2/5/24
The Livestock Markets were all lower today, and the Grain Markets were mixed. The Cattle Markets broke after making new highs today. April’24 Live Cattle was 1.400 lower today and settled at 182.350, just above today’s low of 182.250. Today’s high of 184.475 is also the 1-month high. The 1-month low is 172.275. Since 1/5 April’24 Live Cattle is 8.950 higher or over 5%. The Feeders also settled just above today’s low. March’24 Feeder Cattle were down 2.050 today and settled at 242.750, just above the low of 242.350. Today’s high was 245.800 and the 1-month high is 246.125. The 1-month low is 233.850. Since 1/5 March’24 Feeder Cattle are up 18.600 or over 8%. The had the same lower pattern today. April’24 Lean Hogs were 1.625 lower today and settled at 82.200, just above today’s low of 82.075. Today’s high is 83.425 and the 1-month high is 85.925. The 1-month low is 75.775. Since 1/5 April’24 Lean Hogs are 5.825 higher or over 7 ½%. The Grains had a mixed day today. March’24 Soybeans were 7 ¾ cents higher today and settled at 1196 ¼, just below today’s high of 1198 ½. Today’s low of 1179 ½ is also the 1-month low. It’s true, the 52-week low is 1145 ¼. Since 1/5 March’24 Soybeans are down 59 ¾ cents or almost 5%. The Corn Market did not do much today, in a tight range. March’24 Corn settled unchanged today at 442 ¾. Today’s high was 445, and the low was 439 ½. The 1-month and 52-week low is 436 ½. Since 1/5 March’24 Corn is 18 ¼ cents lower or almost 4%. The Wheat Market was lower today. March’24 Wheat was 9 ½ cents lower and settled at 590 ¼, not far from today’s low of 586 ¾. Today’s high was 601 ¾, and the 1-month high is 617 ¼. The 1-month low is 573 ¼. Since 1/5 March’24 Wheat is 25 cents lower or just over 4%. I met a lot of Cattlemen last week, and they had a wide range of opinions on the market, but the general feeling was caution to the downside. Many of you have seen the 2014-2015 chart, and nobody wanted to see that again, but it was brought up a lot, and not by me. Good or bad, I still feel that the 2014-2015 chart pattern is likely. Once again, I suggest hedging now or putting on a spec position. I think the cattle market will start to break again in a month or two, through the summer. March’24 Soybeans traded down to a 1-month low of 1179 ½ today and then rallied 16 ¾ cents before settling at 1196 ¼. Today’s low in March’24 Beans, was just 34 ¼ cents from the 52-week low. My opinion on the Beans has not changed, I feel that the Soybeans will continue to break through the summer. I believe the South American Crop will be massive. It was a pleasure to meet everyone at Cattle-Con, and I am looking forward to seeing you again at the Commodity Classic or meeting you there for the first time.
-Bill
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Bill Allen
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