Going into this report corn is priced at a level that assumes a small carryout decline which is expected

Going into this report corn is priced at a level that assumes a small carryout decline which is expected

today. Beans are still trading a carryout number a fair amount higher than 0.469 and wheat is in

between those two priced slightly low but not as drastic as beans.

Cattle – BB showing better signs of a real recovery, futures trade remains slightly cautious

↔Yesterday’s PM BB was choice +2.10 select +2.61 packer BE at 188.43, packer cushion -$2.42

↔BB showing signs of a real recovery, more upwards moves are needed but the recent gains are

starting to stand out

↔In recent weeks we have seen packers willing to pay at least slightly higher cash with a cushion of

-$4, that is the new record however and for now the number to watch

↔Futures trade is still slightly cautious, even after yesterday’s bounce pricing in cash $2.50 lower than

last week’s average of 190.85

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