Given the holiday shortened week due to tomorrow’s July 4th holiday, I’ll be brief this week…
Cattle markets remain on fire. Cash markets are largely leading the charge. The five-area price is currently at $157.40 for live and $249.45 for dressed on Thursday, both up more than $6 compared to last Friday. Beef markets moved higher through the week as well. Choice and Select carcasses averaged $247.43 and $239.48, respectively up $3.04 and $1.65 for the five trading days through Thursday.
Cattle futures followed the same path. Gains in live cattle futures were higher for the nearest (August) contract, up $3.70 versus Friday, and narrowed as the expiration month moved out. Feeder futures blazed ahead, gaining just under $4 on the nearby August to just over $2 on the deferred May 2015 contract.
Corn futures took a hit Monday as the quarterly Grain Stocks report revealed more grain in elevators across the U.S. than expected at 3.85 million bushels, 132 million more than expected. Also, on Monday, the USDA Acreage report revealed 91.64 million acres of corn planted. The big news from the report was that soybean acres are at 84.84 million, 2.7 million acres more than the average pre-report estimate and 840,000 more than the highest guess. For more on these reports check out Dr. William’s commentary HERE.
I hope everyone has a wonderful Fourth of July holiday!