Cattle: Cash cattle last week: $147.-148.00 to 150.00 (Neb.) and $237.-240.00 dressed North; On 41 boxed loads cut outs up. $1.42(c) to up. $1.95(s) on midday movement.
Hogs: Interior hogs mixed at up $168 (E) to dn. $3.15 (I/M); Pork cut outs rose $1.26, on bellies & loins.
“Quick comment here: not sue why but the panic buying in futures returned with a +$3.00 loss in western corn belt.”
GRAINS & OILSEEDS:
Corn: USDA: Carryover 1.45 bln.bu. off 25mln.bu. all due to export raised 25 mln.bu. and 30mln.bu. under avg. trade estimates…..either way, what’s 25 or 50mln.bu. among friends? World carryover rose 1.2mln.m/t’s; both Argentine and Brazil corn estimates unchanged on month. Avg. farm price $4.25-4.75 up $.05/dn. $.05 on month. The current futures market has been a demand driven one, remains to be seen if this report keeps importers from recent panic buying.
Soybeans: USDA: Carryover 145mln.bu. off 5.0mln. as an increase in exports of 20mln.bu. was partially offset by a decrease in the crush (10mln.) and increase in imports (5mln.); world carryover 70.6mln.m/’s dn. 2.5mln.m/t’s, mostly Brazil’s crop off 1.5mln. to 88.5mln.m/t’s; Argentine crop unchanged at 54mln.; avg. farm price $12.20-12.70 up $.25. Nothing bullish here but will it prompt China cancellations (one of the reasons beans supposedly are lower is the logic—Lower China export data equals lower imports (trade deficit)—-well not necessarily beans but…..China ports said full up and pig/poultry production down.
Has been in part a money squeeze, will see if it’s over.
Wheat: USDA report: carryover 558mln.bu. due to NO changes in supply or demand; world carryover then was 183.8mln.m/t’s up nominally on month; avg. farm price $6.75-6.95 unchanged. Pretty neutral, eh? I believe a big part of this market is the PERCEPTION (for now) exports will be hurt in the general Black Sea area.