Cattle: Cash cattle this week: $155.00-157.50, Neb dressed $246.00; on 76 boxed loads cut outs dn. $1.49(c)/$1.97 (s) on light movement.
Comments: Cash cattle had a good week in that prices were better than the trade anticipated and with that, futures had a good week on a strong discount to cash/technical rally.
Hogs: Interior hogs N/C east to dn. $86 west.
Pork cut outs rose $1.32 in midday wire .
Comments: August hogs lead the weakness even with its weakness to the lean index though fell to the composite interior average. Exceptionally heavy wts. over a year ago and rather limp pork prices overall offsetting the lowered kills. In the broader sense though hogs merely remain in a volatile trading affair range.
GRAINS & OILSEEDS:
Corn: Though there was little overtly bullish for corn, I erred in giving it some room for a consolidation. Part of the blame very much the collapse in wheat prices but that was added to generally favorable weather outlooks and routine export sales.
Late session Sept. and Dec. produced ‘double lows’ on the charts, though Sept. squeezed out a new low by 1/4cent.
Soybeans: More overnight export sales, though all new crop, was behind the early strength. However, one of the China new crop purchases was OPTIONAL origin meaning it could go to South America. Point is, it brought up perhaps memories of all those past China cancellation. As with the corn though, I suspect wheat took some steam out of bulls pocket as well.
Hindsight: August had trouble at/over $12.00 and November at/over $11.00 on the technicals.
Wheat: As mentioned yesterday, the Ukraine/Russian deal should have had little to do with the wheat overall. Little but not completely anyway. As is, price gave back gains and more with only one note: charts held above old lows. We’ll see if they can next week.