12/18/23
The Cattle markets closed higher again today, and the Grains were mixed. The Cattle have continued to quietly post a gain again. The February’24 Live Cattle were slightly higher today, up 0.275 and settled at 169.625, just above the low of 169.350. Since 12/11 February’24 Live Cattle are 1.725 higher or just over 1%. January’24 Feeder Cattle gained 2.275 today and settled at 223.175. Since 12/11 January’24 Feeder Cattle are up 5.225 or almost 2 ½%. February’24 Lean Hogs gave back 0.325 today and settled at 71.757, above today’s low of 71.000. Since 12/11 February’24 Lean Hogs are up 4.250 or over 6%. The Soybeans rallied from their overnight lows and closed 11 ¼ cents higher, while the Corn and Wheat markets were both negative today. January’24 Soybeans gained 11 ¼ cents and settled at 1327 today, just below today’s high of 1328, the overnight low was 1307. Since 12/11 January’24 Soybeans are 9 cents lower or just above ½%. March’24 Corn dropped 6 cents today and settled at 477, not far from today’s low of 475 ½. Since 12/11 March’24 Corn is 4 ½ cents lower or almost 1%. The Wheat market had the biggest decline today. March’24 Wheat fell 12 ¼ cents today and settled at 617, just above the low of 614 ¾. Since 12/11 March’24 Wheat has gained 7 ½ cents or more than 1%. My opinion on the Cattle markets has not changed, I believe they are heading lower through the Summer. The Soybeans continued higher today, and I only see that as opportunity. With the economic changes in Argentina or with the weather changes in Brazil, I remain Bearish the Soybean market. Argentina’s devaluing of their currency has their Farmers selling their stocks, and if they decide to lower the 33% tax on Soybean exports sooner than later, it will also be Bearish. If any changes occur in the Brazilin weather forecast, and rain is added, the Beans will break. Basically, nothing has changed with my opinion on the markets.
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Bill Allen
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