Cattle: Cash cattle North: $129-130.00 and $202-204.00; South $128-129.00 and (ks.) $204.00; beef prices up $1.50 choice to up $1.72 select on light midday volume.
Comments: Guess I should have not given short-thrift to the beef prices since it’s being interpreted as being bullish cash cattle. I believed it was just to pay for the higher cash cattle last week.
Hogs: Interior hogs lower ($86.50 avg.);pork cut outs lower midday off $.85.
Comments: Looks like some spillover buying here courtesy of the cattle pit as both the interior hogs and pork midday came in both weaker. But the bulls want to negate the ‘reversal’ and with a void of selling in here getting part of their wish.
GRAINS & OILSEEDS:
Corn: Cannot get upside momentum enough to sustain any rally due to the delayed harvest; funds continued short selling; weak charts.
Soybeans: November beans and December meal are the highlights of the feed action; with well over 50% harvested I consider it decent action; but once again $13.00′s a ‘grinding area’ so to speak. I suspect nearby support likely on export demand.
Wheat: modest gains on Black Sea planting concerns (hey, fits in ‘fill in the blanks’ does it not?); actually I will give the wheat credit for what has been very good export demand especially as shipping rates have slowed our competitors a bit. Support also from wheat/corn spreading (also ‘fills in the blanks’).