Challenging Records... Last week’s 5-area average negotiated cash cattle price was $187.47, the second highest in history. Last June’s record of $188.75 remains the top for now, though the impressive momentum found in the fed cattle market increases the odds that record will fall in 2024. Packers purchased 83k head, 16k with time at higher money as the leverage stays with the cattle feeder. (THE BEEF)
NBW Market Commmentary
CME LIVESTOCK: Live Cattle: $188.575 (+1.325); Feeder Cattle: $255.10 (+2.975); Hogs: $93.425 (+0.25) (VIEW COMMODITY QUOTES)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $4.36 (-0.0075); Wheat: $5.4275 (+0.1425); Soybeans: $11.8775 (-0.105); Soybean Meal: $331.90 (-2.80) (VIEW COMMODITY QUOTES)
National Corn Wire
STOCK UPDATE: Dow 30: 38,790.43 (+75.66); Nasdaq: 16,096.56 (+123.39); S&P 500: 5,146.23 (+29.14) (Strength In Technology Stocks Leads The Broader Market Higher)
Market Update
Short-Range Weather Forecast: Periods of Snow for the Great Lakes and Northeast U.S.; Strong to Severe Thunderstorms Possible in Florida
Weather
LIVESTOCK COMMENTS: Fed cattle traded $2 higher compared to last week on a live basis. Prices were largely $187 to $188 on a live basis and $297 to $299 on a dressed basis.
NBW Market Commmentary
PRICE PROJECTIONS: The table reveals a general upward trend in price projections from February to March 2024, with notable increases for steers, barrows & gilts, turkey, and milk
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
U.S. CATTLE REPORT: Oklahoma 7-wt steers top $300 (1st time this year); Thunderstorms across Southern Plains; March feeders back over $252; Boxed beef down $1.51; Cattle slaughter slow again at 122K; 15 steers (750#) from Fairview, OK at $302.50
US Cattle Report by National Beef Wire
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