Grains and cattle markets end mixed Monday, lean hogs higher.
Kent Beadle with Paradigm Futures says cattle had a volatile session.
Monday started with a gap higher opening in live and feeder cattle futures on news the New World Screwworm had been detected in Mexico and APHIS was restricting imports.
However, it was offset by a bearish Cattle on Feed Report which showed nearly 12 million head on feed, which was a record.
The placements were 105.3%, which was also above estimates.
So live cattle finished lower and feeder cattle well off session highs.
Cattle futures had higher weekly closes last week on better than expected cash trade.
Fed prices were steady in the North at mostly $290 dressed and in the South $1 to $2 higher at $186-$187.
Lean hog futures ended strong with surging cutouts at noon and retested contract highs in the deferred months.
Beadle says demand has been stronger than expected for this time of year and there are reports of more PRRS cutting into supplies.
Grains ended mixed with soybeans supported by strong export inspections at 77.2 million bu. and talk of more China export business.
Beadle says there have been reports of several cargoes of U.S. soybeans purchased by China and he expects there will be more.
Corn saw nearly 18 million bushels of flash export sales to Mexico but it failed to rally the market as corn followed the lower wheat market.
Friday is also First Notice Day for December futures and so he thinks there was some selling in corn and wheat ahead of that.
Wheat was also lower removing war premium and saw some profit taking in anticipation of better winter wheat ratings, despite a lower dollar.
