We are still seeing grains under some pressure, though off their lows from this morning and overnight. Corn gapped lower, and beans remain under heavy pressure. The cattle market opened higher by $2 right out of the gate. There’s a lot of uncertainty regarding the potential impacts of the tariffs that have been discussed throughout the day.
As it stands, these tariffs are expected to be officially announced tomorrow with an imposition date of March 1. So while they're not going into effect immediately, further discussions tomorrow may impact the markets. For now, the ongoing talks are creating some nervousness. However, the cattle market appears to be responding positively to the news.
Grains:
March Kansas wheat down 10 cents at 578
May Kansas wheat down 10 cents at 588
Chicago March wheat off 8 cents at 557
May wheat down 8 cents at 570
Spring wheat for March down 5 1/4 at 615
May spring wheat off 5 at 623
Corn:
March off 8 1/2 cents at 481
May trading at 493, down 8
Beans:
March down 1 1/4 at 1042
May down 2 3/4 at 1057
New crop November down 3 3/4 at 1050 1/4
Bean Oil and Meal:
Bean oil supported by tariff news, March up 98 cents at 4593
Meal down $3.40 at 301.20
Canola down $6.90 at 633.30
Cattle:
Choice up 8 cents; select up 35 cents
Feeder cattle index up 61 cents at 281.68
Live trade at 210 in the North and 208 in the South
February live cattle trading unchanged at 204.52
April live cattle up 22 cents at 201.80
June live cattle up 25 cents at 196.00
March feeders up $1.85 at 275.25
April feeders up $2 at 274.50
May feeders up $2.17 at 272.55
August feeders up $2 at 273.45
The cattle inventory report is expected at 2 p.m. today, with total inventory projected at 99.1% of last year and the calf crop at 98.5%.
Hogs:
February hogs down 7 cents at 84.17
April hogs down $1.30 at 90.42
Energies:
Crude April down 62 cents a barrel at 72.03
Dollar index up 27 cents at 108.42
Gold down $16 after posting a new all-time high today at 2008.35
Bitcoin down $1,800 at 104,000
Talk to you guys next week!
