6/10/24
The Hogs were a little lower today, as the Cattle markets surged higher. August’24 Live Cattle were 2.80 higher today and settled at 179.97 ½. Today’s high was 180.15 and the 1-month high is 182.15. Today’s low was 177.57 ½ and the 1-month low is 172.70. Since 5/10 August’24 Lean Hogs are 5.90 higher or almost 3 ½%. The Feeders looked good today as well. August’24 Feeder Cattle were 3.72 ½ higher today and settled at 258.65. Today’s high was 259.40 and the 1-month high is 264.95. Today’s low was 255.50 and the 1-month low is 250.27 ½. Since 5/10 August’24 Feeder Cattle are 7.62 ½ higher or just over 3%. The Hogs dropped a little lower today. July’24 Lean Hogs were 60 cents lower today and settled at 92.90. Today’s high was 94.05 and the 1-month high is 103.10. Today’s low was 92.47 ½ and the 1-month low is 91.80. Since 5/10 July’24 Lean Hogs are 8.62 ½ lower or 8 ½%. H5N1 surfaced again Friday night. This time it was in Dairy Cattle in Wyoming, and the 12th State to identify the infection. The CDC said that the strain of H5N1 that infected a dairy worker in Texas, was given to ferrets, to copy the disease in humans, and was fatal. The CDC also said the regular flu makes ferrets sick, but they survive. There is also a federal study to find if there is a respiratory spread of H5N1 in Dairy Cattle. The average Cattle weight last week was 852 pounds, the same as the week before, and 43 pounds over last year at 809 pounds. The 5-year average for the same time is 813 pounds. August’24 Live Cattle closed above all the averages today. I still feel this is a selling opportunity.
The Wheat Market made new lows today as the Corn and Beans rally. July’24 Soybeans were 9 cents higher today and settled at 1188 ¼. Today’s high was 1190 ¾ and the 1-month high is 1258 ¼. Today’s low was 1175 ½ and the 1-month low is 1174 ¼. Since 5/10 July’24 Soybeans are 31 ¾ cents lower or over 2 ½%. Corn gained a few cents today. July’24 Corn was 3 cents higher today and settled at 451 ¾. Today’s high was 452 ¾ and the 1-month high is 475 ½. Today’s low was 447 ¾ and the 1-month low is 438 ¼. Since 5/10 July’24 Corn is 18 ½ cents lower or almost 4%. The Wheat Market took another hit today. July’24 Wheat was 20 cents lower today and settled at 607 ½. Today’s high was 627 and the 1-month high is 720. Today’s low was 606 ¼ and that is also the new 1-month low. Since 5/10 July’24 Wheat is 52 ¾ cents lower or almost 8%. There is a WASDE Report on Wednesday, and there is a thought the USDA might cut its Brazilian production numbers. US planting is close to being finished, and the weather reports look perfect. The WASDE Report is likely to show expanded old crop and new crop stocks. July’24 Soybeans continued to close below the moving averages, and today’s low was just 1 ¼ cents above the 1-month low. China still has not purchased any new crop Soybeans and if that does not chance, there will be a problem. I still feel that there will have been more acres of Soybeans, and fewer acres of Corn planted in the US than were expected or reported. I am expecting a large US Soybean crop this Fall, and I still recommend selling into strength.
–Bill
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