The week's kill may have come in a little larger than the trade was expecting. The talk this morning was for a 45,000 head Saturday run. Packers will surpass that, according to the USDA, with a 58,000 head run. That puts the week's total to 641,000. This is the biggest kill of all of 2017, 2016, 2015, and 2014. You have to go back to July 20 of 2013 to find something larger. It would also be 10.7% over last year in the same week. This now makes it three weeks in a row of 8% to 11% higher than last year's numbers. Before this, the recent pace had been only 5.5% over.
This analyst and firm believes wholeheartedly that futures prices made for the projections are artificially inflated.
A gap higher open may be in the future if rain isn't in the Sunday forecasts.
USDA's monthly survey of feedlots found that they placed 16.1% more cattle in the nation's feedlots in June.
We anticipate weather will continue to be the main driving force behind the bean markets next major move until we get thought the critical pod filling portion of the growth cycle.
Producers are urged to consider a bear spread marketing strategy, allowing for participation in a market rally.
The market bulls see dryness on their side, while the bears see technical signals helping their cause.
This firm says hang on to hedges . . . but until when?
After this week’s selloff, we are trading at price levels not seen in seven months.
Friday's Cattle On Feed Report was not a market mover.