A Breather... The old saying, ‘there is a lot of good news in the market’ seems to best describe why futures are in correction mode. Friday’s sell-off occurred on a drop of open interest, a classic profit-taking break (The Beef)
US Cattle Report by National Beef Wire
USDA estimates daily cattle slaughter at 112K head, compared to 105K last week and 88K last year (Mon)
US Cattle Report by National Beef Wire
CME LIVESTOCK: Live Cattle: $122.10 (-0.475); Feeder Cattle: $149.70 (+0.075) Hogs: $106.15 (-2.80); Milk: $19.88 (+0.43)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $5.69 (-8.25); Soybeans: $13.82 (-21.00); Wheat: $6.28 (-10.75)
US Cattle Report by National Beef Wire
Boxed Beef AM: Choice: $270.83 (-1.34); Select: $265.27 (+1.20); Ch/Se Spread: $5.56; Total Loads: 53
US Cattle Report by National Beef Wire
STOCK UPDATE: Dow 30: 33,766.70 (-33.90); Nasdaq: 13,816.17 (-84.02); S&P 500: 4,122.21 (-6.59)
Market Update
SCHWIETERMAN CATTLE: Cash was limited to a few thousand head but traded a majority of those at $125 (VIEW REPORT)
US Cattle Report by National Beef Wire
SCHWIETERMAN FEEDER CATTLE: Corn is narrowly mixed overnight, while cash index levels pushed to their highest levels since October, reaching 141.79 (VIEW REPORT)
US Cattle Report by National Beef Wire
SCHWIETERMAN CORN: The fundamentals of the market still look great. USDA increased the export estimate by 75 million bushel, which we could exceed in just a few weeks (VIEW REPORT)
NBW Market Commmentary
SCHWIETERMAN WHEAT: By the end of the week, traders attention will likely come back to the Drought Monitor and the situation in the Spring Wheat Belt, which should keep the wheat market supported
Wheat
SCHWIETERMAN SOYBEANS: Friday’s report did not have any major market moving information because ending stocks were left unchanged
Soybeans
Weekly cattle slaughter reported at 641K head, up 5.3% from last week, up 21.2% from last year (EWMP)
US Cattle Report by National Beef Wire