DAIRY PRODUCTS: Total cheese output (excluding cottage cheese) was 1.15 billion pounds, 1.6 percent above November 2021 but 1.9 percent below October 2022
National Dairy Wire
BEEF PRODUCTION: Weekly production reported at 529.1 million pounds, down 2.7% from last week, up 0.9% from last year (EWMP)
US Cattle Report by National Beef Wire
Weekly red meat production reported at 1.09 billion pounds, down 0.7% from last week, up 2.3% from last year (EWMP)
Market Update
CME LIVESTOCK: Live Cattle: $164.125 (+0.30); Feeder Cattle: $186.10 (+0.175); Hogs: $86.475 (+0.475)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $6.775 (+2.25); Soybeans: $15.32 (-2.25); Wheat: $7.5675 (-4.25); Cotton: $85.43 (-0.96)
National Corn Wire
STOCK UPDATE: Dow 30: 33,926.01 (-127.93); Nasdaq: 12,006.95 (-193.87); S&P 500: 4,136.48 (-43.28)
Market Update
SHORT-RANGE WEATHER: A strong arctic front and associated gusty winds will produce bitter wind chills as cold as -50 or colder from the Upper Midwest to the Northeast
Weather
U.S. EXPORT SALES: Corn sales up 75% (Best in 10 weeks); Beef at 25.5K mt (Sales over 25K metric tons back-to-back weeks)
Market Update
DROUGHT MONITOR: We recently saw drought relief in California with a deluge of Atmospheric Rivers. We're now seeing drought relief in eastern Oklahoma and Texas with perilous ice storms. 61.59% of the contiguous U.S. in drought (D0-D4) this week, compared to 62.92% last week and 72.21% last year
Weather
WEST DROUGHT MONITOR: Out West, numerous large wildland fires are currently burning across areas of California, Oregon, and Idaho causing evacuations, damage to structures, and reduced air quality
Weather
DROUGHT MONITOR: Drought coverage across the U.S. and Puerto Rico topped 40% (40.01%) for the first time since late September and for the fifth time in 2021. The lowest percentage of drought coverage across the U.S. & P.R. so far in 2021 occurred in late May (36.3%)
Market Update
DROUGHT MONITOR: It’s hot and dry in the Southwest. Exceptional drought (D4) has developed or expanded in parts of Utah and New Mexico. Meanwhile, most states in the West and Great Plains saw improvements, except for areas of Montana and Texas
Weather
DROUGHT MONITOR: Amidst the wild and devastating weather week, drought mostly held at status quo. The West saw some improvements, and the Southern Plains saw degradations, with mostly small changes elsewhere (VIEW REPORT)
Weather
CORN EXPORTS: Net sales of 151,600 MT for 2021/2022--a marketing-year low--were down 63 percent from the previous week and 73 percent from the prior 4-week average
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
The Federal Reserve is expected to raise its target interest rate by a quarter of a percentage point on Wednesday, setting aside the rapid hikes used last year to curb a surge in inflation in favor of a more stepwise hunt for a stopping point (Reuters)
Market Update