How has the feel been for the markets today? Mid-week vibes? How are we looking demand wise from driving to grilling? As more places get back to “normal” some businesses will continue to struggle & that has & will take a toll on the meat industry. Ethanol industry continues to come back online.
Federal reserve keeps the pedal to the medal and keeps the money flowing which makes the markets happy. Expecting the USDA to cut some global crops tomorrow while increasing others. Feel weather wise is dryer in the Midwest, but Kansas & Nebraska as the dry spots. Crop ratings are still high. South America is dealing with dryness in Argentina. Some planting of winter wheat is underway while harvest continues. Getting slaughter close to year ago levels. Refilling the pipeline. Product prices, how long till the consumer sees the price difference? A lot of product dump in the U.S. as we wait for restaurants to reopen.
Cattle market has some bearish feel to the trade. Nothing exciting in the cash cattle market. Will we see boxed beef continue to drop? What about all the meat that is “sitting around”? Beef lower, cash lower, Latest inquiry from the Justice Department. 60 days yet of muddy waters to get through. Pork exports ALL TIME high. Are we building premium into the back months? Friendly to the grains.