Comments: Another beating here as bull-confidence has been trashed for now. Midday beef strongly lower but midday beef movement was robust…haven’t seen that for awhile. As mentioned I see the packer’s are having a ‘fire sale’ and unloading backed up inventory amounts….actually that is the first positive thing I have been able to say fundamentally.
Cattle-On-Feed avg. est.’s: On Feed 97.5%; Placed 91%; Marketed 92%. More tomorrow.
Comments: Well, the bulls experiencing what the bears did for months: prices move sharply and compound the traders equity loss. Downside the same insanity in reverse. OK enough of that, I/M and western interior prices now just under $96.00 add in the east and the rough avg. is $97.00. Unlike the beef, as I follow pork movement there has not been the same signs of growing demand at lower prices yet. And there’s a lot of pork still around.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: All three markets posted losses except old crop beans/meal and light gains in soyoil. Both beans and corn were likely hit by generally favorable yields from the crop tour; wheat, besides lack of exports, also tracking the start of spring wheat harvest.