U.S. CATTLE REPORT: After 5 weeks of decline, funds extend net long position; D3-D4 drought at 0% in Kansas compared to 60% last year; Beef exports at 15.2K mt (okay but not very good); 21 steers (717#) from Pratt, KS at $287 (highest $ for 7-wts on Thu)
US Cattle Report by National Beef Wire
LIVESTOCK COMMENTS: The way of pictorially describing price movements if placed on a graph is jumping on a pogo stick while riding a roller coaster. There is no doubt those can both be fun endeavors by themselves, but the combination of the two would either be extremely exhilarating or scare the pants off a turtle
NBW Market Commmentary
A Toe Hold... The 5-area average price likely edged up $1.25/cwt or so from last week since the south traded steady. This is the first higher week since the market topped 5 weeks ago in March. Packers know better than anyone that they must avoid getting short-bought (THE BEEF)
NBW Market Commmentary
CME LIVESTOCK: Live Cattle: $178.575 (+0.775); Feeder Cattle: $260.55 (+2.25); Hogs: $102.475 (-2.525) (VIEW COMMODITY QUOTES)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $4.50 (-0.02); Wheat: $6.2225 (+0.0175); Soybeans: $11.7725 (-0.025); Soybean Meal: $344.70 (-2.90) (VIEW COMMODITY QUOTES)
National Corn Wire
STOCK UPDATE: Dow 30: 38,239.66 (+153.86); Nasdaq: 15,927.90 (+316.14); S&P 500: 5,099.96 (+51.54) (Stocks Climb On Impressive Tech Earnings And Strength In AI Chip Makers)
Market Update
Short-Range Weather Forecast: Critical fire weather conditions, severe thunderstorms capable of producing severe wind gusts, large hail, strong tornadoes and heavy rainfall remain on tap for the central U.S. this evening
Weather
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