National Beef Wire | NBW Market Commmentary

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

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

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

Live Cattle Trends: Short Term: Up; Long Term: Up US Cattle Report by National Beef Wire

Feeder Cattle Trends: Short Term: Up; Long Term: Up 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

Corn Trends: Short Term: Up; Long Term: Up Corn

Wheat Trends: Short Term: Down; Long Term: Down Market Update

Soybeans Trends: Short Term: Up; Long Term: Up Market Update

Short Range Weather Forecast: Accumulating wet snow is expected for the next couple of days across the far Northern Plains (View Report) Weather

CATTLE TRADE: Thus far for Friday negotiated cash trading has been limited on light demand in Kansas, Nebraska, and the Western Cornbelt with a few live and dressed purchases in the Western Cornbelt at 125.00 and 196.00 (VIEW REPORT) US Cattle Report by National Beef Wire

PRICE PROJECTIONS: Steer prices in 2021 are projected at $116.00, up $1.00 from last month (VIEW REPORT) Cash Prices

U.S. CATTLE REPORT: Historic boxed beef run continues; Daily drop up another 45 cents ... (VIEW REPORT) US Cattle Report by National Beef Wire

Livestock Comments: Cattle feeders slowly gaining leverage (VIEW REPORT) US Cattle Report by National Beef Wire

SCHWIETERMAN CATTLE: Today’s FCE auction has 26 loads for sale, the largest offering in past couple years. Asking prices are expected to be in the $117-$118 range US Cattle Report by National Beef Wire