monsoon.