Grains are chopping back and forth positioning ahead of the USDA reports.
However, Joe Kooima of Kooima Kooima Varilek, says row crops have had a tough week making new lows for the move day after day as funds have been relentless sellers, focused on improving weather in the Eastern Corn Belt.
Hogs fall back on the open and then turn mixed digesting USDA’s Quarterly Hogs and Pigs Report. Koomia called the report neutral compared to expectations.
All hogs and pigs came in at 101.3%, Kept for Breeding was at 96.8% and Kept for Marketing was at 101.7%.
He says productivity gains have outpaced any liquidation in the herd. However, the higher pigs per litter number of 11.56 also reflects some sow liquidation which has taken out some of the more unproductive females.
Kooima says the hog market has been in a huge downtrend for the last 50 days and has continued to sell off with lackluster cutouts and bigger than expected supplies and weights.
Cattle futures trade into more near term highs with only light cash trade and few bids in the South indicating higher prices again this week.
