Leaking... Premium continues to get sucked out of the deferred contracts, which in turn pressures feeder cattle futures. Only December LC has yet to take out its 2022 lows, a pattern started with the April LC contract (The Beef)
NBW Market Commmentary
USDA estimates daily cattle slaughter at 125K head, compared to 125K last week and 120K last year. WTD slaughter at 374K head, compared to 371K last week and 354K last year (Wed)
US Cattle Report by National Beef Wire
CME LIVESTOCK: Live Cattle: $131.70 (-1.775); Feeder Cattle: $165.80 (-0.975) Hogs: $108.525 (+0.775); Milk: $24.57 (-0.02) (Surveys ahead of Friday’s USDA Cattle on Feed report anticipate smaller April placements and marketings than a year ago)
US Cattle Report by National Beef Wire
Breaking News: A Russian soldier pleaded guilty in Kyiv to shooting a civilian, in the first Ukrainian trial over a potential war crime since Russia’s invasion. Asked if he accepted his guilt, the soldier said: “Yes. Fully yes.” (NYTimes)
World News
PRICE PROJECTIONS: Broiler prices in 2022 are projected at $1.55, up 7.0 cents from last month. Broiler prices in 2023 are projected at $1.49, down 6.0 cents from 2022.
WASDE
PRICE PROJECTIONS: Turkey prices in 2022 are projected at $1.416, up 5.6 cents from last month. Turkey prices in 2023 are projected at $1.38, down 3.6 cents from 2022
WASDE
PRICE PROJECTIONS: Egg prices in 2022 are projected at $1.94, up 37.0 cents from last month. Egg prices in 2023 are projected at $1.49, down 45.0 cents from 2022
WASDE
NATIONAL CALF TRACKER: The largest calf string sold on Tuesday was 71 steers (473#) from Beaver, Oklahoma at $195.75. The average price paid on Tuesday for the top 10 calf strings was $179.73, compared to $186.05 on Monday
National Calf Tracker
U.S. CATTLE REPORT: Cash trade down $2; Wheat up $2.32 since May 3rd; Feeders down nearly $10 since May 3rd; Chicken prices finally drop; 75 steers (712#) from Kimball, SD bring $168
US Cattle Report by National Beef Wire
CATTLE MARKETS: The southern cash was mostly two lower than a week ago, with most of the trade $138 (Schwieterman)
US Cattle Report by National Beef Wire
CORN MARKETS: There isn’t much fresh corn specific news out there, so looking at yesterday’s inside day on the July chart, it would seem that we are still on track for a run to the contract highs and possibly the all time highs in the corn (Schwieterman)
NBW Market Commmentary
CATTLE TRENDS (Short Term/Long Term): LIVE: Down/Down; FEEDERS: Down/Down
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $7.915 (-9.25); Soybeans: $16.795 (+1.50); Wheat: $12.46 (-31.50); Cotton: $146.40 (-2.06) ( MN and ND 37% below normal planting pace)
National Corn Wire
STOCK UPDATE: Dow 30: 32,240.44 (-414.15); Nasdaq: 11,765.94 (-218.58); S&P 500: 4,026.46 (-62.39) (Stocks Stumble As Target’s Plunge Weighs On Retailer Stocks)
Market Update
ENERGY PRICES: Crude Oil: $112.89 (+0.49); Heating Oil: $3.7987 (-0.0006); Natural Gas: $8.405 (+0.101) (Nat-Gas Gains on Lower U.S. Production)
Market Update
NATIONAL CATTLE TRACKER: The largest steer and heifer string sold on Tuesday was 252 steers (907#) from Kimball, South Dakota at $155.00. The second largest string was 189 steers (916#) from Kimball, South Dakota at $153.50
Cattle Prices