3/15/24
The Livestock Markets were all higher today, and the Grains were mixed. April'24 Live Cattle were 30 cents higher today and settled at 187.25, in the middle of today's range. Today's high was 188.425 and the 1-month high is 190.275. Today's low was 186.650 and the 1-month low is 184.475. Since 2/15 April'24 Live Cattle are 1.625 higher or almost 1%. The Feeders gained as well today. April'24 Feeder Cattle were 95 cents higher today and settled at 252.125. Today's high was 258.875 and the 1-month high is 260.800. Today's low was 251.250 and the 1-month low is 250.275. Since 2/15 April'24 Feeder Cattle are 1.975 higher or about ¾%. The Hogs kept climbing today. April'24 Lean Hogs were 1.90 higher today and settled at 86.925, not far below today's high of 87.525. The 1-month high is 88.900. Today's low was 84.950 and the 1-month low is 83.150. Since 2/15 April'24 Lean Hogs are 2.025 higher or almost 2 ½%. The Grains were mixed today, with the Wheat in the red again. May'24 Soybeans were 3 cents higher today and settled at 1198 ¼, not far below today's high of 12.00. the 1-month high is 1217 ½. Today's low was 1183 ½ and the 1-month low is 1128 ½. Since 2/15 May'24 Soybeans are 32 ¼ cents higher or almost 3%. The Corn made a few cents today. May'24 Corn was 3 cents higher today and settled at 436 ¾. Today's high was 440 and the 1-month high is 445. Today's low was 431 ¾ and the 1-month low and 52-week low is 408 ¾. Since 2/15 May'24 Corn is 7 cents higher or over 1 ½%. The Wheat Market continued lower today. May'24 Wheat was 3 ¾ lower today and settled at 528 ½. Today's high was 537 ½ and the 1-month high is 594 ¼. Today's low was 526 ¾ and the 1-month and 52-week low is 523 ½. Since 2/15 May'24 Wheat is 38 ¾ cents lower or almost 7%. The Cattle Markets floated between positive and negative for part of the morning and then headed higher but gave a lot back before the close. I still feel that the Cattle Markets will turnover soon, and head south. The Cattle looked heavy today, and with bad export numbers, and rising inflation, they look expensive too. I don't believe the demand will last much longer. The Soybeans opened lower today and were in the red most of the day but were able to post a three-cent gain. I still feel that in the short term the Bean Market can rise, and if gets around the 12.50 level, I feel that's a good spot to sell it again. Long-term I am still Bearish the Soybean Market and think it will head toward the $10.00 level by harvest. Have a good weekend and protect your downside exposure in these markets.
-Bill
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Bill Allen
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