Corn is currently down 4¢ while soybeans are down 5¢.
CBOT wheat is down 6¢. KC wheat is down 2¢. Minneapolis wheat is down a penny.
Live cattle are down 30¢. Lean hogs are down $2.08. Feeder cattle are down 85¢.
Yesterday afternoon, USDA released the biannual cattle inventory report. Prices had been on the rise this week and traders expected numbers in the report to be friendly.
The report found all cattle and calve inventory as of Jan. 1, 2023 was 3% below last year. Reuters also reports the U.S. beef cow herd specifically is at the lowest level since 1962.
Naomi Blohm with Total Farm Marketing characterized the report as “supportive, but not over the top bullish to justify a huge breakout higher.” She says a slight correction is expected, but the overall trend is up.
Live cattle prices peaked yesterday morning around $163.40 per hundredweight and are now down to $162.73. Feeder cattle peeked yesterday afternoon near $186.15 and are now down to $185.30.
Crude oil is down 55¢.
S&P 500 futures are down 11 points. Dow futures are down 191 points.
