Going Nowhere... CME cattle futures continue to trade two sided in a fairly narrow range as open interest fritters away. This morning’s total live cattle OI was 270k contracts near the low for the year as most move to the sidelines. Open interest is now larger in August LC than June LC with the Goldman roll ending on Monday (THE BEEF)
NBW Market Commmentary
CME LIVESTOCK: Live Cattle: $175.95 (-0.525); Feeder Cattle: $251.05 (-1.35); Hogs: $97.725 (-1.00) (VIEW COMMODITY QUOTES)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $4.565 (-0.02); Wheat: $6.375 (+0.035); Soybeans: $12.085 (-0.1925); Soybean Meal: $372.90 (-5.60) (VIEW COMMODITY QUOTES)
National Corn Wire
STOCK UPDATE: Dow 30: 39,387.76 (+331.37); Nasdaq: 16,346.26 (+43.50); S&P 500: 5,214.08 (+26.41) (Stocks Rise On Fed Rate Cut Hopes)
Market Update
Short-Range Weather Forecast: On Thursday, a front extending from the Mid-Atlantic westward to the Ohio Valley and then southwestward to the Southern High Plains will move eastward off most of the Mid-Atlantic Coast by Friday evening, lingering over Florida on Saturday.
Weather
Disney posts surprise profit in streaming entertainment, raises earnings forecast... Walt Disney's streaming entertainment unit posted its first profit, two quarters ahead of schedule, and the media company raised its annual earnings per share outlook as it said turnaround efforts were yielding results. (Reuters)
Market Update
U.S. CATTLE REPORT: August feeders down $6.75 from last Monday; Boxed beef makes a huge jump, up $4.56; Iowa corn planting at 47% (behind 11% from last year); 321 steers (856#) from Worthing, SD at $253.50
US Cattle Report by National Beef Wire
LIVESTOCK COMMENTS: As the beef market heads into May, any indication of a stronger beef market is nonexistent at this point
NBW Market Commmentary
TOP SALES : The highest price paid for 6-weight steers on Thursday was $338.00 for 49 hd (636#) from Salina, KS. The National Steer Price for 6-wts on Thursday was $287.78, compared to $294.92 the prior day (WATCH LIVE SALES NOW)
US Cattle Report by National Beef Wire
PRICE PROJECTIONS: The latest price projections for 2024 bring mixed fortunes for various agricultural commodities, with cattle and hogs seeing increases, while eggs undergo a significant surge in price
WASDE
USDA CROP PRODUCTION: Soybean production for beans is forecast at 4.37 billion bushels, up 1 percent from the previous forecast and up 6 percent from 2020 (VIEW REPORT)
WASDE
CATTLE TRADE: Prices on a live basis primarily ranged from $138 to $141 while dressed prices were mainly $224 to $226. A year ago, prices were $119.71 live and $190.56 dressed (Griffith)
NBW Market Commmentary
QuickTake: China produces more than 100 billion pounds of 10 different foods: Corn, Rice, Vegetables, Wheat, Sugarcane, Potatoes, Cucumbers, Tomatoes, Watermelons & Sweet Potatoes
Quick Takes
DROUGHT MONITOR: Approximately 46% of the cattle inventory is within an area experiencing drought (VIEW REPORT)
Weather
Corn exports projected at 72.4 million metric tons in 2021, up 67.3% from the prior year (VIEW REPORT)
National Corn Wire
DAILY EXPORT SALES: Private exporters reported sales of 128,000 metric tons of soybeans for delivery to Mexico during the 2022/2023 marketing year
Exports
Phones are distracting students in class. More states are pressing schools to ban them (AP)
Market Update
CORN MARKETS: The March contract made a new low yesterday, but didn’t see enough weakness for a new low overnight. The March contract does have four consecutive lower highs, so there is still no indication of a change in trend, or even a bottom (Schwieterman)
NBW Market Commmentary
Farmers protesting in France have a long list of grievances: soaring costs, increasing bureaucracy, new European Union regulations and imports diluting their markets. While farmers have a long history of indignation and activism (especially in France), the latest moment of protest isn’t confined to Europe (Bloomberg)
Market Update