U.S. CATTLE REPORT: Memorial Day now the new Xmas; Boxed beef over $310, highest since March 26th; 8-weights take center stage; Drought down to 31%, lowest in 4 years; Beef exports up 23% at 15.1K mt; 60 steers (840#) from Pratt, KS at $264.50
US Cattle Report by National Beef Wire
Trying... Open interest has increased the past two days giving this rally more credence. The easiest way to describe the action is that the market is back to the top of its trading range of the last 7 weeks (THE BEEF)
NBW Market Commmentary
CME LIVESTOCK: Live Cattle: $179.025 (+0.775); Feeder Cattle: $257.35 (+1.475); Hogs: $98.375 (+0.875) (VIEW COMMODITY QUOTES)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $4.57 (-0.055); Wheat: $6.6325 (-0.025); Soybeans: $12.1625 (+0.0275); Soybean Meal: $367.70 (-4.00) (VIEW COMMODITY QUOTES)
National Corn Wire
STOCK UPDATE: Dow 30: 39,869.38 (-38.62); Nasdaq: 16,698.32 (-44.07); S&P 500: 5,297.10 (-11.05) (Stocks Fall Back On Concern Interest Rates To Stay Higher For Longer)
Market Update
Short-Range Weather Forecast: Be on alert for severe thunderstorms and potential flash flooding in East Texas and the Gulf States until Saturday morning
Weather
LIVESTOCK COMMENTS: The overarching trend appears to be buyers having a stronger interest or preference towards heavier calves. Thus, many buyers are looking for 600 plus pound calves that can be marketed during the late summer and early fall time period
NBW Market Commmentary
Disney posts surprise profit in streaming entertainment, raises earnings forecast... Walt Disney's streaming entertainment unit posted its first profit, two quarters ahead of schedule, and the media company raised its annual earnings per share outlook as it said turnaround efforts were yielding results. (Reuters)
Market Update
TOP SALES : The highest price paid for 6-weight steers on Thursday was $338.00 for 49 hd (636#) from Salina, KS. The National Steer Price for 6-wts on Thursday was $287.78, compared to $294.92 the prior day (WATCH LIVE SALES NOW)
US Cattle Report by National Beef Wire
PRICE PROJECTIONS: The latest price projections for 2024 bring mixed fortunes for various agricultural commodities, with cattle and hogs seeing increases, while eggs undergo a significant surge in price
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
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