6/17/24
The Cattle and Grain Markets were all lower today. August’24 Live Cattle were 37 ½ cents lower today and settled at 182.80. Today’s high was 183.70 and that is also the new 1-month high. Today’s low was 182.45 and the 1-month low is 175.80. Since 5/17 August’24 Live Cattle are 3.75 higher or more than 2%. The Feeders fell as well. August’24 Feeder Cattle were 65 cents lower and settled at 261.32 ½. Today’s high was 263.07 ½ and the 1-month high is 264.95. Today’s low was 260.60 and the 1-month low is 250.80. Since 5/17 August’24 Feeder Cattle are 1.35 higher or about ½%. The Hogs were higher again. July’24 Hogs were 1.72 higher today and settled at 95.37 ½. Today’s high was 95.82 ½ and the 1-month high is 100.80. Today’s low was 94.45 and the 1-month low is 90.40. Since 5/17 July’24 Lean Hogs are 4.62 ½ lower or about 4 ½%. The cash market hit a new record high last week and traded up to 192.55. Bids are not expected to be a high this week. After the recent run up in the Cattle Markets, a small decline today is expected, even though August’24 Live Cattle made a new 1-month high of 183.70. We will see if the Cattle Markets can hold up at these levels. July’24 Hogs have rallied nicely since posting the 1-month low of 90.40. That was a quick 5-Dollar ($4.97 ½) rally in the July’24 Hog Market. We will see how the Livestock Markets react through the Summer.
The Beans sank down to expected levels today. July’24 Soybeans were 22 cents lower today and settled at 1157 ¾. Today’s high was 450 and the 1-month high is 471. Today’s low was 1175 ½ and that is the new 1-month low as well. Since 5/17 July’24 Soybeans are 70 ¼ cents lower or more than 5 ½%. The Corn followed lower today, but for how much longer? July’24 Corn was 6 ¼ cents lower today and settled at 443 ¾. Today’s high was 450 and the 1-month high is 471. Today’s low was 443 ¼ and the 1-month low is 438 ¼. Since 5/17 July’24 Corn is 9 cents lower or just about 2%. The Wheat dropped again today. July’24 Wheat was 21 ¼ cents lower today and settled at 591 ½. Today’s high was 610 ¼ and the 1-month high is 720. Today’s low was 590 ¼ and that is also the new 1-month low. Since 5/17 July’24 Wheat is 60 ½ cents lower or more than 9%. The Soybeans were much lower today, after typical summertime weather was forecast to end in about a week, as cooler temperatures were expected 10-Days out. On 6/5 I said that I expected the July’24 Soybeans to trade down to the 1150-1160 level. I took off most of the July’24 short positions today. I still think the Beans are heading lower. The Corn Market was dragged down again by the Bean and Wheat Markets, but I think that will be over soon. The Wheat Market has dropped about $1.30, and I can see that heading back up again. There is an acreage report at the end of the month, and I am expecting it to be Bearish for Soybeans and Bullish for Corn. I feel more acres of Soybeans will have been planted in the US, than were expected. I also believe fewer acres of Corn will have made it into the ground. As long as the weather stays perfect, as it looks right now, I believe the Soybeans will test the $11.00 level, while Corn will head toward $5.00.
–Bill
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