Monthly Archives: July 2024

In the grain and oilseed trade, we got a little breather from the relentless selling that’s been so prevalent lately. Wheat managed double digit higher closes in a few contract months, corn was mildly higher and beans were mixed with pressure on new crop and mildly higher old crop closes. Managed money is still at or really close to record short both corn and beans and that’s been a dark cloud looming over grains lately. One could easily make an argument that specs are so heavily weighted on the sell side that downside should be limited from here, but if there’s one thing I’ve learned from the past, it’s that records are made to be broken and sometimes they are broken by a wide, wide…

Date: July 17, 2024 Cattle futures opened up lower to start the session off yesterday after a very quiet day of trading on Monday. Tuesday’s trade again fairly quiet with no $1+ moves in either direction once again. All cattle contracts, except for the nearby August feeders, finished with small gains. With two uneventful days in a row after testing up trending support late last week, it appears futures are content with waiting for some influence from cash feedlot trade. So far this week, only very light volume has been reported in the North at $195 to $197 live, $1 to $3 lower than the bulk of last week’s trade. We also have a Cattle on Feed report coming this Friday with the average estimate…

Date: July 10, 2024 Livestock futures all settled lower on Tuesday but did trade both sides. Cattle futures were higher during the morning trading hours, but as soon as the midday beef report came out sharply lower, cattle futures fell off and finished triple digits lower. Domestic beef demand seasonally begins to slow after Independence Day. The futures liquidation so far this week looks to pressure cash feedlot trade as well. There has only been some very light volume reported so far this week at $190 live and $317 dressed, steady with last week. Oklahoma National Stockyards Feeder Cattle - Oklahoma City, OK Livestock Weighted Average Report for 7/8/2024 - Final Total Receipts: 4,366 Last Week: 2,431 Last Year: 6,879 Compare to last week: Feeder…

Date: July 8, 2024 Livestock futures were mixed on Friday but all held week over week gains. Weekly export sales for beef were not very impressive at 15,500 MT but pork sales were a new marketing year high at 59,100 MT. Cash fed cattle trade was only reported on light volume as of the close on Friday steady with the week previous. Live trade at $190 in the South and trade in the North mostly $198 to $200 live and $310 to $315 on a dressed basis. Northern trade was holding out for higher money, above $200 live and $317 dressed. Weekly closes for livestock futures and meats… August Live Cattle +$1.00, October +$2.30, August Feeder Cattle +$2.17, September +$2.57, July Lean Hogs +$.42, August…