The week’s trade activity remains choppy.
The slower USDA harvest progress numbers have underpinned markets a bit.
Crop conditions and quantities look good, which could mean a plummeting market until a bottom is reached.
While the potential for larger South American and U.S. soybean crops in 2017 is widely recognized, prices for the 2017 crop remain well supported.
Over the last two decades, Smith has served as a market analyst for Agriculture.com.
Cattle are being processed at a faster clip than average.
After 13 years, China has finally lifted its ban on accepting U.S. beef exports. The country will accept U.S. beef that comes from animals under 30 months of age.
With kill numbers decreasing and cash cattle prices on the rise, Allendale is bullish on the cattle market.
Producers of beef and pork have generally been discouraged about recent low prices as cash prices have dropped sharply this year. Spring finished cattle price highs were near $138 per live hundredweight but last week had fallen to $115, a $23 plunge.
Packing plant problems on Thursday and Friday curtailed this week’s hog slaughter numbers.