Cattle: Cash cattle last week: $143.-145.00; on 67 boxed loads cut outs up. $.44(c) to up. $2.68 (s) on light midday movement.
Comments: Looks like the funds followed through this time and continued to buy the futures. As such, charts set up to challenge contract highs. Perhaps the increase in cattle numbers will be delayed due to past light placement wts. and admittedly beef demand seems to have held up well so far. While a major chain store in the Chicago area were selling rib eyes for $9.99lb., they did some dealing on other cuts. Perhaps the shortened spring BBQ season is being extended.
Hogs: Interior hogs dn. $2.58 Western, Eastern N/E; Pork cut outs rose $.19 on a fairly quiet trade.
Comments: Another gap higher but stalled at the major m/a’s for the July. With packer margins improving and with apparently higher prices beef selling decently, the odds favor a pork resurgence. All on the come but we will see.
NOTA BENE: Did hear some rumblings of fund activity getting out of long grains into long meats. Will advise.
GRAINS & OILSEEDS:
Corn: Nothing to stop it from making new swing lows after plantings nearly done and with crop conditions tying or a record high % (76% gd./excel.). Add in the recent several weeks of declining exports and poor technical readings.
Soybeans: When the market rallies its because old crop is tight, when prices fall (now) its because of great planting/growing weather. Hmmm…what happened to the tight old crop then? This ain’t rationing. Maybe tomorrow. Late rally in soyoil kept beans off their lows. Light volume.
Wheat: With pressure everywhere else on the grain floor, wheat has the least chance of rallying. Plus, weak longs in beans and corn possibly selling wheat against it. Spring plantings came in good, weather has improved and overseas crops looking fine.