I post these videos every trading day, shortly after 8 AM CT. Check back here tomorrow for another update!
Feeder Cattle closed at new contract highs on Monday and settled above the 350.000 mark. Both of those seemed unlikely, just a few short weeks ago. Live Cattle closed higher, as well, but still have room to move higher before setting new highs. In both Feeders and Fats, the back months gained more than the nearby contracts, perhaps indicating further inventory tightness down the road. Lean Hogs posted a mild gain. There is some talk that Beef and Pork prices might get a bullish push leading into Labor Day. Grain markets were relatively quiet on Monday, with Corn up a penny or so and Beans down a penny or so. Traders are watching the crop tours for indications for actual boots-on-the-ground estimates for Corn and Wheat. The first day results look like record potential in South Dakota and good yields (but dry) in OH. Wheat in both Chicago and KC made new contract lows in the overnight trade today, both trading below the big, fat, round number of 5.00.
A flash export sale of 228,000 MT of Soybeans to Mexico was announced a few minutes ago.