MEAT PRODUCTION: The United States has produced 2.62 billion pounds of beef and 2.77 billion pounds of pork so far in 2023 (EWMP)
US Cattle Report by National Beef Wire
PORK PRODUCTION: Weekly production reported at 563.0 million pounds, up 1.5% from last week, up 6.0% from last year (EWMP)
National Pork 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
Weekly hog slaughter reported at 2.58 million head, compared to 2.54 million last week and 2.44 million last year. YTD slaughter at 12.7 million head, up 3.0% from last year (EWMP)
National Pork Wire
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: 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
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 White House on Wednesday was due to announce fresh efforts to slash credit card late fees and drive down the prices that Apple and Google parent Alphabet charge on mobile app stores, part of a larger policy drive to promote competition in consumer markets (Reuters)
Market Update
CORN MARKETS: The bulls really need to see the March contract clear $6.88 ¾ soon in order to keep control, otherwise we will go check support near $6.70 (Schwieterman)
NBW Market Commmentary