The May Cattle on Feed report was neutral relative to expectations. The April placement and marketing rates were near estimates, and the May on feed total did not offer a surprise. However, the report did confirm May 1 Cattle on Feed supplies at 105% of last year, the largest since 2006, and the…
Commodity Index The CRB/CCI index closed the week sharply higher, with values closing above the prior chart based resistance. The breakout above the prior highs turns all commodity trend upwards with a chance of acceleration in some key commodity groups such as; ag, energy and metals. World crude oil prices closed sharply lower on Friday…
** CBOT corn, soybean and wheat futures are higher in reduced holiday volume as wheat paces the gain on concerning Black Sea weather. Black Sea wheat futures rallied to end the week with rumors that several Russian exporters have pulled their fob new crop wheat offers. Other Russian wheat exporters are offering wheat, but at…
Summary: Next week ’s export inspections is expected to be 850,000 MT (31.2 Mil Bu). If this is correct, that would be down from the previous week’s 894,000 MT. This week’s ship lineup is 632,000 MMT. That is down 15% from last week. This week’s lineup is more than double last year’s. There were 14 vessels to-be-nominated (TBN). That is 8 less than last…
** AgResource Daily Cattle Analysis: Cattle futures closed lower on Thursday, and a steady/weaker outlook is offered for early trade this morning. Early strength in the cattle found profit taking ahead of both the Cattle on Feed report and the long holiday weekend. June cattle again traded above, but could not close over the 50-day…
