Planting progress. USDA report next week on the 12th. Delivery against the May futures starting to roll in. Will we see some changes to exports, ethanol and what could be on the balance sheet for old crop? Will there be a corn vs. bean war? War with China again? Livestock…rolling positions. Cash prices & box beef movement. So how does Wendy’s/McDonald’s COSTCO/HyVee limiting meat purchases. How is this long/short term going to affect the markets? How do you market your cattle? Weight concerns going into summer?
Big show list as expected…teared market on the cash last week. Boxed beef is over $400 the disparity between producer and packer continues. Will we kill big numbers this week? Social economics will weigh in on the plants…the length this will drag in on the markets. Hogs has just as big of problems as cattle, but they had a $32 rally on the front. Outlook into the weeks ahead. Grains: Non threatening weather for crops. May oats is higher than May corn…last time was the early ‘80s
There is some optimism with the livestock market. Grains didn’t end the week like many had hoped. A lot of little of things added to the trade for the grains. China goes on holiday next week, the big bean purchase of Thursday-did bring some disappointment on Friday. Planting progress has gone well in Nebraska but to the east there has been some issues. Plants at reduced rates still weighing in on the market trade, some higher cash offers, but livestock still backing up.
Farmers in the Midwest are planting corn at a record pace. Will there be a bean vs. corn acre war this year? Some of the best planting weather we have seen in a long time makes many think the acre war won’t be as strong. PJ Conradt with Tredas also talks about the effects summer driving will have on the fuel market & the struggle continues for cattle.
Has China returned to some buying of U.S. goods? Is there some improvement in the ethanol margins? Corn, beans & cattle bring a positive day. Fastest planting pace in a few years. Will there be a bean vs. corn acre war this year? Trade of the dollar today could that be supportive to the export markets? Live cattle saw higher number while feeders struggled.