Morning Ag Markets – Matt Hines
Date: June 2nd, 2021 Cattle futures sharply lower, lean hogs and all grains sharply higher to start the new month. The JBS cyber-attack over the weekend along with sharply higher corn futures put massive pressure on the cattle markets yesterday. CME also expanded daily limits for cattle with live cattle now able to trade $4/cwt and feeders $6.25/cwt, feeders even touched that limit lower yesterday in the first few minutes of trade. As of the close, JBS had cut production or shifts in its five largest beef plants here in the U.S. which accounts for 22,500 head per day. This was confirmed by the slaughter numbers released by USDA for Tuesday with cattle slaughter down 27K and hog slaughter down 95K from last week. Late…